Canada needs more swagger promoting innovations: Trudeau
...And we need need to do a better job of generating capital at home.
TORONTO — Prime Minister Justin Trudeau wants Canada to have “a little more swagger” in promoting homegrown innovations.
Speaking at e-commerce giant Shopify Inc.’s annual conference in Toronto on May 8, he praised Canada’s entrepreneurs, but lamented how susceptible their innovations are to overseas investors.
“As soon as we come up with a really great idea, someone with really deep pockets comes up from the States or somewhere else in the world and says, ‘Oh great, I am going to incorporate that into my platform,”’ he said.
“We just need to have a little more swagger as a country, a little more of an ability to promote and demonstrate how awesome we are. We don’t often do that. We don’t do that enough.”
Trudeau said he has seen a lot of funding flowing to Canada from Silicon Valley, where major American technology companies have built their businesses, but “we need to do a better job of generating that capital here.”
He said there’s also a flurry of Canadians returning home from the US, but did not elaborate further. His statement is at odds with recent worries from experts of a so-called brain drain caused by computer engineering workers in Canada moving south of the border for jobs.
Talk of the brain drain and promoting businesses as Canadian hit home for Shopify CEO Tobias Lutke, a German immigrant who built his company in Ottawa and shared the stage with Trudeau.
A few days prior, in response to a graphic comparing Toronto and other cities’ cost of living to San Francisco, Lutke tweeted, “I’m hiring,” and that “Canadians should strongly consider helping the economy of the country they’re from, instead of contributing their talent to the American balance sheet.”
On stage , he said for years Silicon Valley workers have e-mailed him asking for meetings and not realizing Shopify wasn’t located in the Valley, but in Ottawa, where it is “fiercely Canadian.”
But he admitted the company does benefit from Canadians who have moved around the world for work and returned, bringing with them valuable perspectives on other markets that Canadian companies want to crack into.
That multiculturalism gives companies better decision-making abilities and is of massive value, he said.
“That is something Shopify somehow figured out early or simply inherited as a derivative from Canadian primary culture that has lead to a lot of success we have,” he said.