Investing in Impact: How Indigenous Tech is Reshaping Canada's Economy

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1:01This is a paid advertisement. Hi everyone, this is Mahin and welcome to the Indigenous SME Business Podcast, where we celebrate the diverse voices and perspectives that enrich Canada's entrepreneurial landscape. Today we are going to explore the massive, often untapped opportunities within the Indigenous Tech ecosystem and why investing in Indigenous Lead Metures is the strategic advantage for Canada's economic future. Joining us today is Ryan St. Germain of the CEO of the Indigenous Tech Circle. Ryan is a co-founder of the West Co-Found and successfully exited major platforms like BCjobs.ca and jobcast. Today he leads Canada's largest Indigenous Lead Techno work, representing over 950 founders and leaders. And as an executive in residence at Raven Indigenous Capital Partners in Forsyte Canada, he is at the forefront of connecting Indigenous professionals to capital and mentorship. There's lots to uncover, lots to dive into, so without a further ado, let's welcome Ryan. Ryan, it's a pleasure to have you with us today.

2:01Welcome to the podcast. How are you? No great thanks. Thank you so much for having me. Of course, very pleased to have you with us. Now, Ryan, let's open our discussion by understanding the Indigenous Tech Boom. You've built Indigenous Tech Circle into a massive network of nearly a thousand change makers in just a few years. Please tell us why is this a pivotal moment for Indigenous Lead Tech in Canada? Yeah, it's been an interesting journey. I exited some businesses in February of 2020 and started to ask the question where the Indigenous Tech folks at and realized folks would respond there aren't any. I don't believe that. And it led to amazing conversations and connecting with folks and realizing that there is a really amazing group of Indigenous tech professionals across the country, leading companies working in big tech with major organizations. And we realize that sometimes it could be lonely to be Indigenous in tech. And so we created a community so that it's not so lonely anymore.

3:03And through that, I've just realized that is we hear about the statistics and absolutely we need to do better. We need to see more Indigenous participation in technology. We need to see more investment into Indigenous Lead companies. We often miss the great work that's being done. There are incredible Indigenous, there's incredible tech professionals who happens to be Indigenous out there leading companies and doing incredible things. So I think we've created the spark. The community has created the spark and we have an opportunity to have a huge impact. And also the businesses and we don't need more widgets in the world anymore. We need technology to solve real world problems and the values and the knowledge that Indigenous folks is really critical to the success of our planet, to creating solutions to the problems that we have. And so I want to see folks, my friend Jeff Ford always says that when people ask

4:10about Indigenous people, people go, oh, yeah, they're really great at technology. So to get that recognition and also to grow the ecosystem. Right, right. And that is incredible to see how a purpose-driven community can become such a powerful engine for national economic growth. Now let's explore new funding models that are expanding capital access for Indigenous founders. Tell us how are you closing the funding gap for Indigenous Ventures? Yeah, it's been an interesting time. You know, we just finished our first ever Indigenous venture challenge. So I started to ask folks in my community, some of the higher net worth Indigenous folks out there. And so this, you know, there's a big difference between creating your own table and inviting folks in opposed to asking for permission to join others. And so I invited folks to join me and we ended up creating the challenge. And we're able to bring in $80,000.

5:10And it was where I realized there was a lot more folks willing. It was more we ran out of time because we wanted to run the pilot. And so with that, we decided that we wanted to invest in our own companies, to invest in Indigenous Ventures. We had 77 companies apply, shortlisted that down to five amazing companies, and two were selected for funding. And so that's led to a, you know, a lot of, I don't know, users that are starting to come around, and other organizations that are looking to match those funds. And it might not sound like a lot. And we will, you know, increase the amounts. And we will also increase the, you know, the pools. But the term friends family in pools is kind of a ridiculous statement for Indigenous folks. And so if we want to see more companies growing and more companies succeeding, then we need to, we need to start investing earlier, and we need to support the organizations. There were, you know, many, many incredible organizations that signed up with us.

