CIBC Innovation Banking Podcast – Details, episodes & analysis

Originally released on October 27th 2021, this episode of The CIBC Innovation Banking Podcast is part of our ongoing celebration of meaningful dialogues with our listeners. As we highlight some of our standout episodes featuring trailblazers and icons in the Innovation Economy, we recognize the enduring relevance and value of the insights shared. Join us as we revisit these dynamic discussions and showcase the innovation that continues to define and drive our industry.

Kelly Schmitt successfully guided the CSR platform for charitable donation management, Benevity, throughout her tenure as Chief Financial Officer, and later President. Today, the Canadian company is a billion-dollar organization with more than 650 employees, two million users, and $7 billion in processed donations to 300,000 global charities, and Kelly has transitioned to the role of CEO. In this episode, Kelly shares her story of assuming the coveted C Suite at Benevity, how she overcame self-doubt, and the true meaning of a growth mindset in business.

People and culture trump all

Kelly shared that while working as Benevity’s CFO and President, the company’s founder approached her about taking over the position of CEO. Initially, she balked at the suggestion, assuming that the role of CEO should be reserved for the best salesperson, thought leader or visionary in the room. However, she quickly realized that being a great CEO goes beyond a solid resumé — it’s about aligning well with the company’s people and culture, and embodying the organization’s overall values.

Embrace change

To Kelly, a growth mindset means embracing the idea of constant and never-ending improvement. She believes that to continue being a leader in the market, companies need to constantly be evolving, innovating, and disrupting. This requires a high level of self-reflection but also a willingness to grow, stay humble, and accept feedback. Kelly notes that a growth mindset is really about looking at things through a long-term lens instead of focusing solely on short-term gains.

Diverse teams are more successful

From the outset, Benevity’s founder made it a priority to build a diverse team, not by setting specific targets, but by building a culture of inclusive behaviours and solid values. The company’s team is now 51% women and 30% BIPOC, which Kelly says has directly translated into a higher performing business. Kelly referenced some of the built-in behaviors that help Benevity maintain this inclusive culture, such as a progressive parental leave program and gender pay equity initiatives.

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.

Originally released on November 15 2023, this episode of The CIBC Innovation Banking Podcast is part of our renewed focus on highlighting exceptional conversations within the American Innovation Economy. Join us as we revisit these insightful discussions and shine a light on the ongoing innovation that shapes our industry.

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 B

Marcos 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 points

Marcos 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 software

When 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.

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 up

Now 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 key

Damir 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 work

Overall, 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 equal

During 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 fast

While 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 dots

The 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 up

After 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 follower

For 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 net

Tim 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 first

One 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 best

One 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.

Some like to be a big fish in a small pond, while others enjoy the hustle of being a small fish in a big pond. For the founder of Two Small Fish Ventures, Eva Lau, swimming with the sharks of Silicon Valley was more her speed. Along with her husband Allen Lau, the co-founder and CEO of Wattpad, Eva launched the investment firm to give back and help nurture the startup ecosystem in Canada, and has since raised $12 million for the fund. As part of her role at Two Small Fish Ventures, Eva mentors startup founders to share the lessons she’s learned in her own career and pass the torch to the next generation of business leaders.

Give a little bit

Eva explained that the philosophy behind Two Small Fish Ventures is backed by a strong desire to reinvest in Canada’s startup ecosystem, not only through financial means but by sharing wisdom gleaned from years of experience. Silicon Valley grew into the ecosystem it is today as a result of this ideology of giving back, and Eva suggests it’s time we adopt a similar mindset north of the border. What you give, you tend to get back, and Two Small Fish Ventures lives by this mandate.

Learn from mistakes

In her role as a mentor to other startup founders, Eva believes in sharing all the benefits of her experience—not just the success stories. She notes that during her career, she’s often learned more from her mistakes than her wins, and she considers it part of her duty as a mentor to provide these insights to other aspiring leaders. The key to learning from mistakes, according to Eva, is understanding the thought process behind your decisions so you can make more informed choices moving forward.

Invest in homegrown talent

According to Eva, Canada is equipped with all the talent, support and infrastructure required to see massive success, but the country’s startup ecosystem needs more investment. In order to harness this potential, more people need to invest in early stage startups here at home. Eva says that whenever there's an inflection point in the ecosystem, we will see a new breed of companies that are in the making to help advance the world in a new model, which is why now is the best time to invest.

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.

