CIBC Innovation Banking Podcast

Morad Elhafed and the rest of the team at Battery Ventures in Boston believe that it's time to get back to fundamentals and build durable and scalable businesses. He is joined by Andrew Phillips, managing director in Boston of CIBC Innovation Banking. Morad and Andrew share their insights into the current investment landscape, how investors identify high-quality companies, and why Boston has become a hub of talent and investment.Every dollar needs justification In today’s investment landscape, investors and founders need to justify every dollar. Investors are looking for scalable and durable investments, and founders need to be able to prove that they are using funding wisely. Innovation comes from everywhereTraditionally, most tech innovation was coming out of Silicon Valley, but today, it's coming from around the world. Looking for leaders in the marketMorad says he and his team search for leaders in their markets, whether they are small or niche. Leaders often have strong leadership and a clear path to profitability. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

In this episode, Krishna Srinivasan, the founding partner at LiveOak Venture Partners, and Jonathan Schupack, executive director and market lead for CIBC Innovation Banking in Texas,  share their insights and experiences about the challenges and triumphs faced by startup entrepreneurs in the lone star state. Join us as we uncover the secrets of successful entrepreneurship. Drawing parallels between climbing mighty mountains and building ground breaking businesses, discover the resilience, innovation and collaborative spirit that define the Texan startup scene.The power of cross-pollinationKrishna sees parallels between mountain climbing and entrepreneurship. Taking that first step, whether on a mountain or in a business, is crucial. The challenges faced by startup entrepreneurs to climb a virtual mountain require us to break down the journey into smaller, manageable steps, celebrating every little victory and constantly striving to improve. Reflecting on what works and what doesn't is key to not giving up before the peak. That's reflected in the startup community in Texas. It's a diverse economy and there is a supportive ecosystem. There's a combination of deep industry knowledge and technology talent that makes Texas a thriving hub for startups and innovation.Sustainability is keyKrishna stresses the importance of building sustainable businesses, pointing out how excessive capital can mask underlying issues. He advises entrepreneurs to focus on product market fit before expanding into sales and marketing efforts, advocating for a sequential approach, the need for flexibility in adapting to changing market conditions and being prepared for shifting goalposts and fundraising efforts is critical for successThere is a need for native later-stage capitalJonathan says that while there is a bit of a slowdown in VC funding, the Texas innovation economy remains resilient, with a diverse ecosystem and opportunities for growth. However, he notes a gap in native later stage capital, suggesting that while the state attracts attention, there's room for increased investment from within Texas. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

