Maverix Private Equity

What are the ethical considerations of AI, and how can we address them? Join thought leaders and policymakers at 'Securing Canada’s AI Future' to explore these challenges and shape solutions. Hosted in partnership with Communitech. Hear from our panel on building Canada’s competitive edge in AI: • Dan Herman, CEO, Intellectual Property Ontario (IPON) • Peter Shi, Partner, Maverix Private Equity • Jeremy Shaki, CEO & Co-founder, Lighthouse Labs • Moderated by Claudia Krywiak, President & CEO, Ontario Centre of Innovation Don’t miss out—secure your ticket today! https://lnkd.in/gjtx2i38 #buildthefuture #goodai

Interesting commentary from Jack Mintz on the impact to Canadian tax policy as a result of Trump’s landslide win. A few comments to add of my own: 1. The direction of Canadian tax policy must not be set in a vaccum. It is a comparative and competitive analysis vis a vis the US and the major OECD countries. With the US likely not to impose a significant rise in taxes, including capital gains taxes, it further exposes Canada for the misdirection in our rise in taxation. 2. The world ever since 1989 has become a much more dangerous place. The Bretton Woods Agreement was essentially over then but it took a few decades to execute. We are essentially reverting back to the pre WW period where the world becomes less global and becomes more regional. For those looking for a glimpse of what that world might look like, revert to the Monroe Doctrine https://lnkd.in/gWECxnTu. For Canada, this means our near term future will be tied more closely to the US and the Americas than ever before. 3. What does this all mean? Canadian taxation policy and prosperity will be closely tied to that of the US, particularly in the near term. In speaking with senior US government beaurocrats, I asked them point blank what do you care about Canada. The answer is not what you likely want to hear but you need to understand. The same 3 topics came up: 1. Access to a consistent supply of energy; 2. Access to mineral and natural resources; 3. Coordination of military defense. So, assuming this is accurate, we must understand first what the US wants from us. This is our leverage point to then negotiate what we would like in return. For example, we would like unfettered trade with their huge market without the imposition of new tariff walls, we would like access to their strategic investments in key industries and form part of the US supply chain, and in particular for the digital economy world we are in, we would like the freedom to operate our innovation businesses in the US without unfair barriers. It’s a new world with new rules. This new world started almost 4 decades ago but its game on now. Canada needs to understand the new rules. Otherwise, we will be left out of the game.

When does this insanity stop? Canada is massively indebted. Canada is massively overtaxed. Canada has created a narrative that entrepreneurs can always pay a little more despite the massive financial and personal risks they undertake, with the vast majority of them ultimately failing. And then there is this. Ericsson, a foreign based multinational with over $30BB in revenues, was not only awarded a $634mm project from the Federal Government but was handed $79mm from the Strategic Innovation Fund to financially support the project. It is one thing that our governments do not routinely award procurement contracts to Canadian based companies, but it is a real kick in the teeth when they take our scarce tax revenues and hand it to foreign enterprises to compete against our Canadian enterprises. And for what? A few jobs. How about the jobs created by the Canadian enterprises - how much were they awarded with? We need to stop the handouts. We need to step up procurement for Canadian based enterprises and redirect dollars that are being used to procure services from foreign based companies. Canadian entrepreneurs do not appreciate subsidizing foreign based enterprises to compete against them. https://lnkd.in/gTmnFYBn

