Canadian Tech Entrepreneurs See Progress in Government’s Innovation Push

Canadian tech entrepreneurs see encouraging signs working with the government in its efforts to build a more innovative economy.
Canadian Tech Entrepreneurs See Progress in Government’s Innovation Push
Daniel Debow (2nd L) speaks on a panel about Canadian tech featuring Tony Bailetti (C), Janet Bannister (2nd R), Harley Finkelstein (far R), and moderated by Globe & Mail reporter Sean Silcoff (far L) at Shopify's Elgin Street office in Ottawa, Canada on May 15, 2017. Rahul Vaidyanath/Epoch Times
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OTTAWA—Canadian tech entrepreneurs see encouraging signs working with the government to build a more innovative economy. But more work needs to be done, including better understanding the trickle-down effects of wealth creation by today’s tech entrepreneurs.

A lively panel discussion dubbed “Canada’s Time—Building a Global Tech Hub North of 49” hosted by the Carleton Initiative for Parliamentary and Diplomatic Engagement at Shopify’s Elgin Street Office in Ottawa on May 15 also highlighted that perceptions about entrepreneurs need to change.

Shopify is the darling of Canada’s tech scene—charting new waters beyond the wreckages of Nortel and Blackberry. Since its IPO on May 21, 2015 at a stock price of US$17, the company is now worth over $10 billion.

Harley Finkelstein, Shopify’s chief operating officer, is proud that the company is achieving all they have from Ottawa.

Helping entrepreneurs is in Shopify’s DNA and Finkelstein is well positioned to speak about how Canada can compete globally in tech—a key area for economic growth going forward.

“We’re the most popular e-commerce platform for entrepreneurs and we’re doing all of that from here in Ottawa,” Finkelstein, the 2017 Canadian angel investor of the year, said.

He said there is a “switch in mentality” between the “old tech” millionaires and today’s new tech millionaires as it relates to “paying it forward.”

A successful innovative economy creates wealth—concentrated wealth. Shopify’s success has spawned over 75 millionaires. The perception that this is a bad thing fails to see the positive side effects of these “nouveau riche” paying it forward.

Shopify's IPO on May 21, 2015. The Canadian tech darling is now worth over $10 billion after raising just over $100 million at IPO. (AP Photo/Richard Drew)
Shopify's IPO on May 21, 2015. The Canadian tech darling is now worth over $10 billion after raising just over $100 million at IPO. AP Photo/Richard Drew
Rahul Vaidyanath
Rahul Vaidyanath
Journalist
Rahul Vaidyanath is a journalist with The Epoch Times in Ottawa. His areas of expertise include the economy, financial markets, China, and national defence and security. He has worked for the Bank of Canada, Canada Mortgage and Housing Corp., and investment banks in Toronto, New York, and Los Angeles.
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