In a conversation with host Michael Hainsworth, Andrew Waitman, CEO of Assent, a data management platform that informs and guides ESG strategy, delves into the evolving landscape of ESG (Environmental, Social, and Governance), and the importance of responsible supply chain management. He underscores the growing scrutiny from stakeholders, investors, and the public, who now prioritize ESG and sustainability in their decision-making processes. Andrew warns that organizations failing to adapt will encounter repercussions both in terms of their reputation and financial standing.Best practice is no incidents When questioned about the significance of investing in ESG, Andrew draws a parallel with cybersecurity. In the realm of cybersecurity, organizations aim to prevent security breaches through investment in programs and systems. Similarly, in the context of ESG, proactive investment is imperative for uncovering and addressing issues early, and averting potential financial and reputational consequences down the road.ESG reporting will be the new financial reportingAndrew highlights the century-long evolution of strictly regulated financial reporting and foresees a similar trajectory for ESG reporting. In the near future, Andrew believes companies are likely to face similar mandates to disclose their sustainability practices.Founders are responsible for setting their valuesAndrew asserts that it falls upon founders to integrate ESG and sustainability into their organizations and disclose these values to stakeholders, employees, and the broader public. He underscores that this integration has become vital for attracting investment and fostering organizational growth. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Bow River Capital is an employee-owned diversified investment platform that specializes in the lower middle market. John Raeder, the Vice Chairman and Head of Software Investments, launched the Maiden Fund in 2018, a Software Growth equity fund at Bow River, which was oversubscribed by $160 million dollars. John focuses on what he sees as a capital gap in the lower middle market, helping SaaS companies grow from $5 to $50 million by strategically investing to accelerate their growth. Clearly, his strategy is working, as five of Bow River’s seven SaaS companies are growing subscription revenues at 100%, and Bow River is one of the top ten funds in the US. You can't fix bad industries John stresses that while you can fix bad companies, you can't fix bad industries. This perspective drives the efforts of John and the Bow River Capital team in rigorously evaluating and scrutinizing industries before investment. He and his team are attracted to companies in human capital management, fintech and construction tech because these technologies help solve operational efficiencies and improve cost structure monitoring.  By exercising caution during periods of prosperity, investors can minimize the effects of inevitable downturns. Founders should lean on the expertise of their investorsJohn says that founders need to trust and rely on the expertise of their investors. The Bow River team has 80 years of operational experience and puts each company they plan to invest in through a rigorous diligence process. Once they’ve decided to invest, Bow River Capital focuses on building strong relationships with its founders. This approach ensures that, in times of adversity, established relationships serve as valuable resources, offering guidance and specialized knowledge.You can’t brand your way to growthJohn believes that branding alone cannot grow a company from $5 to $50 million. When investing, John and his team don’t invest in TV commercials or print ads. Instead, they allocate roughly 40% of the capital to sales and marketing acceleration and roughly the same to innovation and product-led growth. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

According to Marcos Torres, investing is more serious than getting married. The CFO of Huntress, a managed security platform developed by former NSA employees, says that investing just isn't about money. He looks for partners who he can work with long-term, because he knows it can be far more difficult to get someone out of a company than of a marriage. Join him and host Micheal Hainsworth as they delve into what Marcos has learned on his journey from private equity owned business operator turned CFO, raising equity before you need it, and the nonlinear growth of organizations. You need more than just a plan BMarcos stresses the significance of having not only plan A and B, but also plan D. Too many entrepreneurs seek cash only when they are in trouble, but Marcos advocates for "digging the well before you're thirsty." By seeking partners, building relationships, and raising equity in advance, you position yourself to find the right investors and partners for your business.Find the intersection of pain pointsMarcos knows that every customer's pain points will be unique to their business. Companies may belong to the same category, but that doesn't mean the issues they need to address are identical. That’s why he encourages entrepreneurs to find the intersection of the pain points across the category they are targeting. Huntress focuses on small to medium businesses that live under the ‘cyber security poverty line,’ and by finding commonalities in their security pain points, has built a product that can scale and build a robust customer base. People are the most expensive part of softwareWhen tackling a problem, Marcos and his team prioritize technology. They first identify the problem and how technology can solve it, then consider the people involved. People are the costliest aspect of technology, so optimizing the process before identifying the required team members helps create a scalable business.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Malcolm Locke, CFO of UK-based B2B software service company Egress, sits down to discuss Brexit, expanding to North America and why the UK is still attracting investments. He’s joined by CIBC Innovation Banking’s Managing Director for UK & Europe, Sean Duffy, who adds his valuable expertise to the conversation. In a post Brexit and high-inflation environment, how can UK based firms grow and expand? Listen to this episode to find out. Access to talent is criticalMalcolm says that Brexit has impacted software companies' access to talent. The European job market has traditionally been critical for talent acquisition, so UK based companies are re-evaluating their strategies. And while they can’t easily recruit from Europe, they also can’t easily send their trained employees to these markets either. That’s why many UK based companies are turning their attention across the pond to the  North American market. It's about efficiency, not growthThe era of ‘free money’ is over, and so is the mentality of growth at all costs. Malcolm and Sean say that investors are looking for efficiency. They will invest in companies that are using their capital wisely and making their cash impactful. There is still an active funding marketDespite the current market conditions, especially those in the UK, there is still funding to be had. As Sean says, money can’t just sit around. Companies need to have high parameters and show investors they aren’t cash burners. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.CIBC London Branch (Reg. no. 141285) is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Registered at 150 Cheapside, London EC2V 6ET.

