Purpose-Led CEOs Interview Series: Interview with Dan Balaban

We had the pleasure of speaking with Dan Balaban, CEO and Co-Founder of Greengate Power Corporation (Greengate), a Canadian renewable energy company focused on the development of large-scale renewable energy and next-generation net-zero projects. Based in Calgary, Alberta, Dan is an award-winning entrepreneur and a recognized leader in energy transition, having been selected as one of Canada’s Clean50 in 2023.

Previously, Dan was the Co-Founder, President, and CEO of Roughneck, a leading provider of software solutions to the Canadian oil and gas industry. He currently serves on the board of Calgary Economic Development, is an associate with the Creative Destruction Lab, and is a strategic advisor to Longbow Capital and Hempalta.

What was your first job and what did you learn from it?

My first job was in telemarketing, where I was selling lawn aeration services.

It was a fascinating experience. There were a bunch of us in a room side by side with phones and, each of us were tasked with calling potential customers to sell this lawn aeration service.

From that job, I learned numerous valuable lessons. First, it taught me to work through my fears. While picking up the phone to call someone you don't know can be intimidating, sometimes you just have to do it. Second, I discovered that friendly persistence can be an effective way to achieve your goals. Telemarketers get “no’s” all the time but if you are polite, persistent and can keep the conversation going, while making a connection with the person, it can lead to success.

As you look back on your career, what were the pivotal moments that led you to your role today?

I was fortunate to have a great family with wonderful and supportive parents and grandparents.

My interest in technology began at a very young age. The greatest gift I ever received was when I was nine years old and my parents bought me my first computer, a Commodore Vic 20. I taught myself how to program. I had a natural aptitude for it. This interest persisted through my academic career, leading me to pursue a degree in computer science from the University of Toronto. Eventually, I started my career in technology consulting with EY and PwC.

This path eventually led me to launch my first start-up in my mid-20s, a software company targeting the oil and gas industry called Roughneck. The oil and gas operations management suite we created was entirely cloud-based, which was innovative back in 1999. Despite facing challenges during that dot-com period of boom and bust, we managed to build a profitable business that we eventually sold in 2005 to a publicly traded, Calgary-based technology company.

So, at the age of 30, I experienced my first, successful exit, providing me with some financial independence. While it wasn't enough to retire, it did offer an opportunity to take a break.

Environmental issues have always been a personal interest of mine, probably influenced by my upbringing in Calgary surrounded by the Rocky Mountains. I knew the next thing I wanted to do would have a positive, environmental impact.

I read a story in the newspaper about a group of entrepreneurs from Calgary that had developed and sold a wind farm to a larger company while earning a pretty good profit.?That was my “a-ha” moment. I realised that I should apply my entrepreneurial skills to developing renewable energy projects.?

I met the individuals behind that inspiring project, one of whom joined our board early on. Using my own capital, I co-founded Greengate in 2007 with my brother Jordan, not fully comprehending the challenges ahead. Despite the difficulties, 17 years later I am incredibly proud of what we've accomplished at Greengate.

If you think back on leaders who inspired you in your career or leadership style, who were they and why were they inspiring?

The biggest inspiration in my life was my late father, Jack.?He was a very smart man, an oil and gas entrepreneur. I was always a curious kid and he shared his knowledge with me to satisfy my curiosity and help me to grow.?I realized I was really very fortunate to have had that type of inspiration in my life early on. Unfortunately,?I lost him too soon.

My first boss at EY, Peter Wood, was also instrumental. While I was in university, I spent a summer working at EY and it eventually evolved into my first, full-time job after school.?Peter was very trusting and as I performed well, he provided me with more challenges, a lot of latitude and mentoring that really helped me launch my career relatively early.?

I have also been inspired by innovative leaders, whom I don’t know personally, like Bill Gates, Jeff Bezos and Elon Musk.?I realize that many business leaders, who have tremendous achievements can be very flawed people and often lacking balance.?

I have suffered from lack of balance and attention to my family at certain points in my career, too.?Business is great and can certainly satisfy an emotional need to do something great and a practical need to earn a living, but it's not the only priority in life.?

