If early-stage Canadian technology companies were hockey players, they would be Joe Sakic or Steve Yzerman, quietly going about winning, preferring to impress by results and lead by example. Touting themselves, or their team, in media is not their style. Indeed, we Canadians value that type of stoic leadership and have always recoiled at self-promoters.
This culture of modesty is endemic in our entrepreneurs as well. I can’t tell you the number of times I have been in pitches for funding where Canadian technology entrepreneurs have made self-deprecating jokes or conservative comments. As a Canadian, I appreciate that they are humble. But as an investor, I wonder if they aren’t hampering their chances to get funded. The culture extends out to the company and how it is promoted, or not. I find it fascinating how many U.S. startups rise above the noise on a consistent basis to become the topics of discussion online, in publications or in the news. How do they do it?
A concerted, well-planned communications strategy is how these small upstarts show up on the radar, supplemented by a huge dose of bravado from the CEO. Whether it’s the original go-to-market strategy or a push for market share, the American technology company doesn’t shy away from shouting from the rooftops. You could argue that the consistently larger funding that U.S. companies pull in helps with their market awareness when compared to their Canadian counterparts. I buy that. But it doesn’t mean that you can’t try to let people know who you are and what you sell.
I sell companies for a living and I am asked constantly how to prepare to be bought. The number one thing that a company can do is build awareness among the companies that may buy them. Public relations campaigns need to relay positive news and impending product releases that will catch the attention of the bigger players. Don’t be shy! Make sure that the CEO of the potential acquirer knows who you are and what you offer to them.
Perhaps it’s the fact that we live in a town with a reputation for questionable promoters of penny stock companies (and we have been burned by them), but we sure do squirm when we meet a CEO with bold claims and big dreams. I have met a few local CEOs who can elicit that squirm factor, but once you understand their steely determination and you see the results of their claims, you believe. These B.C. technology company leaders are all founders who are extremely confident and have been from day one.
Ryan Volberg of Vivonet has always believed in his and co-founder Kevin Falk’s vision to change the point-of-sale technology industry. Volberg’s team is excellent at getting their message out to masses, even creating a solid social media strategy that works well. He is not afraid to shout out how good Vivonet is and works extremely hard to back up his words.
Geordie Rose, founder of D-Wave, the quantum computer startup out of UBC, has always been a believer in his team’s ability to change the world by building the first operational quantum computer. In the industry, we call this a “boil the ocean” play, where the goal is so disruptive, it stretches credulity. Hardly modest!
Ron Stevens, the enigmatic leader of Mingleverse, has fiercely loyal supporters of his company’s vision to change how we communicate online. However, he has just as many quiet detractors who feel uncomfortable with his bold claims. Stevens continues to shout loudly and Mingleverse is getting worldwide recognition.
We Canadians should be more like Mark Messier. He was not afraid to make the claim that he was going to win, get people talking about him everywhere and then back up the claim with results. n
Brent Holliday heads the technology practice for Capital West Partners, a Vancouver-based investment bank.