This edition of The CCI Newsletter was originally shared with CCI’s subscriber community on December 1, 2024. To receive our monthly briefing on the scale-ups shaping Canada’s future, the policies that matter, and insights you won’t find anywhere else—subscribe here.

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Dear Innovator,

Canada’s future depends on our own strength, not on who’s living in the White House.
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Trump’s re-election underscores a shifting global economic reality, one that demands action from Canada. Our government and industry must align to protect our prosperity and security in key areas like trade, immigration, and regulatory frameworks.

We're working to provide clarity and direction in this pivotal moment. Since the U.S. election, CCI has been leading conversations with government and industry leaders. Across meetings and calls, one recurring question has emerged from CEOs, founders, and policymakers alike: how Canada chooses to respond will undoubtedly shape our economic stability, national security, and long-term prosperity.

This week, in person and online, we’ll be convening Canada’s leading scale-ups to discuss the implications of the Trump administration on business, trade, and policy. As we look ahead to 2025 and beyond, Canada must strategize on key issues like immigration, tax policy, trade, and how we will meet NATO’s 2% of GDP defence spending target. These complex, interconnected challenges mark the beginning of a new era that demands bold strategies and decisive action. Canada’s innovators must play a central role in shaping this future like never before, driving solutions and ensuring our nation’s competitiveness on the global stage.

Canadians are looking to our government to lead. The path forward is clear: we must build economic resilience by investing in our own capacity. Supporting domestic industry and fostering homegrown tech innovators is not just smart economics, it’s a necessity to economic prosperity and sovereignty.

If you’re a scale-up leader or innovator, now is the time to step into the conversation. At CCI, we’ve spent years building a national network of scale-ups and tech leaders, and these connections have never been more important. Now is the right time to join the council because only by linking arms and working together can we build a stronger, more resilient future for Canada. If you’re ready to join us, please reach out.

Let’s organize for victory.

Keep growing,

Benjamin

Benjamin Bergen is the President of the Council of Canadian Innovators, a national member-based organization reshaping how governments across Canada think about innovation policy, and supporting homegrown scale-ups to drive prosperity. If you are interested in learning more about the Council or joining our cause, get in touch.

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INNOVATION UPDATES

Fall economic updates: Across the country in November, we saw provincial governments delivering their fall economic updates. Innovation policy hasn't been the central theme of the budget updates in Alberta, Québec or Ontario, as governments are largely focused on affordability and fiscal discipline at the moment.

Cyber & AI in Ontario: One of Canada’s most notable tech policies is Ontario’s newly passed Bill 194, which reforms and standardizes data governance while addressing cybersecurity and AI systems within the provincial government. This legislation paves the way for adopting advanced technology in public service delivery. CCI’s Director of Ontario Affairs, Skaidra Puodziunas, recently highlighted the value of this policy in a presentation to the Ontario legislature.

Vibecession in Ottawa: We haven't yet seen the traditional fall economic statement from the federal government, and recent signals from Finance Minister Chrystia Freeland indicate that Ottawa is more focused on the "vibecession" and affordability measures, rather than policies aimed at driving economic growth.

Global Value Chains and innovation: In a recent Mooseworks piece, CCI’s Director of Strategic Initiatives, Abu Kamat, highlights the pivotal role of global value chains (GVCs) in scaling Canadian innovation. GVCs connect companies to specialized expertise, advanced technologies, and international markets, but navigating them requires overcoming challenges like geopolitical tensions and supply chain disruptions. Read how Canadian innovators can harness GVCs to thrive globally here.

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THE BIG READ

In today’s knowledge economy, the true drivers of value are intangible assets like data and intellectual property. Companies that own these assets, from software firms to service providers, not only enable entire industries but also dominate economic returns.

This concept is at the heart of Canada’s productivity challenge. In The Globe and Mail, CCI Chair and former BlackBerry CEO Jim Balsillie breaks down why outdated thinking holds Canada back and what needs to change.

Gain deeper insights into the innovation economy by reading Jim’s op-ed here.

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SCALE-UPS TO WATCH

This November, we were thrilled to welcome several new members to the Council of Canadian Innovators:

• Boast.Ai, led by CEO Imad Jebara‚ a Vancouver-based AI company that streamlines the complex process of securing R&D tax credits with its intelligent AI software, designed to simplify claims while maximizing returns.
  
  
• Nakisa Inc., led by CEO Babak Varjavandi, is a Montreal-based company specializing in providing software for lease management, organizational design, and accounting compliance, enabling companies to navigate complex regulatory requirements and improve transparency.
  
  
• Gearlay Technologies, led by Founder & CEO Abbas Abou Daya, is a Vancouver-based company redefining financial software with cutting-edge solutions designed to handle high transaction volumes, financial ledger systems, and asset tokenization.

In November, CCI President Benjamin Bergen also sat down with Niraj Bhargava, CEO of NuEnergy.AI, to talk about AI governance, and the most effective approaches for adopting new artificial intelligence tools. Check out our 5 Questions profile here.

We’re also thrilled to congratulate Ken Harris, founder and CEO of Plusgrade, who was recognized for his achievements as Canada’s EY Entrepreneur Of The Year 2024.

Here are a few other scale-ups and their leaders doing exciting things in Canada:

• Certn CEO Andrew McLeod shares how his Victoria-based background screening platform achieved rapid global expansion, and offers insights on scaling through international acquisitions.
  
  
• Frantz Saintellemy, CEO of LeddarTech, has been awarded the prestigious Prix Innovation in the 'Prix du Québec – Laureates in Science' category.
  
  
• Miovision CEO Kurtis McBride breaks down the shift from a production-based economy to one driven by intangible assets on the Startup Canada Tour.
  
  
• Nicole Janssen, Co-founder and Co-CEO of AltaML, highlights the challenges Canadian companies face in adopting AI.
  
  
• Nakisa marks 20 years of providing innovative solutions to Fortune 1000 companies around the world.

Finally, a big shoutout to all CCI members featured in this year’s Deloitte Fast 50! This prestigious list showcases the entrepreneurs and innovators driving Canada’s growth and putting our country’s talent on the global stage.

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DISPATCHES

CCI's Innovation Governance Program has now trained more than 1,000 professionals with the governance tools they need to help Canada’s high-growth innovative companies thrive.

Last week, iGP celebrated its 10th cohort by ringing the bell to open the Toronto Stock Exchange. The event brought together alumni, instructors, and partners to showcase iGP’s role in strengthening governance across Canada’s innovation economy.

In reflecting on the milestone, Gabriella Boulos, CCI's Director of Programs and Events, wrote about what we've learned, and what matters most when it comes to governance in the innovation economy. Read about Why Canada’s Boards Must Embrace Innovation.

Happy reading!