#TiETO's #Entrepreneurship #Champion #Award – Celebrating the champions inspiring entrepreneurial excellence!   Celebrating a True Champion! We at TiE Toronto are ecstatic to spotlight John Ruffolo, the distinguished recipient of the TiE TO's Entrepreneurship Champion Award, 2024.   A stalwart in venture capital and investment, John is the visionary Founder and Managing Partner of Maverix Private Equity. At the heart of technology and innovation, Maverix is focused on technology-enabled growth and disruption investment strategies. As a firm run by entrepreneurs, funded by entrepreneurs, and for entrepreneurs, Maverix specializes in propelling and investing in Smart Cities and Smart Enterprises.   John is also the pioneering Founder of OMERS Ventures, a cornerstone in the realm of venture capital. Under his transformative leadership as the CEO of OMERS Ventures, John has steered monumental growth investments in disruptive technology companies across North America, including growth investments in Shopify, Xanadu, Wattpad, Wave, Hootsuite, DESIRE 2 LEARN INC, Hopper, and DuckDuckGo.   Additionally, John serves with distinction as the Co-Founder and Vice Chair of the Council of Canadian Innovators | Conseil canadien des innovateurs. His visionary foresight led to the creation of the CCI with Jim Balsillie, a pivotal non-profit dedicated to helping high-growth Canadian technology firms scale globally.   Before joining OMERS, John held several influential roles at Deloitte, including Partner, Global Thought Leader, Global Tax Leader, and the Canadian Industry Leader for their Technology, Media, and Telecommunications (TMT) practice, while also serving on the Board of Directors. He continues to make a significant impact as a board member in both the profit and non-profit sectors, working with prestigious organizations such as the CIBC FOUNDATION, Rick Hansen Foundation, Toronto International Film Festival, and the Schulich School of Business - York University- Dean's Global Council, among others.   John's profound impact on the tech sector and vision for Canada's economy have earned him widespread acclaim. He was celebrated as Canada's #1 Most Powerful Business Person by Canada Business in 2014 and consistently ranked among Toronto's 50 Most Influential People by Toronto Life Magazine from 2015 to 2017. His accolades include the prestigious Order of Merit of the Italian Republic in 2018, and he became a Fellow with the Chartered Professional Accountants of Ontario in 2020. In 2022, John was bestowed with the Commerce's Lifetime Achievement Award, further solidifying his eminent stature in the business community.    Join us for an inspiring evening at the #Awards #Night to celebrate John Ruffalo. Don't miss an exclusive fireside chat with John, brimming with insights from a leading light in entrepreneurship. 📅 Date: November 27 📍 Venue: RBC WaterPark Place ⏰ Time: 5:30 PM 🎟 Register here: bit.ly/4fezqxF

The Globe and Mail today published (subscription required) a must-read OpED written by Jim Balsillie (cofounder of Council of Canadian Innovators | Conseil canadien des innovateurs). This should serve as the basis for any public policy on how to solve Canada’s productivity crisis. There are far too many nuggets of gold to list but here are key quotes. “We live in a knowledge economy, where value is derived from intangible assets. This economy is epitomized by the global race for intellectual-property (IP) ownership and control of data, transforming global markets into a new landscape, where ideas are owned, data are the new natural resource and algorithms are the new machinery and equipment. Canadian discourse on productivity and our policy making need to reflect that reality. Instead, discourse on the productivity crisis remains stuck in the 1970s, awash with diagnoses and solutions that have no bearing on what moves the productivity dial in the 21st-century economy. If we have any chance of fixing Canada’s productivity challenge, first we must fix how we talk about it.” “Companies that own valuable IP and have requisite data assets scale more easily, pursue or create new markets more quickly and have the capacity to block new entrants completely, including by acquiring early-stage companies on the cheap. Canada’s businesses own dismal amounts of IP, control dismal stocks of data assets and therefore lack the opportunity to invest gainfully.” “But in the contemporary global economy, simply investing in new equipment and machinery is not a source of productivity gains because the same machinery, equipment and capital are also available to low-cost countries. For Canada, deploying this strategy, let alone with government subsidies, is a race to the economic bottom.” ”Lack of competitive intensity” is not the reality for Canada’s entrepreneurs. They already compete globally and face intense competition, not just from direct competitors but also because of strategic behaviour from smart countries that work hand-in-glove with their industries to advance their economic interests.” https://lnkd.in/gHZjZPQw

