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Blockchain is…back?

Two weeks ago, I told you about the significance of Vancouver’s BTQ Technologies’ new “quantum proof-of-work”, and covered the kidnapping and ransom of Dean Skurka, president and CEO of Toronto-based cryptocurrency company WonderFi, in downtown Toronto.

This week, there’s more Vancouver news in blockchain tech. Most likely on the back of Trump’s presidential victory — which saw crypto markets soar following his claims that he would make America “the crypto capital of the planet” and create a “strategic reserve” of Bitcoin — two local companies had big announcements.

DMG Blockchain Solutions — a blockchain and data centre company — sent numerous press releases over the past few days, including its purchase of high-powered hydro mining machines, which cost the company $7 million of its recent $16 million funding round. Meanwhile, Spirit Blockchain — which invests in next-generation Web3 and blockchain companies — revised its private placement and now seeks to raise up to $5 million. Both pieces of news are indicators that the blockchain market is heating up once more, which might have big benefits for the Vancouver tech ecosystem, given its outsize influence on the global sector.

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A new JEDI has been anointed.

This week, the B.C. NDP unveiled its new cabinet. Diana Gibson (MLA for Oak Bay-Gordon Head) will be taking on the top job of minister for jobs, economic development, and innovation (JEDI) — a post was previously held by Brenda Bailey, who has now transitioned to the finance file.

Gibson is an award-winning community leader and entrepreneur. Prior to her election, she served as the executive director of the Greater Victoria Community Social Planning Council, where she founded multiple regional services and programs including the Greater Victoria Rent Bank. She is also a successful entrepreneur and CEO who co-founded multiple businesses, including Canada’s largest Indigenous-owned consulting firm. Prior to that, she directed a university research institute.

While Gibson’s prior experience as a founder and entrepreneur may mean she is sympathetic to the interests of the Vancouver business community, she doesn’t have direct experience in tech. That differs from previous minister Bailey, who co-founded a videogame studio and served as executive director for DigiBC.

🚨 VTJ members got 12 more stories like these in their Morning Report newsletter. If you’re not already a member, fix that now.

Ryan St. Germaine, a four-time founder and executive in residence at Foresight, wrote this week about 10 things you need to know about venture capital before taking equity financing.

1. VCs want ROI: Venture capital is not free money — you’re giving up equity. Be ready for performance expectations, accountability, and clear milestones. An exercise I like to do with founders is ask, "If you think of your business as being worth $100 million, what percent do you need at the end to make it worthwhile?"

2. Growth over profitability: VCs prioritize rapid growth (three to seven years) and a liquidity event like an IPO or acquisition. If this timeline doesn’t align with your goals, rethink equity financing.

3. You may lose control: Taking VC funding often means giving up some voting power and decision-making authority. Investors will influence your growth plans and exit strategy.

4. Dilution is inevitable: Your ownership will decrease with each funding round. Plan strategically to maintain meaningful equity and ensure the trade-offs are worth it.

5. You might be replaced: Scaling often requires new leadership. Rarely are the people who take the business to $1 million the ones who takes it to $5 million-plus. Be prepared to adapt as a team to scale or be open to transitioning roles if it’s best for the company.

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November 27 | 🎟️ Last Tech Industry Social of 2024! By VTJ x CBRE’s HTFG: ​Our partners at CBRE's The High Technology Facilities Group are hosting their final tech industry social for the year. We’ll be bringing together a collection of Vancouver’s founders and leaders for networking, deal-making, and just plain old catching up. And as usual, your first drink is free, compliments of The High Technology Facilities Group and Hudson Pacific Properties!

➡️ Get tickets

December 3 | 🎟️ Vancouver Tech Morning Coffee in Burnaby: ​​​​Meet the team, along with local founders, innovators, and tech enthusiasts, at WeWork Burnaby. At this meetup, you can expect to discover exciting developments in the city, learn something new, make meaningful connections, and potentially find your next co-founder, startup idea, or career.

➡️ Register

December 11 | 🎟️ #VTJTalks: Scaling World-class Products and Teams: Uncover the secrets behind scaling world-class products and building exceptional teams. Hear directly from leaders — with experience at Clio, Hootsuite, and TikTok — who have transformed innovative ideas into industry-leading products and managed teams that set global standards. This event offers an exclusive chance to learn actionable insights on scaling strategy, product development, and team dynamics.

➡️ Get tickets

🚨 Remember: VTJ members get early access and 50% off all our events as well as exclusive gatherings. Don’t miss out — if you’re not already a member, fix that now.

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