Private investors, founders, urge Canada to remove barriers to attract foreign capital

Private investors, founders, urge Canada to remove barriers to attract foreign capital SEAN SILCOFF TECHNOLOGY REPORTER JAMESON BERKOW CAPITAL MARKETS REPORTER PUBLISHED 11 MINUTES AGO Open this photo in gallery: The CVCA’s Canadian Global Growth Forum drew hundreds of attendees including national investors, foreign capital providers, politicians and prominent Canadian founders. FRED LUM/THE GLOBE AND MAIL COMMENTS SHARE SAVE FOR LATER Listen to this article Learn more about audio Log in or create a free account to listen to this article. Canada needs to facilitate ways for global capital giants to invest in domestic mid-market deals, financiers and CEOs from some of the country’s top tech companies said Monday at a forum hosted by the country’s private capital association. The day-long conference held at Toronto’s waterfront and hosted by the Canadian Venture Capital and Private Equity Association (CVCA) was one of the most prominent side events to Prime Minister Mark Carney’s Canada Investment Summit this week. The CVCA’s Canadian Global Growth Forum drew hundreds of attendees including national investors, foreign capital providers, politicians and prominent Canadian founders including CEOs of Wealthsimple Financial Corp., Cohere Inc., Waabi Innovation Inc. and Xanadu Quantum Technologies Ltd. While the Prime Minister is highlighting big infrastructure projects seeking investment at the summit, the CVCA event focused on smaller-scale opportunities that dominate the deal flow in Canada. A delegation from the United Arab Emirates held closed door meetings with attendees, and the CVCA set up other curated meetings between investors and attendees. Canada is “a very trustworthy partner,” said Cohere CEO Aidan Gomez, who is pitching his AI company as an alternative to U.S. giants. “That brand is something Cohere wants to protect on the world stage with AI.” AI firms’ calls for co-ordinated slowdown amounts to ‘cartel’ behaviour, Cohere CEO says But Mr. Gomez also said a culture change is needed, and that Canada should be more ambitious. Brookfield, executive chairman, private equity, Cyrus Madon told the conference the trade war was “the greatest gift that anybody could have given our country,’ as it is “forcing us to focus on what really matters” including attracting capital and growing GDP. Canadian sovereign pride played well in the room which was predominantly attended by CVCA members. Manitoba Premier Wab Kinew kicked off the forum with a…