Maria Pacella has over two decades of experience investing in emerging growth technologies, and thinks that the best venture capitalists have a range of experiences gained through working in different roles. As an investor, Maria looks for three things: people, product and pent-up demand. She would prefer to invest in a strong team and founder with a smaller market than one with a large market and weak team, and brings this people-first approach to everything she does. In this episode, join host Michael Hainsworth as he and Maria dive into the Canadian investment landscape, what the current economic climate means for venture capital, and why now is the best time to start a business. It's all about the people.Maria's journey to venture capital was anything but straightforward, but she embraced the learning opportunities along the way. She emphasizes that your career is shaped more by what you gain from the journey, rather than formal education alone. Additionally, she advocates for corporate cultures that prioritize diversity of thought in decision-making, believing that such cultures flourish. People, product, and pent-up demand.A mentor once shared valuable advice with Pacella - a good investment comprises three essential elements: people, product, and pent-up demand. Taking this guidance to heart, she seeks out products backed by exceptional teams with smart capital allocation strategies. She also looks for products that offer tangible value propositions and address pressing problems. Especially in the current challenging climate, entrepreneurs and products that meet these criteria are more likely to attract investment and achieve success.Now is the best time to start a business. In today's economic climate, the era of "free money" has come to an end. Entrepreneurs now face greater challenges in securing capital, while investors have become more discerning with their investments. Pacella believes that this situation calls for businesses to be capital efficient and deeply focused on their mission and value proposition. Companies that can thrive amidst these conditions are well-positioned for future growth and success. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Angela Tran didn’t set out to be a venture capitalist; she wanted to be an engineer. However, she's leveraged the skills she learned as an engineer to help build Version One Ventures with partner Boris Wertz, a venture capital firm that has invested in some of today's biggest start-ups. Angela uses her background to approach problems from a unique perspective to find and invest in companies in their very earliest stages. She looks for founders who are driven by problems they themselves have experienced- and who will stop at nothing to solve them. Open to Opportunities Angela's journey toward her current role involved embracing every opportunity that came her way. She never turned down meetings, believing that each encounter could lead to valuable connections. Angela emphasizes the significance of the people she has met along the way and the  pivotal role they have had in shaping her career. Know Your Mission Angela and Boris share a strong inclination toward mission-driven founders who strive to address immediate problems. d She observes that many founders tend to focus on macro trends and problems that lack the imperative for change. In the absence of reliable metrics during early-stage investments, Angela and Boris instead concentrate on assessing the potential impact a company can have on the world. They focus on  “who” and “why now” principles.Think outside the boxWhen she first met Boris, Angela created a dataset to try to uncover what startups would be successful. While it didn’t work- Boris appreciated her out-of-the-box thinking.. When approached by entrepreneurs, Angela is drawn to individuals who exhibit that same determined drive to solve problems in innovative and captivating ways.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking

