Tobi has struck a vulnerable nerve with his painfully accurate comment that Canada has a cultural problem, a “go for the bronze” mentality.” He is not the first to point out Canada’s lack of clothing WRT commitment and investment in innovation and entrepreneurship. Canada frankly has never been keen on risk capital. It’s just not Canadian, eh? Tobi joins Richard Florida and other Canadians in making similar awkward observations. The greatest irony is that Tobi’s remark that we need an “Own the Podium” program for Canadian innovation, was first proposed by former UBC President Arvind Gupta in a Vancouver Sun editorial some 10 years ago. Predictably, nothing has happened since then, and nothing will likely happen now.
I was very interested yesterday to read the article in the Globe & Mail by University of Toronto Professor Richard Florida, and Ian Hathaway, Research Director for the Center for American Entrepreneurship, and Senior Fellow at the Brookings Institute. The article by Florida and Hathaway draws the same conclusions as my research, providing even more precise data to support their disturbing conclusions. It is not hard to find many additional articles on these issues. Ironically, also yesterday, a LinkedIn connection shared a post by Sciences, Innovation, and Economic Development Canada with a very upbeat, positive assessment of venture capital for startups in Canada. This is the essence of the problem. Since I came to Canada years ago now, I have seen a pollyannaish state of denial about the true situation for entrepreneurship, immigration policy, and the lack of “smart” venture capital for Canadian startups. No amount of counter-evidence has changed this mistaken rosy outlook. Without a recognition of these problems, nothing will change.