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TORONTO – Canada’s industry minister has thrown his support behind a call from one of Shopify Inc.’s leaders. for the country to become more ambitious.
“I couldn’t agree more because for 10 years, I have always finished my speeches by saying, ‘Let’s seize the moment. Let’s be ambitious,’” François-Philippe Champagne said on Thursday.
He was speaking at the Elevate tech conference in Toronto, where the tech community has been gathering since Tuesday to discuss trends in the industry and beyond.
Among the buzziest talks was one from Shopify’s president, Harley Finkelstein, who told the audience on opening night that he noted a lack of ambition in Canada that he compared to a 600-pound beaver in the room.
Adding ambition to Canada’s psyche is “a necessary condition,” so the country doesn’t become a nation of branch plants and instead nurtures huge companies at home, says the leader of the Ottawa-based e-commerce software giant.
He added that the current lack of ambition has left Canadian companies with a reputation for being acquired, while US businesses are known for being top “acquirers.”
“When someone calls me and says, ‘I’m thinking about selling my company to Google,’ my usual response is, ‘Have you ever thought about one day you’ll buy Google?'” Finkelstein said.
His comments sparked conversation across much of Canada’s tech ecosystem, with many supporting his calls for the country to become bolder
But some disagreed.
Laura Lenz, a partner in the venture capital arm of the Ontario Municipal Employees Retirement System pension plan, called Finkelstein’s narrative “tiring” and lamented that he puts “blame of sluggish productivity entirely on the shoulders of founders and management teams who work as hard as they do . never has.”
“Maybe it’s time to take a broader look at the problem and the lack of infrastructure support to keep these companies here at home,” he wrote on X, formerly known as Twitter.
He said the country must address the lack of tax incentives, willingness to use and buy Canadian software, and funding for companies, especially in their early days or “seed stage.”
Abdullah Snobar, executive director of the DMZ tech hub in Toronto, agreed that “Canada is failing to provide the right conditions for startups to thrive.”
“High costs of living, transport, infrastructure and transport – these things make it impossible for entrepreneurs to succeed here,” he wrote on X.
However, on Thursday, Champagne argued that the country has good resources and that talent is abundant in Canada.
He said Canada has the highest number of AI startups in the world, including Toronto-based company Cohere, and when it comes to quantum computing, everyone in the global auto sector is considering another of the city’s companies, Xanadu , “the rock star.”
To be more ambitious, Champagne said the country “must be bigger. Be more of everything.”
“I would like us all to be the main brag,” he said. “There is something in our DNA that we need to change somehow, to be talking more about what we do.”
Ambition aside, Champagne was asked about the country’s approach to AI.
Canada is still working on the Artificial Intelligence and Data Act which is meant to guide how companies operating in the country will design, develop and use the technology.
It is not expected to come into effect until at least next year, so Champagne has been using a voluntary code of conduct as a stopgap.
The code requires signatories to incorporate risk mitigation measures into AI tools, use adversarial testing to reveal vulnerabilities in such systems and keep track of any harm the technology causes.
Thirty companies, including BlackBerry, Cohere, Salesforce and CGI, have signed up to the code, but others including Shopify have argued against it, complaining it could hold back innovators.
When asked by moderator and tech personality Amber Mac if more organizations might have signed the document in the year since it was released, Champagne joked that he had a copy in his back pocket for any interested companies to sign.
“We may not have a law on the books yet but at least we have something,” he said.
“Honestly, the companies that have signed up tell me that this has been beneficial.”
This report was first published by The Canadian Press on October 3, 2024.
Companies in this story: (TSX:SHOP)
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
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