In the business world, it’s never been more important for companies to build a brand that’s trustworthy, credible and authentic. Considering realness is the basis for her business model, StoryTap co-founder Bernadette Butler lives and breathes by this maxim. StoryTap turns consumers into evangelists—not by using fancy, high-quality video content, but through videos that consumers submit themselves. Offered now in nine countries, the patented video platform is revolutionizing the online customer journey, bridging the gap between the in-person experience and the online experience. In this episode, Bernadette explains why she believes the secret to StoryTap’s success is applying authenticity to the business model every step of the way.Harnessing authenticityOne of the major truisms that StoryTap is tapping into (no pun intended) is the fact that consumers today are craving authenticity above all else. Any company can manufacture a highly edited video that conveys a picture-perfect brand identity, but consumers want to truly understand how a product can add value to their life. As Bernadette noted, people want to see real people, telling real stories, and StoryTap’s success is living proof of this.Learn to love failureAs someone who has been through the experience of launching her own startup, Bernadette is skeptical of any founder who says they found success right out of the gate. A true over-achiever, she initially railed against the notion of failure, but as she gained experience, it became clear that failure was simply an unavoidable part of the process. Now, Bernadette says she loves failing because it serves as the key to unlocking the next level of business growth.Find the right co-pilotSince failure is an inevitable aspect of almost any business venture, it’s important to have the right people in your corner. When it comes to weathering the storms of startup life, Bernadette is grateful to have her co-founder Sean Braacx by her side. With an entirely different skill set from Bernadette, Sean brings a new perspective to the table, which can accelerate the brainstorming process.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Since it spun out from the wildly popular online media company TechCrunch in 2015, Crunchbase has been blazing its own trail. The company recently raised $50 million in a Series D round, and it comes at a difficult time for raising funds—not just for B2B software as a service, but for the industry as a whole. Nobody knows that better than Crunchbase’s CEO, Jager McConnell. In this episode, Michael and Jager explore how he managed to raise the funds, how he managed the uncertainty, and how his experience at Salesforce helped him drive Crunchbase to the level of success it's seen so far. Michael and Jager discuss the company’s latest funding round, the importance of giving back to the community, and some of the toughest lessons he’s learned while building an enterprise product.Set realistic business goalsIt’s been a difficult time for growth equity rounds. However, according to Jager, the decimation of multiples is a good thing for the ecosystem. When valuations are hyper inflated, the gap between a company’s current revenue and where it’s valued forces them to pursue aggressive growth at all costs. That’s why Jager believes it’s better for the entire ecosystem to set realistic valuations and achievable goals, rather than chasing unsustainable levels of growth.Focus on efficiency and measured growthJager compares the times we find ourselves in now to the dot-com crash of the early 2000s. Looking back, it was the companies that focused on rebuilding with efficiency and measured growth that came out on top, and he believes the same will be true of today. Ultimately, the great reset will enable us all to build back stronger and take advantage of new, more interesting opportunities in the future.Give back to the communityDuring his time at Salesforce, Jager learned about the value of giving back to the community. With its Pledge 1% program and regular charitable giving practices, Crunchbase is taking a similar approach. As someone who considers himself a social-driven individual, Jager has made it part of his mission as CEO to lead by example and champion charitable causes, inclusion and diversity.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

The pandemic’s impact on startups, growth-stage companies and late-stage organizations continues, and geopolitical issues have also had a dramatic impact on the private equity markets. No one knows this better than Ran Ding. Ran co-leads B2B growth equity investments at Norwest, where he focuses on partnering with founder managed or capital efficient businesses looking to scale from double digit revenues to triple digit revenues. Norwest is a multi-stage investment firm that has delivered top quartile returns over the past 60 years, and seen its fair share of economic cycles. Ran cut his teeth more than a decade ago during the last financial crisis, and shares his perspective on the similarities he sees today.COVID-19’s impact continuesAs a result of the worldwide societal changes brought about by the pandemic, the timeline to build a relationship has accelerated as companies become more comfortable meeting over video conferencing platforms. While this has led to a more fluid exchange, it's also led to an increased focus on finding mission-driven career paths for employees, with the pandemic creating more remote work opportunities than before. Play the offensive With a long history under its belt, Norwest has seen plenty of ups and downs in the market along the way. During times of turmoil, Ran says their team has found it’s best to remain in constant communication with clients to help them stay prepared. And in some cases, there’s also the opportunity to selectively play offense in a very disciplined way to keep an edge against the competition.Build a foundation of trustWhen it comes to scaling a company and encouraging leaders to delegate responsibility, Ran believes that first and foremost, it comes down to building a strong foundation of trust. At Norwest, the team spends a lot of time building relationships with people before they even make an investment—in some cases for many years—to ensure they understand each other culturally, interpersonally, and are aligned in terms of their operating philosophy.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

