Presentation name (Name of presenter)(Position)(Division/Post name, City)

Thierry Weissenburger, Sr. Trade CommissionerConsulate General of Canada, BostonMay 3, 2016

Business Innovation Summit, OttawaInternational Lessons: Supporting Innovators Success in Global Markets – Leveraging Canadian Diaspora Abroad

Outline• TCS and CTA Broad Initiative in support of

Canadian Innovation abroad• Challenges and Policy Imperative to mobilize

Canadians abroad• What do other countries do?• TCS in Boston Suite of Acceleration Services• Leveraging Canadian Expats in support of

Canada’s commercial strategic interests• Learnings and how to expand the effort

- The Canadian Technology Accelerator

The Trade Commissioner Service (TCS) is Canada’s most comprehensive network of international trade professionals

About the TCS

- The Canadian Technology Accelerator

Assess your market potential

Prepare for international markets

TCS Services are offered free of charge to clients:

About the TCS

We offer hands on knowledge of international markets and an unbeatable network of international business contacts.

Find qualified contacts

Resolve business problems

Trade Commissioners located in 161 offices abroad, and 5 regional offices across Canada

The CTA Initiative

Helps Canadian companies accelerate their entry and success in major hubs across the U.S. and beyond.

CTA programming provides companies with market immersion and mentoring to develop new skills, engage potential customers and partners, and grow their business abroad.

The CTA InitiativeWhat is the Canadian Technology Accelerator?

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CTA Participants

Over 350 companies have participated in the CTA initiative since 2013.

Companies come from across Canada. The majority are based in Ontario, British Columbia, and Quebec.

Companies are primarily in the ICT sector (58%), followed by life sciences (26%), and clean technologies (16%) sectors.

The majority are seeking to develop new strategic partnerships (79%), acquire new customers in the international market (74%), or raise a Series A (44%).

Canada’s Company Growth Challenges

Assets Challenges

Limited risk capital and growth financing

Limited pool of global experienced entrepreneurs and mentors

Small Domestic Market/Weak commercialization

Good government incentives and programs

Strong research/engineering capacity and Talents

Canadian Expats: A Canadian investment abroad

• Cost of primary and secondary student over 12 = $100,000• US$20,000* per tertiary student over 4 years = $100,000• Total education cost per graduate student at least $200,000• 3 Million born-Canadian expatriates; 1 Million Canadian in the

US; half of them received tertiary education

Total investment by Canada in the US is close to $2 Trillion

A Brain Trust we need to mobilize

* OECD estimates, 2006

The Canadian Diaspora

• A key asset in strategic markets for Canada

• They intuitively understand Canada – Canada is rarely top of mind in business circles abroad

• They succeed in markets Canada needs to access

• They bridge interests thanks to frequent travels back and forth

• A number of them wish to “give back”

• Associations with a patriotic and focused purpose: “all about leveraging their collective experience, expertise and relationships to help mentor and grow a new generation of successful Canadian companies”

• Accomplished and willing Canadian expats in Silicon Valley and Bostono Venture Capitalistso Serial Entrepreneurso Fortune 1000 C-level executives

• Multi-threaded missiono Mentorshipo Networking o Innovation/Commercialization advice to policy makers

www.thecene.orgEstablished in 2013

www.theC100.orgEstablished in 2010

Other Countries Business Diasporas

Usual outlook of Diasporas business groups:• 2 models: Grass-root or Centrally managed and encouraged• Have different class of members (chartered, general)• Mentoring is always a central feature• Activities also include:

– Networking/mixer programs at different levels: big open events, member-only events, peer-to-peer business forum

– Entrepreneurial “Education” for home entrepreneurs– Angel investing sometime (separate from main activities)– For some, a policy advice to governments

What are some of the benchmarks? Technology Indus Entrepreneurs (TiE) - The gold standard! Created in 1992 by Bay Area businesses with Indian connections - 13,000 members, including over 2,500 charter members in 61 chapters across 18 countries – a franchising model, with no government involvement

Conseillers du commerce extérieur de la France (CCEF) – 35 chapters around the world - Probably the oldest organization of its kind (150yrs); Strong central coordination – Members are appointed by the PM and reports to Embassies

Irish Technology Leadership Group (ITLG) Formed in 2007 by high-tech Irish leaders in Silicon Valley to support the growth of Irish start-ups – Operates only in the Valley and Ireland

– Nurture a global network of business leaders with a connection to Scotland to support Scottish businesses. Started by Scottish Enterprise/the Government in 2001 - 650 GlobalScots across 51 countries worldwide

In no way an exhaustive list….