I spy with my little 👀 our very own John Ruffolo who has been featured in the latest issue of the Lost & Found Italy Magazine! This article dives deep into John's journey—exploring his family history, his roots, and the many obstacles he's overcome along the way. From his early upbringing to his perseverance through life's challenges, John’s story is one of resilience, determination, and unwavering vision. It’s an inspiring look at how he’s achieved success, shaped by both the highs and lows with the unconditional support of his family and friends leading him to where he is today. We're so proud to see his story celebrated in this way! If you would like to purchase this issue, please follow: https://lnkd.in/eYM_udZg

Can't stop, won't stop 💪 We are very excited to share that we are expanding and looking for 2 new members to join our team. We are in search for a Partner, Investments and Associate Partner, Capital/Business Development. Check out our careers page to find out more and submit your application https://lnkd.in/e_YwVP-h

We have now had time to digest the shocking news that TD Bank has pleaded guilty to criminal charges in the US after allowing drug cartels to transfer hundreds of millions of dollars in illicit funds. Not only will TD pay the largest fine in history over AML abuses of US$3BB but will face restrictions in its growth in the US. To all my very good friends who are employees of TD, my heart goes out to you. In 2002, I was a Global Partner of Arthur Andersen when the DOJ in the US indicted the firm over the Enron fiasco. It really stung. Despite the courts overturning the indictment, it was too late and the reputational damage broke up the firm. TD however is a very strong business with a strong balance sheet and will survive. I am a shareholder of TD. But the reputation hit will hurt and TD will be put in the penalty box for a period of time in the short/medium term. I suspect growth in the retail business will suffer (especially in the US) but their clients will remain loyal. Now is the time to deeply understand what went wrong. This article in the Globe in August is a good starting point. https://lnkd.in/gCrNtXaW This brings me to the role of governance. Five years ago, RBC and TD were vying neck and neck for the most valuable bank in Canada - $150BB vs $130BB in RBC’s favour. Today it is $241BB vs $137BB in RBC’s favour. RBC’s performance has been stellar but TD has grown 6% over 5 years. A public company’s board of directors is chosen by shareholders and its primary job is to look out for shareholder’s interests. Management runs the day to day operations but the board has oversight for strategy and risk. Ultimately however the most powerful tool a board has is the ability to hire and fire a CEO. The questions that people are now asking, including the employees of TD Bank, are: 1. Who exactly knew what and when? 2. What processes did the board take to satisfy themselves that the AML processes were actually functioning properly? AML risks have been known for years. 3. Why was there a breakdown in the culture of risk management particularly in the US and why was this not known? Did the board know? 4. If the investigation (and criminal charges to the laundering participants) was discovered a few years back, why did the board not determine that perhaps it would make sense then to make a change in CEO? Was there a proper succession plan in place? 5. Even since the criminal indictment was announced and a new CEO has been announced, why delay the changeover in CEO for 6 months? It must be extremely difficult for the current CEO to operate given that he would be considered a “lame duck” in the organization from a decision making perspective. It is particularly perplexing when you compare this to the recent RBC situation where they decided to terminate with cause a well respected CFO for an alleged affair with a subordinate. Lots of questions. I do not pretend to have the answers. #governance #TD #RBC

At Maverix, we are incredibly thankful for the support of our community, partners, and friends old and new, who inspire us every day. To our friends, family, and loved ones – thank you for your encouragement and belief in what we do. We hope you take a moment to reflect on the blessings in your life and share your gratitude with those who make a difference. As we all begin to sign off for the weekend, we want to wish you a wonderful and warm Thanksgiving filled with joy and togetherness.

Canada's top investors are rooting for immigrant founders - you! Come join us on November 4th to hear some of Canada's leading investors including John Ruffolo from Maverix Private Equity and Candice Faktor of Disco (also an immigrant founder). We will also have a Reverse VC Pitch, a Newcomer Women Founders Showcase, and a meet and greet with investors/founders later in the day! Don't miss it! ✨ Sign up now: https://lnkd.in/eyihs-6D ⭐ #SWBSummit2024 #immigrantsintech #newcomers #networking #eventsintoronto #tech #torontotech #scalewithoutborders