In this episode, Michael Hainsworth sits down with Tom Dretler, the co-founder and CEO of Shorelight. Founded nearly a decade ago, the company matches international students with universities in the United States, and helps them succeed socially and academically. During the episode, Tom shares how he had to go back to school—metaphorically speaking—when the pandemic collapsed demand for international education opportunities in 2020. He also explains why the economic downturn that followed  has led Shorelight to revisit the way it plans on funding its future. Tie profitability to your missionWhen Tom and the team were first conceptualizing the idea for Shorelight, they knew they wanted their goal to ultimately be helping students successfully graduate and begin their careers. As a result, when they began designing their business model, they decided to walk their talk by tying their profitability directly to student outcomes. That way, they were constantly measuring themselves as a business driven equally by mission and profit.What you do is important, but who you do it with is more importantUnderstanding the value of building the right company culture is crucial for any business leader. Tom mentioned that while he was a student at Harvard Business School, the Dean of the school took the time to have a coffee with him and he told him something he’ll never forget: what you do is important, but who you do it with is more important. With a 91% Glassdoor rating, it’s clear that Shorelight lives by this maxim on a daily basis.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

If you've ever filled out a survey online, there’s a good chance you've used technology created by Montréal-based company Potloc. The consumer research company extracts consumer insights by reaching niche audiences through social networks. In this episode, Michael sits down with Potloc’s Co-Founder and CEO Rodolphe Barrere. After co-founding the company in 2014, he and the team raised more than $58 million in capital. Today, Potloc has more than 500 clients served by three offices around the world, and Rodolphe says unicorn status is now on the horizon. During their discussion, Rodolphe dives into some of the secrets to his success including firing himself every six months.Don’t become your own bottleneckAs a leader, Rodolphe is humble enough to recognize that with every next step the company takes, he needs to re-evaluate if he’s still the best person for the job. For example, while the founder of a company may be a great small-size startup leader, they may not be able to apply their skills as effectively to a company of more than 1,000 employees. To avoid becoming the bottleneck of his own creation, Rodolphe consistently “fires himself” every six months so he can ensure he’s always innovating, learning and growing.Establish a networkAnother leadership secret Rodolphe shared is to surround yourself with people who are uplifting, positive and curious. He reminds us that you are the sum of the five people you spend the most time with, so it’s important to be selective about who is in your inner circle. Once you’ve established a solid network of people you trust, keep the lines of communication open so you can share knowledge, swap tips and trade stories regularly.Culture is crucialRodolphe’s key tip for other entrepreneurs hoping to reach unicorn status? Never underestimate the importance of creating a positive company culture. To do this, he suggests doing some inner reflection in the early growth stages of the company to determine your own personal values—for him and his co-founder, this included learning, transparency and ambition. From there, apply these values to every entrepreneurial decision you make along the way, and you can’t go wrong.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.

Often, the most valuable insights into startup strategy and execution come from early-stage investors. For burgeoning entrepreneurs, having a chance to learn the ropes from a seasoned founder can be invaluable when it comes to guiding the company towards sustainable growth and longevity. In this episode, Michael sits down with someone who knows all about this. As the Head of Operating Platform at Jump Capital, Jason and his team work closely with founders to help them build and scale effectively in their formative years. During the episode, Jason explains how the firm’s overall mission is to invest in early stage companies, partnering with the founders early on in their journey of building the company so they can be with them throughout the entire lifecycle of the business. Jason shares some of the most common mistakes made by new entrepreneurs, how to establish effective growth expectations, and more key insights about startup life.Make the most of mistakesWhen it comes to building a new company from the ground up, mistakes are inevitable. Instead of aiming to achieve the impossible task of avoiding mistakes altogether, Jason suggests learning to quickly pivot and learn from any missteps along the way. Having someone on your side who has been through the founder’s journey can also help you make fewer mistakes overall, while minimizing the impact of those you can’t avoid. Opt for sustainable growthIn the early stages of a company’s development, focusing on growth should be a key priority. However, Jason reminds us that prioritizing growth at all costs can lead to some pretty detrimental consequences in the long run. For new founders, Jason recommends avoiding unrealistic goals and instead focusing on smart, sustainable growth to ensure the company has longevity into the future.Focus on peopleJason’s number one tip for entrepreneurs and early stage CEOs is to make people your top priority. In other words, if you hope to see your company flourish and succeed in the long run, it’s important to dedicate a significant chunk of your time to hiring and retaining top talent. Spending the extra time it takes to motivate, guide and communicate with your team to help them bring your vision to life will ultimately pay dividends for years to come.CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