As an entrepreneur on a journey, it's easy to get caught up in the business and have a singular focus. Family is important.?Your wellness is important.?More love in your life - that is the direction I want to go.?

What motivates you every day?

I believe that fundamentally, we are all here to leave the world in a better place. Drawing from my Jewish background, our culture and faith embrace the concept of ‘Tikkun Olam’, which translates to ‘repairing the world.’

I am of the belief that each of us are here to contribute to making the world better in some way. Whether you are a musician, an actor, a politician, a teacher, a businessperson or a spiritual leader, the goal remains the same. Personally, I have chosen to channel my efforts into the business realm, aiming to utilize business as a force for good. The work I've focused on in my career, particularly with Greengate over the last 17 years, aligns with this belief.

Climate change is an important issue.?Developing more sustainable sources of energy is important for human civilization.??

I am also motivated by taking on challenges and pursuing endeavours others may deem impossible. For instance, during my consulting days, particularly when working with large organizations, I was amazed by how much inertia existed and resistance to change. We constantly had people telling us “that wouldn’t work” or “we tried that”, so we had to figure out ways to motivate people to think and behave differently in order to move projects forward. ??

In every entrepreneurial venture I've undertaken, I've been told by 99 out of 100 people why “it won’t work”. Each time, I have focused on being a leader, emphasizing the positive, influencing and pushing through.?I started a renewable energy company in the heart of oil country 17 years ago - I heard a lot of reasons why it would never work.?

?

What is the purpose and vision of Greengate?

Our purpose at Greengate is to prove that large-scale renewables are viable in Canada and in Alberta.

Over the last 17 years, we've demonstrated this by becoming one of the leading renewable developers in the country. About ten years ago, we developed the largest wind project in Canada, and last year construction was completed on another one of our developments, which is the largest solar project in Canadian history. It's been truly amazing to be involved in these pioneering projects. We've proven that large-scale renewables are viable in Canada, and we've helped lead the way.?

Until recently, Alberta has been the leading place in Canada for renewable energy investment. In fact, this province has been one of the leading locations in North America and the world for this kind of investment. I feel proud of the role our company has played in this achievement. I’m very proud of our team.

How has being clear on your purpose and vision benefited you as a leader?

I've been fortunate to work with some of the best people in the industry over the last 17 years. They work incredibly hard and could have chosen to work at many other companies. However, I believe we all felt aligned with Greengate’s vision of proving something we all thought was good – deploying renewables, promoting more sustainable energy, doing something bold and being the first ones to do so. This alignment enabled us to attract great people and keep them.

Throughout our journey, we have had the support of several investors, who backed even the riskier aspects of our business. Many of them were excited about the vision and are pleased that we've delivered solid investor returns along the way.

By being clear on the types of opportunities we wanted pursue, we made a mark in this space. This clarity also allowed us to be relatively efficient in our execution as we were laser-focused on our goal.

What one piece of advice would you give other CEOs and leaders regarding leading with purpose?

It's not easy doing the right thing. Trying to effect positive change in the world is always going to take much longer and be much harder than you anticipate when you start.?But if you can surround yourself with the right people, persevere and be resilient through the ups and downs, you will reach the other side. It can be a very rewarding and worthwhile experience if you stick with it.?

What one question would you like to ask other purpose-led CEOs?

What do you do to ensure that you have balance in your life with your business and your own personal wellness?

One final question from the CEO we interviewed before you, Phillip Haid, CEO of Public Inc.

What do you want to change in the world and why??

This is probably a big goal, but I would like to try to help bridge the massive division that we're seeing in the world today and to promote more love as opposed to hate.

I'm very concerned with the growing unrest I'm seeing around the world and online.?We have so many issues that are dividing us and so much anger and hate that we're not seeing that all of humanity is connected. I realize that there are a bunch of different factors at play; however, I believe each of us have an individual responsibility for how we behave towards each other every day. Therefore, let's strive to treat each other with kindness and compassion.