Vancouver Ecosystem @ Vancouver Startup Week

Did you miss this talk on the Vancouver ecosystem? Read on to get the cliff notes of what went down!

On the last day of Vancouver Startup Week , Toki Hossain from Vancouver.dev gathered some big names from Vancouver's Tech scene to talk about the situation of our growing hub. They were:

• Chris Neumann , General Partner of Panache Ventures
• Joshua Nilson , Founder of Maskwa Investments Inc
• Tanis Jorge , Founder of The Cofounder's Hub

Toki didn't beat around the bush, and asked our speakers questions such as "What was your experience in Silicon Valley compared to Vancouver?" or "How do we attract global companies to Vancouver?" and the spiciest question of all... "Would you build your next startup in Vancouver?"

Here are some insights from the panelists:

• The first suggestion of the evening was that every entrepreneur should visit Silicon Valley to experience its unique dynamics at least once. The hub across the border attracts people from all over the world, and creates an unbeatable feedback loop—the concentration of the best, brightest and biggest minds becomes Silicon Valley's greatest asset.
• Another piece of advice was to build a diverse team in order to compete in the tech world, and to focus on mentorship to build your talent up and take them to the next level.
• We were reminded that where we build our startup is likely also where we will spend the next 5, 10, or 20 years of our life. It's easy to go where the grass is greener, where the opportunities are plentiful, but consider the specifics of what your business needs to grow. Sometimes, it will thrive somewhere like Vancouver more than it would in a more "established" tech hub.
• When asked how to attract global companies to Vancouver, panelists reminded us that we have the advantage of being one of the only major cities that shares a timezone with Silicon Valley, giving us a leg up in that department. They also mentioned the advantages of attracting global companies, as they have the benefit of training our local talent that can then migrate to Vancouver-based companies and elevate the talent in our pool.
• The panelists also urged us to pay more attention to politics: most of what affects the tech scene in Vancouver isn't what we do, but what the federal, municipal and provincial government decides. Simply put, if it is unattractive to move here as a startup or company because of legislation or taxation, then companies simply will not move here. So, pay attention to who you're voting for.
• Our speakers reminded us that community can be crucial when strategizing or problem-solving, but hyper-focusing on events can lead entrepreneurs astray—at the end of the day, it's about what you build, not how many parties you go to. However, we must understand that the entrepreneurial community in Silicon Valley only feels as valuable as it does because it is based on the mentality of "What can I do for you?" No NDA's, no competition, only a strong desire to empower and elevate the community. We were urged to adopt this mentality if we want to see Vancouver strive. Also, intentional communities that have a clear focus in mind (e.g. workshops, mentorships, or goal-oriented communities) will always be valuable to entrepreneurs.
• We were also reminded that, even though our salaries might not be as high as our friends' south of the border, we have other perks such as healthcare and a slower pace to life that can be attractive to the right kind of individual—showing us that there are other ways to compete for talent. Also, founders should consider what is actually stopping them from paying a higher wage to their employees. If retaining employees with salary alone is a goal, build your company with this in mind. That means being mindful of your allocation of funds, and perhaps not hiring the 10th employee in order to keep the 9 employees you already have well-paid.
• Also, make sure that, as founders, you're the type of person that your employees want to be around! Mentoring, nurturing, and lifting up your employees will go a long way when it comes to talent retention.
• Finally, the question we've all been waiting for: "If you were to start a new company, would you do it in Canada?" Most of the panelists said no, that the taxes were too steep to justify building a company in Vancouver. But one founder said that yes, that despite the obvious cons, their desire to give back to the community spoke louder. They were faced with frustration from a lack of diversity in boards and leadership roles, and they were moved into action. In their words, who else was going to step up to the task?

These are the insights from one of the last panels of #vsw2024. Now, what do you think—are you planning to start your next business venture in Vancouver? Why, or why not?