Key Insights from Bet On Canada Summit 2024: Investment, Branding, and Cybersecurity

The 2024 Bet On Canada Summit, hosted by The Peak at the Calgary Central Library, brought together leaders in business, each sharing insights on how to navigate the future of entrepreneurship, investment, and cybersecurity. If you weren't able to attend this year, some of my favourite take-aways are below.

It was also fantastic to see local leaders such as Stephanie Horner of RBCx, Bre Fitzpatrick of Red Deer Economic Development, Gabriella Gonzalez of Telus, and Christa Hill of Tacit Edge in attendance, showing that Alberta’s leadership extends across multiple industries.

Here are some of the top takeaways from the event, with a particular focus on investment strategies, branding, and the critical importance of cybersecurity in today’s business landscape.

1. Smart Investment: Beyond Valuation

Insights from Marjorie Junio-Read, CFO of Helcim

Raising funds for a business is more than just securing the highest valuation; it’s about finding the right partner. Marjorie Junio-Read shared her experience navigating the world of investment and provided invaluable advice for those looking to raise capital:

• Focus on Partnership: “We didn’t take the highest valuation but looked for the best partner who would ride the ups and downs with us.”
• Understand the Term Sheet: Junio-Read recommends asking your lawyer, “When I’m looking at a term sheet, is this normal?” This helps to clarify challenging or unique terms.
• Align with the Right Capital Provider: Find out the investment mandate of potential capital providers and clarify your business niche. For Helcim, focusing on a broader scope of small businesses beyond for example, just lawyers as one investor suggested, helped them choose the right partners.

Interestingly, Junio-Read observed that Canadian entrepreneurs pitching to U.S. markets need to be “aggressively likeable,” channeling as I like to think of it a bit of their “inner Dallas Cheerleader” to grab attention. In contrast, she noted, Canadians often present themselves too modestly, which can hold them back when raising capital south of the border.

This advice stands in stark contrast to what Jason Ribeiro of Surge Basketball shared about our own Calgary market. He emphasized that to succeed in the Calgary market, humility is key. Ribeiro shared that building trust with the local audience requires overperforming and exceeding expectations while maintaining a humble approach. In Calgary, success is more about delivering consistently than about being overly flashy.

Junio-Read also highlighted how publishing their Culture Book online set them apart from other companies during Series B fundraising—a simple but powerful differentiator that resonated with investors. If you're looking to build your own Culture Book or strengthen your company culture as Helcim did, check out Ayla Consulting to take the first step.

2. Building Brands That Stand Out

Insights from Jason Ribeiro, Executive Director of Surge Basketball and Philippe Burns, Co-Founder of Tech Thursdays

Brand development was a recurring theme throughout the summit, with industry leaders emphasizing that building a lasting brand is all about authentic connection and exceeding customer expectations. This session was beautifully moderated by Leah Sarich of Thin Air Labs.

• Create Meaningful Momentum: Jason Ribeiro, Executive Director of Surge Basketball discussed how Surge Basketball’s mission to “reflect, entertain, and unite the city” helped transform the team into something more than just basketball. Their clear momentum and commitment to over-performing and over-delivering for customers helped them build trust and credibility.
• Show Up Consistently: Philippe Burns, Co-Founder of Tech Thursdays, shared the importance of consistency in branding. “Your brand is what people say about you,” he said, adding that showing up consistently is key to building community trust. He and his team have done just that by consistently showing up every Thursday in downtown Calgary to gather people in tech together as a community.

The emphasis on building an authentic brand extended beyond customer interactions. Ribeiro reinforced the importance of leaders being humble and willing to overperform to maintain customer loyalty and shared his personal example of hand signing holiday cards to every season pass holder.

3. Cybersecurity: A Must-Have, Not a Nice-to-Have

Insights from Tola Jimoh, Cyber Strategy Consulting Inc, and Danielle Gifford, PwC

In today’s digital-first world, cybersecurity is critical for business success. Leaders from the summit warned that no company is too small to be targeted by cybercriminals. Key insights included:

• The Changing Character of Risk: Tola Jimoh outlined the CIA Triad—Confidentiality, Integrity, and Availability—as the backbone of a solid cybersecurity strategy. Businesses need to understand that cyber threats have evolved, and so too must their approach to security.
• Start with a Basic Risk Assessment: Every business should conduct a fundamental risk assessment to determine their most valuable assets and ensure they are protected. Do all employees share the same password? What access controls are in place? According to Jimoh, these are questions every leader should ask.
• Leverage AI for Cybersecurity: Danielle Gifford from PwC stressed the importance of leveraging AI to identify vulnerabilities before they become catastrophic. Tools like Command Zero are being used to test systems for weaknesses, and Huntress offers managed cybersecurity services for small to medium-sized businesses (SMEs).
• Business Continuity Plans Are Essential: Gifford emphasized that businesses must have a continuity plan in place. “If something happened today, how would you recover?” she asked, underscoring that cyber resilience is as crucial as the initial protection.

A Call for Greater Representation in Panel Discussions

One observation at the summit was the audience’s gender balance, with a nearly even split between male and female-identifying attendees. This is great to see within a space that has been traditionally male dominated. It would be great to see the Peak moving away from all-white, all-male panels towards inclusion of leaders that could better represent the audience and contribute to a more inclusive dialogue on the future of Canadian business.

Final Thoughts: Harnessing Calgary's Entrepreneurial Spirit

The Bet On Canada Summit highlighted the immense potential within Calgary’s entrepreneurial ecosystem, but it also called attention to the challenges. Ted Fleming of Partake Brewing pointed out that while Calgary boasts a strong entrepreneurial spirit, it’s important to keep a global vision while acting locally. He encouraged Calgary to think about how it might strengthen its presence in the Consumer Packaged Goods (CPG) space.

Rick Bird, CEO of Thin Air Labs, emphasized the strength in numbers, noting that as more businesses grow to similar levels, it will attract a larger talent pool, which is essential for scaling in the region. Gabriela Gonzalez, Director of Government Affairs at Telus further emphasized this point by encouraging attendees to consider how they could embrace newcomers to Calgary and welcome their talent by being open to coffee meetings and the like. She also emphasized the need for companies to continue to explore flexibility particularly for working parents to ensure Calgary remains a desirable location for top talent.

In closing, the summit reaffirmed that the future of Canadian business lies in smart partnerships, authentic branding, and proactive cybersecurity. Calgary’s vibrant community of innovators and entrepreneurs is poised to lead the way, but the road to success will depend on the ability to adapt, scale, and think globally. If you attended, I'm curious to know, what were your biggest takeaways?

Article Written by Kate McKenzie, Leadership and Business Coach at Ayla Consulting

Providing strategic consulting and executive coaching to help organizations and leaders achieve their growth goals.