The spark

Despite the chaos and the digital noise, the BC tech ecosystem rallied. Deals advanced, relationships deepened. In the case of my company, MistyWest, a long-running passion project, the HardTech Awards, finally drew the kind of international, in-person audience we’ve been striving for.

Hosting a major global tech conference like Web Summit was a critical ignition event for BC tech. But now, the real challenge begins: will we build an innovation economy that scales, or slip back into the comfort zone of “fairness for all, winners for none”?

The problem with playing fair

Canada’s approach to innovation is shaped by a cultural value I deeply admire: fairness. As a dual US-Canadian citizen, I chose to live here not just for the North Shore mountains but because of how this desire for fairness shows us in practices like universal health care, good public education, and civil politics. We’re not perfect, but we genuinely strive for equity as a society.

However, when it comes to building globally competitive companies, fairness is fatal. Generational firms aren’t built by spreading resources thinly. They’re built by backing early winners with disproportionate resources, and creating momentum that attracts more capital and talent.

Government backing: Blessing or curse?

Most Canadian-managed VC funds receive significant government backing, and these LPs often come with well-meaning but growth-stifling restrictions. While these policies aim to spread opportunity and get more shots on goal, they limit the ability of Canadian VCs to compete for the best deals and scale world-class firms.

The result is an army of zombie start-ups that will never break through to serious, ecosystem-raising growth, but continue to receive life support from a mix of sources, which ultimately boil down to Canadian governmental funding. 

Web Summit’s promise and problem

Web Summit’s greatest strength was bringing the ecosystem together. As with most conferences, the real action was offstage at invite-only events and meetings, which only happen because we all decided to put the urgent tasks of running businesses aside for a few days during the conference. However, the event also revealed an unfocused sprawl, a mirror of our general approach to building our tech ecosystem. We chase “innovation” as a feel-good idea, not a competitive strategy.

A new approach: Unfair advantages, earned focus

To convert moments like Web Summit into sustained growth, we need to get sharper:

• Unleash investors: Allow Canadian VCs to invest where they see the best returns, including in the U.S., and double down on winners without political handwringing.

• Focus on BC’s strengths: Double down on sectors where BC has deep, unfair advantages in talent or resources: minerals, energy, the blue economy, gaming, and biotech. Let AI be a force multiplier, but don’t chase after Scilion Valley in the race for general-purpose foundational models; we won’t win.

• Fix the leaky talent pipelines: With investors who win on a global scale, our founders will finally be able to get not just the capital, but also the coaching they need to stay in Canada, and keep the best and brightest from our universities in Canada too.

The call to action

Web Summit didn’t fix BC tech, no single event can, but it reminded us what’s possible when the ecosystem aligns in person. Now, it’s up to founders, investors, and policymakers: will this be a flash in the pan, or are we ready to build and back winners like we mean it?

Dan Millar is chief revenue officer at MistyWest.