The Canadian tech industry has attracted eyeballs from all over the world this year, earning itself the nickname “Silicon Valley North.” Canadian tech has shown resilience, however, talks of mass layoffs and a possible downturn have resulted in inevitable conversations as the industry’s unpredictable future gets closer.
As we head into the summer, Techcouver spoke with five tech executives who are shaping the future of the Canadian ecosystem. Here are their predictions for where Canadian tech is headed:
Robert Domagala, Head of Business Development and Marketing at ReturnBear
“Inflation and supply chain issues will inspire more brands to leverage shared networks and services in order to scale processes and reduce operating costs, and brands will start to look at returns as valuable inventory for forward supply.”
ReturnBear is Canada’s first end-to-end returns solution with a mission to make retail returns accessible for everyone, and better for the planet.
“Authentic business practices are becoming more of a consumer priority. People like to have a personal connection with a brand, putting more pressure on firms to display human qualities: social activism, inclusive practices, and transparency across the board. Consumers are prioritizing brands that put social issues and their people before their profits.”
Quill is an award-winning podcast production agency, focused on producing high quality audio and strategic podcast marketing tactics to a podcast’s ROI. CoHost is a platform that helps podcasters to gain insights into their podcasts’ performance, understand what marketing tactics help to grow their audience, and take actionable steps with their data.
Shobhit Khandelwal, Founder of ShyftLabs and Minoan Experience
“We expect a mixed summer as funding for venture-backed companies will likely slow, with focus shifting to profitability instead of rapid growth. Still, more US-based companies are opening their offices in Canada, which will keep the talent market competitive.”
ShyftLabs provides real-time answers to questions such as which products to prioritize, price adjustment needs, and more through data analysis, helping e-commerce businesses better understand their customers leveraging the first party data.
Erin Bury, CEO and Co-Founder of Willful
“I think you’ll see many companies reassessing budgets and hiring plans in the face of a potential recession, and placing a priority on extending their runway as much as possible. Always raise money when you don’t need it!”
Willful is on a mission to change the way Canadians prepare for and deal with death. Their first product is an online platform that makes it affordable, convenient, and easy for Canadians to create a legal will online. The platform provides simplified estate planning services, enabling consumers to create a will and/or power of attorney by following a clear step-by-step process.
Peter-Paul Van Hoeken, CEO and Founder of FrontFundr
“It’s impossible to predict how the tech ecosystem will shake out in Canada. The best thing a company can do right now is focus on its core business, continue to generate revenue and be disciplined with costs. No matter how the market unfolds, a laser focus on these areas will strongly position a company for fast growth once the economy moves towards a path of recovery.”
FrontFundr is an equity crowdfunding platform on a mission to democratize the private market, provide startups and growth companies with access to capital, and allow new investors to invest in companies traditionally only accessible by high-wealth individuals and financial institutions.