Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Canada’s ‘innovation economy’ has been over-hyped and needs a reality check
The Globe and Mail | and
Neil Desai and Graeme Moffat are executives with Canadian technology scale-ups and Fellows at the Munk School of Global Affairs and Public Policy at the University of Toronto.
There has been a steady drumbeat of headlines praising Canada’s innovation economy of late, including our academic contributions in the area of artificial intelligence, federal “superclusters” that will foster collaboration between large multinationals, local startups and postsecondary institutions, and strategies to increase access to venture capital.
If you look past the feel-good headlines, the analysis of Canada’s innovation activities is misguided at its best. It lacks the precise goal orientation necessary to deliver meaningful and sustainable economic growth relative to the significant public expenditures aimed at transforming our economy. At its worst, the current discourse entrenches a stranglehold on Canada’s innovation inputs by universities, regional innovation centres and foreign tech giants.
A case in point is a recent Globe and Mail article titled, “Cutting out the middle-man not always best for startups." It suggests that Canadian startups should partner with other companies and act as a “middle man” rather than trying to reinvent the wheel. The piece cites Jay Shah, the head of the University of Waterloo tech accelerator Velocity, who infers that taking on incumbents is difficult and likely to make a startup some enemies.
See: NCFA: Canada Needs a Harmonized Securities Environment as Current Provincial Approach is a Fintech Innovation Killer
The reality in the knowledge-driven global economy is that the ownership of intellectual property (IP) is paramount and a precondition to commercialization. Those who generate, own and commercialize valuable ideas have the greatest ability to create wealth. The rest – those companies and countries without deep IP stocks – will fight over table scraps.
The business strategies that allowed U.S. tech companies such as Facebook, and Chinese champions such as Huawei, to become global giants resemble colonial economics: concerted efforts to own every valuable idea and extract rents on nearly insurmountable advantages. These include monopolies on information, talent, data flows and the sidelining of smaller competitors.
This new reality should not surprise Mr. Shah. His own early-stage company, BufferBox, which aimed to create efficiencies in parcel delivery, was acquired by Google along with a number of others taking on the same challenge. His company’s technology was eventually mothballed. Google likely didn’t think twice about the cost of acquiring the Canadian-created technology. Their goal wasn’t to grow Canadian jobs and prosperity, but to pre-empt competitors.
Acquisitions of early-stage Canadian tech companies are often heralded as great successes but these are false positives for our national economy. While some founders and their investors may pocket a few million dollars, this is the wrong metric by which to evaluate the benefits of publicly supported innovation. Canadian taxpayers spend billions annually on university research and development projects, the federal Industrial Research Assistance Program, Scientific Research and Experimental Development tax credits, and Canada’s technology hubs and accelerators (to name just a few of many programs).
Early acquisition and the expatriation of IP will too often result in the widespread economic benefits of Canadian public investment in innovation – job creation and tax revenue that commercialization creates – occurring elsewhere.
Under these circumstances, it is deeply troubling that those who speak loudest on behalf of our innovation ecosystem not only encourage the acquisition of early-stage Canadian companies and innovations before they grow to scale, but actively enable it.
See:
- FCA: Regulating innovation: a global enterprise
-
Competition Bureau weighs in on fintech: urgent action required
For example, tens of millions of taxpayers’ dollars have flowed to state-backed Chinese technology giant Huawei from various public institutions all while that company engaged in a concerted effort to acquire and expatriate Canadian-generated IP, as revealed by a recent Globe and Mail investigation. At the same time, the head of MaRS, a Toronto technology hub that houses the Canadian offices of several foreign tech giants, proclaimed that “Toronto’s tech ecosystem needs to continue attracting global firms such as Samsung and Uber” as if it’s a certainty that Canadian prosperity will follow from their presence.
The growing presence of foreign multinationals has devastating effects on scaling Canadian tech companies. Our companies already face higher hurdles in accessing capital. Now they are facing an increasing talent crunch. Ultimately, the increased presence of foreign giants in our own backyard restricts their ability to grow to a scale that sustains meaningful technical and non-technical job and wage growth for Canadians. Under this reality, early acquisition seems to be the preferred business strategy for Canadian tech entrepreneurs. This will have long-term consequences to our national prosperity and maintaining our standard of living.
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Sep 5, 2026 | Last Updated Sep 14, 2026 | NCFA Fintech Whisperer | Payments Infrastructure And Money Movement, Digital Assets Blockchain And Tokenization, Digital Identity And Trust, Cybersecurity Fraud And Financial Crime, Digital Banking And BaaS, Capital Markets Infrastructure And Funding, Artificial Intelligence And Data, Cross Border Payments And FX, Wealthtech Investing And Trading, Embedded Finance, Insurance And Insurtech, Lending Consumer Credit And BNPL, Open Banking Open Finance And Data Sharing, Risk Compliance And Regtech, Treasury Liquidity And Cash Management, Regulation And Policy, Data Privacy And Governance This live weekly NCFA intelligence page tracks financial technology developments that significantly affect how fintechs build, sell, raise capital, and operate under scrutiny. Coverage prioritizes Canada and includes global events that directly influence competitive conditions, market access, and execution realities across fintech sectors. This page will be updated throughout the week with market movers in a live format and then each week we'll close the prior week's contents in prep for the upcoming week, and continue on a rolling basis. (Missed prior week's Fintech Whisperer? (December 6-12, 2025, December 13-19, 2025, January 1-9, 2026, January 10-16, 2026, January 17-23, 2026, January 24-30, 2026, January 31-February 6, 2026, February 7-13, 2026, February 14-20, 2026, ...
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