There comes a time when some startup founders need to turn over the reins of their company to someone new. Some founders may hold on for too long and ultimately fail to accelerate the company’s growth, and others may move too fast and miss out on a chance to capitalize on the first mover advantage. In this episode, Michael sits down with Hootsuite’s new CEO, Tom Keiser, to discuss his plans for continuing to grow the company now that he’s at the helm and further build on what founder Ryan Holmes created. During his career, Tom has more than quadrupled the valuation of Zendesk, re-platformed the parent company of Victoria's Secret and The Gap for e-commerce, and most recently, he’s stepped into the role of CEO at Hootsuite to scale up the social media management platform. During the episode, Tom explains how he’s applying lessons from his past career experiences to his current role at Hootsuite, his plans for taking the platform to the next level, and much more.Keep up a cadenceDuring his time working in retail, Tom learned the value of maintaining a regular and rigorous cadence when planning for the future. When it comes to taking your business’s temperature through key metrics and signs of success, it’s not enough to check in once a quarter or even once a month. Tom adheres to a weekly or bi-weekly rhythm of checking in on the core metrics of the business to ensure short-term and long-term goals are on track.Lose the limitsOne major difference Tom noticed when he made the leap from retail to technology was the general lack of constraints in the tech world. While the retail world tends to be limited in a physical sense based on things like geographical space or supply chain issues, technology makes it possible to innovate much more rapidly without being held back by capacity limits. Since the tech world essentially affords infinite possibilities for the future, Tom looks for talent who live according to this limitless mindset.Skate to the puckWhen it comes to Tom’s overall strategy for taking Hootsuite to the next level, he plans on helping the company continue to evolve in tandem with the social media industry. By keeping his finger on the pulse of new and emerging social platforms, Tom and the Hootsuite team are skating where the puck goes to maintain alignment with the major players within the space. CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

As every startup entrepreneur and enterprise CEO knows, the growth stage is all about scaling up the company, which typically requires a cash infusion. That's where investment gurus like Deven Parekh come in. As a Managing Director at Insight Partners who has been with the firm for more than 22 years, Deven has some insightful advice to share for entrepreneurs hoping to secure funding to fuel their business. Over the course of his career, the companies he’s invested in have all had major payouts—Buddy Media was acquired by Salesforce, Football Fanatics was bought by GSI Commerce, and eventually eBay, and Media Mind was sold to DG Fast Channel after the IPO. During this episode, the global investor shares the top qualities he and his team are looking for in software companies worldwide.On the lookout for large marketsDeven shared a few of the main characteristics he and his team are looking for when it comes to finding businesses to invest in. First, he said they’re most interested in targeting large markets to maximize growth opportunities. In addition, they look for businesses with a technology product that’s not easy to replicate so they can keep competition at bay, and an exponential increase in momentum in terms of buyer interest. And last but not least, Deven noted they typically look for solid teams with great management leaders who truly feel passionate about the problem they’re helping to solve. In-person interactions minimize riskAs the pandemic continues to subside over time, more of its long-term impacts on the business world will be revealed. Deven commented that for investors, arranging in-person meetings followed by dinner or drinks isn’t just a nicety—it can actually help to minimize risks by building trust on a personal level. Although many companies will continue to use tools like Zoom and a hybrid working environment for the sake of convenience, meeting in person will continue to play an important role in creating a foundation of trust and collaboration among teams.Invest in your passionsDeven’s overall advice to entrepreneurs was to choose a problem that you’re passionate about solving and make it the main focus of your business. While it can be tempting to dive into hot new trends in the market, he recommends following your passion instead because you’ll be more likely to actually find a solution to the problem you’re trying to solve. Deven commented that people tend to complicate the road to success, but it’s really quite simple: identify a pain point, work on solving it, and convince customers to buy your product.CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking. This episode of The CIBC Innovation Banking Podcast was produced by Quill.

