Plus: a new commitment of $700 million to creative collections.
Welcome to BetaKit Startup Stories of the Week! Here, you’ll find the week’s most important news, features and editorials published on Beta Kit.
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The main news of the week
The newly named Canadian Innovation Corporation will see double the budget to absorb IRAP
The new Canada Innovation Corporation (CIC) will be a private sector-led Crown corporation. The CIC operates independently of government and reports to the Minister for Innovation, Science and Industry.
Shopify posts 26 percent YOY revenue jump, but growth still below pandemic peak.
The Ottawa-based e-commerce giant today released its Q4 and full-year 2022 financial results after the market close, posting total revenue of $1.7 billion in Q4 and topping analysts’ expectations.
Federal Government reveals $700m commitment to innovation cluster is in tatters
The Canadian government last year pledged additional funding for the cluster, announcing an investment of $750 million over six years until 2028.
Real Ventures Partners with Panache, Inovia to Relaunch Founder Fuel Accelerator
FounderFuel is now going international with the help of two other prominent Montreal-headquartered Canadian venture capital (VC) firms across the country: Panache Ventures and Innovia Capital.
Proposed regulations for retail payment practices are open to public comment.
Bank of Canada’s Ron Morrow: “It’s your chance to shape the regime.
Movement51 is launching a new “Investment Readiness” education program for women entrepreneurs across Canada
TD Bank has committed $120,000 CAD to M51 as part of a three-year funding commitment to Founder’s Lab.
Canadian tech can find opportunities in lean times.
According to RBC Capital Markets Managing Director Ali Gilani, M&A will be a big theme by the end of 2023.
Recent funding, acquisitions and layoffs
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Van – BBTV Holdings – $21.6M (read more)
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CAL – Clinify – $2M (read more)
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WAT – Descartes Finds GroundCloud (read more)
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TOR – WFHomie Found by GoCo (read more)
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TOR – Greensky — $17M First Close (read more)
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MTL – Prevu3D – $13.3M (read more)
Powered by: VENTURELAB The Hardware Catalyst Initiative app is now open!
Calling all hardware and semiconductor-based startups!
ventureLAB is excited to announce that the call for applications for our Hardware Catalyst Initiative program is now open.
Canada’s leading hardware hub, the Hardware Catalyst Initiative program enables the creation of transformational technologies that power tomorrow’s products, helping ventures become competitive players in the ever-changing global semiconductor industry.
Selected applicants will have access to state-of-the-art equipment in our $7M+ lab, in addition to tools, resources, expertise and mentorship to get your product off the ground.
Apply today.
Indigo hacking is bad. Will AI Exacerbate Cyber Threats?
“I think the deep falsification technology that is part of this new generative AI tools will have a very detrimental effect on the current state of cyber defense.”
Plurilock CEO Ian Patterson discusses the economics of AI cyber risk and Canada’s response to Bill C-26.
What comes after the focused economy?
“We all want AI to do our jobs for us — the boring parts. What we’re doing here is making computers more human, and unfortunately, they’re getting all the fun stuff. Because these jobs aren’t supposed to be perfect.”
Entrepreneur and author Alistair Croll joins us to discuss what will be in short supply and what will be in abundance in the new economy created by generative AI.
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