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Ray Newal
Global Early Stage Investor, Ecosystem Builder, Advisor on International Expansion, Corporate Strategy & Partnerships
Ray Newal is a seasoned growth and operations leader with over 20 years of experience, known for his success in identifying, shaping, and executing technology-led businesses globally. Ray is an advocate of 'paying it forward' and dedicates his time to mentoring founders, exploring emerging technologies, building ecosystems, and investing in early-stage ventures. He holds a Bachelor of Arts in Economics from York University and has a strong educational background from Albert Campbell Collegiate Institute.
Highlights
Sometimes in real, scruffy, un-narrated, and un-filtered life, you're given the opportunity to bear witness to great things coming together behind the scenes, for great people... And all seems right with the world.
I cherish these moments.
The future of Canada's innovation economy is at risk.
With this recent budget, risk capital at the earliest stages will become harder to find. Founders will struggle to get off the ground, and those that do, will be motivated to exit earlier. The result: Instead of aligning stakeholders to foster enduring, market-leading businesses, we have locked ourselves into the business of making shark food.
For the last 20 years, I’ve participated in the global innovation economy in some shape or form. For much of that time, I’ve believed that the innovation factory, fuelled by angel and venture capital, could disintegrate borders and allow great, enduring companies to be built anywhere.
This dream only works if risk capital is universally abundant and available. Countries that have applied tax incentives to motivate the deployment of risk capital have thriving, productive economies, fertile with innovation, and ecosystems established around businesses that endure. Examples include the US with its QSBS exemption, Israel and its Startup Nation program, the UK’s EIS and SEIS programs, and Australia’s ESVCLP program, to name a few.
Not only is this not happening in Canada, but because of our adjacency to a more risk-tolerant market, the brain drain is increasing. Our best companies are being acquired. And those that struggle to survive are having a tough time attracting the resources they need to scale into enduring, globally relevant companies. It’s harder to build a company in Canada, and instead of weathering tough times, founders who want to continue living here will simply sell earlier to larger (mainly US) companies. And for immigrant founders, those folks who frequently show up as the co-founders of some of our most valuable companies, leaving will become a much more pragmatic decision.