Professional investors need an efficient way to compare their universe of companies, which is where firms like Canalyst come in. Canalyst’s database of thousands of enterprises helps give the pros the edge they need to uncover more investment ideas, generate better returns and bring in more assets. In this episode, Michael sits down with Canalyst’s CEO and Co-Founder, Damir Hot. During their discussion, Damir shares how co-founding a tech startup has been a lifelong dream of his since he was a child. He offers his perspective on the state of startups today, and what the future may hold for the startup ecosystem. Finally, Damir shares some of the key strategies Canalyst implemented to grow its customer base to over 400 in a relatively short period of time. Partner upNow that he’s on the other side of success with Canalyst, Damir says he highly recommends partnering with a co-founder from the beginning of your entrepreneurial journey. If you can find a business partner with similar goals, values and interests as Damir did, it can double the power, purpose and passion fuelling the enterprise. The entrepreneurial journey can be a lonely one, so having a like-minded co-founder to share the ups, downs, wins and losses with can make it all the more rewarding. Sales experience is keyDamir mentioned that one of his must-haves when it comes to launching a business is ensuring that you have at least one person on the team who can bring a strong sales background to the table. At the end of the day, launching a successful business is all about selling—whether you’re selling investors, prospective hires or prospective clients. Sales or “storytelling” skills, as Damir calls them, are essential and highly valuable when it comes to the early growth stages of a business and beyond.Just do the workOverall, Damir says there’s no magic formula for finding success as an entrepreneur. At its core, entrepreneurial success isn’t necessarily about launching the perfect marketing campaign, uncovering a secret strategy, or cutting corners to get ahead: it’s about staying committed to doing the work day after day, hour after hour. He mentioned that at Canalyst, about 40 per cent of their new bookings now come from word of mouth, which isn’t something that happened overnight—it came as a result of consistently driving relationships forward, delivering a high-quality product to customers and spreading the word organically.CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

 Although some venture capital firms snapped their wallets shut during the first few months of the pandemic, it quickly became apparent that the startups who were able to pivot their business model and go fully digital would not just survive this time period, but thrive. In this episode, Michael sits down with Christian Lassonde, the Founder and Managing Partner of Impression Ventures, to discuss lessons learned from the pandemic and why there’s hope for the future yet. As an entrepreneur himself, Christian applied the knowledge he gained from past experiences working in the video game and tech industry to his role as a venture capitalist today. He shares how the lessons he’s learned throughout his career have informed his work as a venture capitalist, why he’s not interested in a high profile, the importance of playing the long game in business, and much more.All problems are created equalDuring his time as a video game programmer, Christian developed valuable problem-solving skills that he would later take with him into future roles. He learned that regardless of the subject matter or the industry you find yourself in, all problems are created somewhat equal, and finding the answers comes down to your passion, determination, and willingness to solve for X. Ultimately, Christian recognized that while there’s an infinite number of paths you can take while running a business, it’s all about finding the one magic formula that works for you. Fail fastWhile building Claystone, an Android software development firm, Christian and his team were constantly inundated with the unofficial Silicon Valley mantra: “fail fast.” Taking this maxim to heart, they launched themselves into a continuous, fast-moving loop of test, launch, learn, iterate, and repeat. Christian says the lessons he learned from this experience ultimately made an indelible impression on his overall outlook, arming him with the tools and the repertoire he needed to launch Impression Ventures.Equal parts optimism and cynicism Christian believes that a great venture capitalist should be equal parts optimist and cynic. He noted that without the fundamental belief that what lies ahead is greater than anything humanity has collectively experienced in the past, you likely won’t make it very far in the business. Overall, Christian is optimistic about the future, which fuels him to keep moving forward despite any challenges he may encounter along the way. CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