As Executive Vice President and Chief Security Officer at CIBC, Keith Gordon has been on the receiving end of an untold number of pitches from startups. In this episode, we discuss how to get a foot in the door, the elements that go into a great pitch, and what to do once you’ve secured a meeting with a prospective client. We explore the reasons why an effective pitch can turn a client into an evangelist for your product or service, while a bad pitch could damage your reputation with future prospects. Keith also shares his perspective on the importance of building authentic relationships and advice for startups looking to make a positive impression.

Know your audience

The importance of putting your best foot forward during a pitch meeting and remembering to tailor your presentation to your audience is critical, according to Keith. He recommends being professional, and really thinking through who you’re going to be talking to and what their perspective might be on your idea. Rehearse detailed responses for questions that will likely come up during the meeting in advance, and come prepared to explain the problem you’re solving with your product or service.

Say goodbye to cold calls

Cold calling (and cold emailing, for that matter) is not an effective way to get a foot in the door these days. In fact, Keith mentioned he automatically filters sales emails into a separate folder by flagging any messages that contain the word “unsubscribe.” Instead, Keith recommends forming genuine relationships with people who believe in your product at a peer-to-peer level first before moving up the food chain to the decision makers. Trust is the magic ingredient in terms of forging these kinds of relationships, which is why being honest and upfront about any challenges you may be facing is key.

CIBC Innovation Banking is a trusted financial partner to entrepreneurs and investors. Get in touch with our team at cibc.com/innovationbanking to learn more.

This episode of The CIBC Innovation Banking Podcast was produced by Quill.

Katherine Regnier is the CEO and founder of Coconut Software, a customer engagement platform for financial institutions. She launched the company in 2011 after recognizing the need for improved scheduling software while struggling to book a massage appointment. Since then, Katherine has led the company through venture capital funding, strategic partnerships, and the rapid growth that makes it the envy of its industry. In this episode, we hear Katherine’s inspiring story of launching Coconut a decade ago, and how she found the courage to risk it all from the beginning. We also learn what post-pandemic life looks like for the company, and how they stepped up to be there for their customers throughout the crisis.

Growing up on a farm proved to be the perfect training for startup life

Katherine credits her farm upbringing as part and parcel to her success in the startup world. Growing up on a farm in Saskatchewan, she learned crucial skills and lessons early on like the value of hard work, strength and perseverance, and viewing life as a marathon not a sprint. Outside-the-box thinking, pride in her work and a healthy dose of dedication are some of the other qualities she developed from an early age. Katherine’s background has also contributed to the humility and kindness she’s been able to maintain throughout her journey. She’s quick to point out these qualities shouldn’t be mistaken for weaknesses.

 Sometimes, a great idea is enough to keep you going

Despite having limited background in software development, Katherine was committed to her vision for Coconut Software from the beginning. She had identified a pain point while struggling to book a massage appointment, knowing intuitively there had to be a way to improve and streamline the process. Katherine spent three years looking for the right partnership to execute on her idea, all the while holding strong to her vision and never compromising on her boundaries. By remaining patient and steadfast throughout the process, Katherine was finally able to bring her idea to life, despite the odds being stacked against her. 

A strong focus on people, passion, and performance will go far

Coconut Software is laser focused on people, passion, and performance — in that order. Early on, the company landed Jackson Hewitt and Capital One as clients that helped to build their credibility as an organization. Katherine says that as a rule, Coconut treats its customers like trusted partners.. She makes a point of asking customers questions about their work and family lives to help the team at Coconut gain a better understanding of the challenges they’re working through on a personal and professional level.

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.

Michelle McBane is the Managing Director at Standup Ventures, a seed-stage fund investing in women led Canadian technology startups. On this episode, we discuss where Canadian VC dollars went in 2020, how COVID-19 affected the industry, and how VC funds like StandUp Ventures are leading the way by investing in the next generation of women entrepreneurs.

Solving the gender gap in technology

Although there is immense wealth being generated in the venture backed company sector, recent studies have shown that only 10% of cap table holdings are by women. According to Michelle, diverse teams consistently outperform homogenous teams, and if you have a diverse pool of talent around the table, you're going to attract a variety of different deals that you otherwise may not have.

When it comes to women-led ventures, having good role models and promoting mentorship are key to success

According to Michelle, funders are used to investing in companies where they see themselves, and can relate to the story. Building a company is rife with challenges, some of them specific to female founders, and the value of a prior experience can't be discounted. As Michelle explains, there are a lot more women stepping up to fill the role of mentor within the industry.

In venture capitalism, you are always learning

Whether you’re a serial founder, a funder, or just stepping into the field, according to Michelle, you will learn every day. No day is the same, no deal is the same, and you will get to learn about the makeup and functionality of exciting new businesses every day. It’s a field that promotes constant growth, education, taking risks and embracing the unpredictable.

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.