The CCI Newsletter: June 2025

‍This edition of The CCI Newsletter was originally shared with CCI’s subscriber community on June 2, 2025. 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,

While King Charles III’s Throne Speech got plenty of attention last week, the real signal for Canada’s economic direction came earlier this month when Prime Minister Mark Carney named his first cabinet.

At CCI, we’ve always said talent is the most important factor in scaling a company. The same goes for governing a country. If the Prime Minister is Canada Inc.’s CEO, then cabinet is the executive team, and who sits at that table will shape the country’s ability to navigate a tough global economy.

Ahead of the cabinet announcement, we released A Mandate to Innovate, a policy playbook outlining the priorities Canada’s new government must act on to close the country’s innovation and productivity gaps. When Prime Minister Carney unveiled his cabinet on May 13, the slate of new faces and newly created portfolios prompted us to take a closer look, so we issued a virtual set of trading cards to help innovators keep track of the ministers who will most directly shape Canada’s economic future.

Carney’s smaller, more streamlined cabinet signals an intent to govern with discipline and clarity. But what really stood out was the creation of a new portfolio: Minister of Artificial Intelligence and Digital Transformation, led by Evan Solomon. It’s a recognition that AI isn’t just another file. It’s the defining economic and governance issue of our time.

Solomon has a steep task ahead. It’s not enough to name the opportunity. What matters next is execution: building smart policy, listening to the people who are building the future, and following through.

That’s where Canadian innovators come in. This week, a group of our members will be in Ottawa to meet with the public servants and political leaders now shaping Canada’s next economic chapter. We’ll be there with ideas, insights, and a willingness to help.

The same challenge Prime Minister Carney faced in choosing his cabinet is one our members face every day. Finding the right people to scale their companies globally and build prosperity here at home is no small task. That’s why we launched Cannector, CCI’s new executive and board search service for Canadian innovation firms.

Whether you are looking for a senior executive, a board director, or a fractional leader, Cannector connects scaling companies with trusted Canadian talent drawn from our network and alumni community. It is now available beyond our membership, because helping more companies find the right people around the table is how we help scale Canada’s innovation economy.

And if Prime Minister Carney, Minister Solomon, or any cabinet member happens to be looking for a sharp advisory team, we’ve got 170 CEOs on speed dial.

We’re also creating the spaces for deeper conversations. Over the coming months, we’re hosting two summits designed to bring Canada’s top innovators together:

• Innovation Governance Summit (July 15 in Toronto): A gathering for board directors of scaling firms, focused on good governance, risk, and strategy in a high-growth context.
• Canada’s CEO Summit (September 17-18 in Toronto): Our flagship event bringing together tech CEOs to talk growth, resilience, and the future of Canada’s economy.

Until then...

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

A Mandate to Innovate: We've had a really positive reaction from policymakers since we published our landmark policy report in early May.  We deliberately timed it to give the newly elected government a relevant and timely roadmap for building a stronger, more resilient Canadian economy. Here are the key things Canada needs:

• An independent innovation agency that moves at the speed of business, staffed by experts, not bureaucrats, to help firms build, scale, and own valuable intangible assets.
• A national push to compete head-to-head with the United States for the world’s top talent and investment – because Canada can no longer afford to watch its brightest minds leave.
• A government that becomes the world’s best customer for homegrown innovators, putting Canadian-made defence, health, climate, and security solutions at the centre of public procurement.
• A bold strategy to supercharge our cornerstone industries – natural resources, agriculture, and energy – by embedding innovation and value creation at every stage.

We got an early hint at the government's agenda with Prime Minister Carney's mandate letter to his ministers. Read our analysis here.

Ontario Budget 2025: This one was a bit disappointing for innovators. The budget acknowledged the pressure of the U.S. trade war and included increased funding for Venture Ontario, but it fell short of presenting a coherent strategy for a more resilient future. Seventy-five CEOs have already called for smart procurement and domestic capacity-building. CCI is urging the province to seize this moment and work with innovators to build a more secure, resilient, and self-reliant economy.

Manitoba Takes the Lead on Innovation Policy: The Government of Manitoba has launched a new Innovation and Productivity Task Force. The task force will develop forward-looking strategies on IP commercialization, data governance, and secure tech adoption, positioning Manitoba to lead in a changing global economy.

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BY CANADIAN INNOVATORS

This month, we’re highlighting Canadian innovators who are building bold solutions and creating value across sectors.

Get to know four companies helping shape Canada’s economic future:

• Petal
• Systèmes de cartes perforées
• Staffy Health
• Click & Mortar

A stronger innovation economy starts with scaling companies like these. We’re proud to spotlight the entrepreneurs driving progress and delivering impact here at home.

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SCALE-UPS TO WATCH

In May, we were thrilled to welcome several new members to the Council, including:

• Bluedrop ISM, a St. John’s-based tech company led by Founder and CEO Emad Rizkalla, is streamlining training and certification across Canada and around the world.
  
  
• Maplesoft, a Waterloo-based software company led by CEO Dr. Laurent Bernardin, is advancing global innovation with powerful math-based tools used in over 90 countries.

Here are a few other highlights from CCI members recently:

• Jane Software’s rise is a story of quiet ambition, patient growth, and deep commitment to serving small health care providers. The North Vancouver-based company has just secured a major secondary financing round that values it at $1.8 billion.
  
  
• MIMOSA Diagnostics CEO Karen Cross and Alayacare CEO Adrian Schauer participated in CCI's virtual launch event for A Mandate To Innovate. Watch here.
  
  
• Levven has closed a growth round to scale its Switched Right tech, bringing smarter, more sustainable electrical systems to new homes across North America.
  
  
• Novarc Technologies is transforming welding with AI-powered technologies that improve safety, increase productivity, and support global infrastructure projects.
  
  
• PharmAla has launched a new platform designed to identify and develop compounds for future drug discovery and IP generation.
  
  
• Propel Holdings reported its best-ever first quarter.

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DISPATCHES

Canada’s high-growth companies are navigating a rapidly changing economic landscape, and at this CCI's Capital and Growth Summit, hosted at Torys LLP in Toronto on May 2, they made it clear: access to smart capital and strong investor relationships will define who leads the next era of growth.
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In this month’s dispatch, we take you inside the room with CEOs, investors, and market leaders shaping the future of Canadian innovation. From scaling strategies to capital resilience, it’s a snapshot of the conversations that matter most right now.
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Read the full recap from CCI’s 2025 Capital and Growth Summit here, and special thanks to Scotiabank Roynat Capital, RBCx, Wealhouse Capital Management, Canaccord Genuity and Digital Nova Scotia for supporting this year's summit.