On October 9th, Scale Up Canada hosted an event at the Energy Transition Centre titled “The Yes Factor: Building a Fundable Startup,” featuring Maninder Dhaliwal, Managing Partner of Startup Studio and Founding Chair of Scale Up Canada. As an award-winning leader in startup acceleration and investment, Dhaliwal shared her expertise on how Canadian startups can become investment-ready and close the “scale-up gap.”
Dhaliwal highlighted a significant issue plaguing Canadian startups–the “scale-up gap.” While Canada excels in developing cutting-edge technologies and filing patents, it struggles to commercialize these innovations on a global scale.
“We invent a lot of great technology. We file a lot of patents, but when it comes to commercialization, we don’t do enough of it,” Dhaliwal explained. She emphasized that this challenge not only limits economic growth but also prevents Canadian innovations from making a global impact in areas like energy consumption and food security.
One key reason for this commercialization challenge, Dhaliwal explained, is Canada’s small population. “We are a small country spread over a large area. So we don’t have enough population size to have a local market,” she said. Because of this, startups in Canada must think globally from the outset, collaborating with international markets to scale their innovations.
“Canada made innovation its deployment around the world. It may start in Canada, but it requires the rest of the world for us to collaborate and cooperate,” Dhaliwal noted, stressing the importance of building networks with global investors, mentors, and industry experts to ensure Canadian innovations reach their full potential.
While commercialization remains a hurdle, Dhaliwal sees enormous promise in Canada’s diverse and highly skilled population. “Canada does not lack people with great ideas,” she said. “We’re importing so much brain power from around the world.” Dhaliwal herself has lived and worked in multiple countries, and she believes this global perspective has shaped her ability to think bigger. “Having lived around the world, having worked around the world…allows you to think bigger and wider, not just narrow.”
Dhaliwal pointed out that Canada’s ability to attract global talent gives it a competitive edge in the innovation space, with many founders bringing unique perspectives from their experiences abroad.
Dhaliwal also identified Canada’s tendency to be risk-averse, which can slow the pace of innovation. “We are too polite. We don’t like to have difficult conversations,” she remarked, pointing out that this risk-averse mindset often prevents entrepreneurs from reaching out to investors or moving forward with bold ideas.
“In this business, you just need to have a conversation even before you’re sure.”
Her advice to founders was clear: embrace uncertainty, reach out to investors early, and don’t wait for guarantees. “If you have something that can scale and make a huge difference, you don’t need to chase investors–they will chase you.”
Canada’s innovation ecosystem is rich with talent and groundbreaking ideas, but overcoming the scale-up gap requires a shift in mindset and a more global approach. Dhaliwal’s presentation at the Energy Transition Centre made it clear: by embracing risk and leveraging international networks, Canadian startups can secure the investment they need to scale and make their mark on the world stage.