Comment by 8note
4 days ago
the biggest reason is that canadians speak English
we could much more easily get a Quebecois tech industry than canadian
4 days ago
the biggest reason is that canadians speak English
we could much more easily get a Quebecois tech industry than canadian
Smh what's with these dumb takes. Literally the only thing blocking a self-sustaining Canadian tech scene is the lack of capital.
Has anyone who comments these hot takes ever talked with Canadian founders or tried to raise capital in Canada?!? Do y'all even know what a term sheet is?
It doesn't matter if you live in Quebec, Alberta, or Nunavut - why the hell would I as a fund manager at Ontario Teachers, ScotiaBank, or a family office allocate $100M in Canadian equities over American or Asian equities? You could potentially make a case for commodities like ONG and metals, but much of the trading for that is cleared in Chicago and London and the past decade of major capital projects in the space were all blocked - be it pipeline projects by BC and Quebec or renewables projects by Alberta and Saskatchewan. But even with commodities that basically leaves Canada turning into a North American version of Australia or Russia.
This can only be solved with significant government support and intervention, which is how Israel, China, India, South Korea, and the UAE developed sustained domestic VC markets. The Carney admin has started to make the right moves.
> The Carney admin has started to make the right moves.
What moves in particular?
The creation of the Strong Fund, the Tech Fund, and sector specific SWFs like the Food Security Fund which can all participate in the VC Action Plan, along with increased coordination between provincial funds and the federal government and increasingly serious conversations about providing a tax shelter for venture and early stage capital in Canada.