Canadian Mentors in Boston

Early Stage

Growth Stage

Canada’s Acceleration Services in BostonCanadian Startups on Steroids

Fast Runners

Co-hosted by the Consulate in Boston and the CENE, every spring

6th edition – April 26-27, 2016 25-30 early-stage companies 2 Day Intensive Program

Life Science/Healthcare; ICT: Green and Health IT; Robotics; Food Tech

180 Alumni

Learning

Mentoring

Partnering

Pitching

Networking

• Collaborative, shared workspace at MIT Kendall Square, Cambridge

• 800 start-ups, strategics and investors at the CiC

• 4 month residencies at the CTA• Quality programming: pitch coach; team

mentoring; membership privileges; intensity2016 InBIA Award Winner

Results:• 70 CTA@Boston

clients• Capital raised:

$54,470,000• Revenue increase:

$22,790,000• New Jobs: 155• Strategic partners: 132• New offices opened: 9

Fast Runners Initiative6-month program for Growth-Stage Canadian Companies

- strategic expertise and connections to scale globally -

Executive Advisory Team: approx 10 CENE mentors; a Lead mentor; an executive coordinator; and a TCS officer

“Deep Dive” 2 days Strategic Session with company leadership

3-4 issue-based streams with assigned mentors

Action Plans Executed over Six months:Regular calls; Leveraging TCS global connections and the CENE for Corporate partnerships and Investment

Capstone event to take stock of results

Piloted in 2015

3 Fast Runners 2016

80 Full Members

300 Community Members

65 Trained and Committed Mentors

10 Board Members(1 Consulate ex-

officio)

Type % Sector %

Corporate executives

50 Healthcare/Biotech

30

Investors/VC 20 IT/Software/robotic

40

Serial Entrepreneurs

30 Others (retail, finance, cleantech)

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CENE Membership

CENE MENTORS (Canadian Mentoring Service)- 65 Vetted and Trained Volunteer Mentors- 14 Lead Mentors- Steering Committee:3 CENE Board members + 3 Trade

Commissioners- Team mentoring - MIT

VMS Methodology

- Clients: - 70 CTA@Boston;- 180 at 48hrs; and - 4 Fast Runners.

- In-kind consulting value: $20M since inception

Mentor Characteristics

Enthusiasm for the program, for giving back, and attachment to Canada

No personal agenda Ability to advise and coach Listening skills Significant and relevant experience Respected by colleagues Positive attitude Time to participate Comfortable with team mentoring

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Guiding Principles

Place interest of the Canadian entrepreneur/venture above others

Volunteer-based, but structured and professionalEnsure a conflict-free, trusted environment for the

entrepreneursConfidentiality - Mentors must sign a Mentor Confidential

Acknowledgement and Conflict of Interest AgreementDisclosure Provisions in the event of investment, operating or

other commercial relationship interest

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Mentoring Process

Build MentorTeam

Run MentorMeetings

CompanySelection

Evolve Team / Resources

Assignment ofLead Mentor

Company PresentedAt Quarterly

Meeting

FirstMeeting

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ExitInterview

Trade Commissioner assigned to the

company

6 Months +

How to replicate? Learnings• Need critical mass/regional concentration of Canadian in business

• Need to identify and the commitment of the right set of individuals

• Need a purposeful simple mission and actual Consulate programing aligned with it to translate volunteers’ good will in practical programing

• The Consulate has established programs that brings entrepreneurs in-markets in a systematic and steady way

• Need un-waiving initial operational support from Consulate/Embassy –That means also a lot of personal time for lead officer(s)!

• Flexible on modalities

Learnings:

1. Start engaging a founders group that provides leadership, direction, vision (3-4 people).

2. Core group must be very credible, well connected and absolutely dedicated – invest a lot of personal time and must leave a bit of ego on the side.

3. Expand the core group to a second circle group of credible “doer” and possibly a few big names, e.g., corporate executives, who are participating to lend their fame to the initiative

4. Need to reach quickly critical mass of select members – when quality and volume of membership is there, sponsorship may follow

5. Key role for the Consulate is to identify and engage potential members and engage them through mentoring, speaking, etc

How to replicate? Learnings

Learnings (more):

5. Value for the members and for entrepreneurs must be quickly visible and formulated – otherwise, it is just informal networking

6. Government/Consulate must be seen at arms length (only in the background ) – although providing initial leadership, passion, and critical operating support

7. With enough sponsorship, an effective secretariat can be established, and sustainable support to members is possible, within 2 years, before the founding leaders are exhausted!

8. Transition to a second wave of leaders (2-3 years after launch) is also critical for sustainability

How to replicate? Learnings

We like to give back!

Connect with the TCStradecommissioner.gc.ca

Thierry WeissenburgerSenior Trade Commissioner

Consulate General of Canada Thierry.Weissenburger@international.gc.ca

@tweissenburger