It’s been said that data is the new oil. Not only has it acted as a fuel for growth, but data has been the catalyst for a whole new way of doing business. In this episode, Michael sits down with Stephany Lapierre, the founder and CEO of Tealbook, a supplier data foundation that uses artificial intelligence and machine learning to enable supply-side innovation. As a supply chain thought leader, Stephany has raised more than $73 million for the company, and much of it during the pandemic. While COVID-19 was breaking down supply chains, Tealbook was building up its ability to connect buyers with suppliers in a whole new way. During the episode, Stephany explains how Tealbook accelerated its fundraising while pivoting to tackle the greatest health crisis of our time.Connecting the dotsThe idea behind Tealbook is to collect supplier information for global enterprises that need to access data quickly, easily, and efficiently. Recognizing the need for a faster way to access data, Stephany leveraged technologies like AI, machine learning and the cloud to create a system that could keep up with the rapid evolution of the supply chain. By connecting the dots in a way that no one else had yet, Stephany was able to create a service that’s completely unique and allows companies to make sense of an abundance of data—fast.Never give upAfter years of running her own successful consulting business, Stephany didn’t need to create Tealbook, but her vision was so clear and persistent that she couldn’t not bring it to life. This strong vision and her belief in the product helped to keep her driving forward, even when things got tough. Although there were plenty of opportunities to throw in the towel along the way, Stephany never gave up, keeping her vision alive in the face of obstacles and refusing to compromise.Be a thought leader, not a followerFor Stephany, an important step in bringing Tealbook to life was positioning herself and the company as an influential voice in the space. By focusing on building relationships, solid branding, and earning credibility, Stephany was able to establish a place for herself in the data and supply chain industry. Posting on LinkedIn and writing about the subject regularly helped her gain a following and become a trusted thought leader over time.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.

Account-based marketing (ABM) is a targeted B2B strategy that focuses sales and marketing resources within a specific market. Terminus, a leading account-based marketing platform, has a goal of moving from an ABM company to a platform of record — but how does a startup evolve as it expands from its home turf all the way to Europe, the Middle East, and Asia? In this episode, Michael sits down with Terminus CEO Tim Kopp to discuss how he leans on his past experiences working for global companies like Coca-Cola and ExactTarget to inform this process. In addition to providing an overview of the work Terminus specializes in, Tim offers his experts tips for startups to apply when accelerating their own growth.Fish with a spear gun instead of a netTim explained that for the team at Terminus, their overall marketing philosophy is focused on targeted campaigns, personalization, and relationship building. He believes in the power of highly targeted, customized messaging that’s tailored to reach a specific audience. Rather than casting a wide net, Tim suggests gaining a firm grasp of your audience from the get go and demonstrating your understanding of their business needs, desires, and goals to build a strong relationship and trust right away.Put people firstOne of Terminus’ number one growth differentiators has been emphasizing the importance of people and culture. Leaning on that angle, Tim attributes putting people first as a competitive advantage in their industry. Over his years as a business leader, he’s learned that what worked in the past won’t necessarily work going forward, so creating a culture of consistent growth, improvement, and execution is key.Learn from the bestOne of Tim’s final tips was to find other people who are succeeding in similar roles and industries to learn their tricks of the trade. Although many of us are working remotely and it can be more difficult to find time to connect, he recommends exchanging notes with some of the best and brightest from within your organization and beyond. Not only will this help to expand your network, but it will also ultimately serve to strengthen your own business acumen.CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking.This episode of The CIBC Innovation Banking Podcast was produced by Quill.