6:11And they just need a little bit of help, a little bit of knowledge, you know, some preparation and designing their deal rooms and that sort of thing. And there's just incredible founders and leadership. So we want to create the, create more great businesses, and then see some of them, you know, getting into venture and other types of capital. Well, it's incredible. And it's, it's good to understand that how do we create new funding pathways? And creating these specific culturally aligned funding routes, they ensure that brilliant ideas, they don't really get lost in traditional banking filters. Now, Ryan, let's look at how Indigenous investors are reshaping business exits. Can you tell us why can settling to an Indigenous group benefit both the founders and the buyers? Yeah, this is something that's really interesting. And I've been diving into this and learning more because there is times when there's an unfair advantage to be an Indigenous led business. You know, there are, if you have an organization that's connected into procurement chains,

7:14if you, you know, are looking for certain types of funding and capital, there can be some really great benefit to, you know, having an Indigenous led organization. And so if you're thinking about selling your business, you know, maybe you, you want to sell your company, you know, sometimes you want a simple exit. Other times you might be looking for a liquidity event and, you know, a strategic partner that's going to help you to get to the next level. And so, you know, anyone that's in like a federal, provincial, municipal, supply chain or procurement chain is, is going to benefit from seeing that business be Indigenous led. And so when you look at, you know, when you look at the success of organizations, you're looking to, you know, access to, to, to talented people, access to capital and access to markets. And so if we think about certain types of industries, certain types of business,

8:14think if we think about geography, if, you know, there's having access to talent and more remote communities and things like that can be a huge benefit where, you know, there is benefit to Indigenous communities with the work that's being done. There is, is a strategic benefit. And then also just being able to capitalize on the procurement opportunities that are there. That is a great overview, Ryan. And it tells us that positioning and Indigenous buy-out as a strategic growth lever, rather than just the transaction is such a brilliant way to ensure a company's long-term legacy. So thank you for alliding that. Well, let's, we're good. On top of that is, well, too, if you think about a lot of, like a lot of times, I've spoken to a lot of business when it comes to acquisition. A lot of it is legacy as well, too. It's like retaining the, you know, the team within the business. But also, like, what do you want to accomplish as well, too? And I think there's some really beautiful things that can be done, knowledge, transfer, capacity, development, and also, you know, creating sustainability with an organization

9:20you've built. Absolutely, you know, it's important that our listeners or watchers, they don't just look for a buyer, but they look for a partner that is, that is someone who can unlock new markets and really carry that legacy forward within a thriving Indigenous ecosystem. Now, let's turn to how major tech gatherings are driving collaboration and investment. Ryan, what is, what impact is your flagship conference having on Indigenous professionals? Yeah, so this first event was really incredible. We sold out the conference and we brought together a lot of really diverse groups, you know, though, but primary is always the folks that are working in technology, the folks working in big tech, the founders of Indigenous Lead companies, the people who are working within those organizations. There's also been, you know, there's a lot of groups that are quite interested in supporting and or working and partnering with Indigenous Lead organizations. And so we're able to bring together a lot of ecosystem folks from, you know, provincial entities and and more

10:23national organizations, funders, you know, ecosystem partners. And so really it starts with having conversations and knowing one another because, you know, the opportunities happen at the speed of trust. So when we start bringing together diverse groups of people that have alignment, sometimes misalignment, so we have to work through those things. And so this was a beautiful starting point. The energy and the feeling in the room was absolutely incredible. It was electric. The feedback and the responses we got from folks was incredible. And so we really built the foundation and what I think we realized that this event is that we've created a movement. There's a lot of really talented and knowledgeable Indigenous folks within the ecosystem that can support future generations and can build bridges and breakdown silos with the broader ecosystem. And that is a great idea, turning in conference and to such a high stake investment platform.

11:27It clearly proves that Indigenous tech is ready for the world stage. Finally, Ryan, let's examine how Web Summit is elevating Indigenous tech globally. What message should the world hear about Canada's Indigenous tech ecosystem? Yeah, you know, I think it's been really exciting to participate within Web Summit over the last few years. You know, we started to host Circle about four years ago. So on day one of Web Summit and on day three of Web Summit this year, we're going to be hosting our Circle again. And we also have some pre-event where we connect with Indigenous founders that are attending to kind of welcome everybody from across the country. That's attending. And so last year, I think there was 200 Indigenous tech folks that were at Web Summit. And what really heartens me seeing that is there's a lot of us that are quite comfortable in all rooms. And so we're quite able to co-shift within different areas. And I'm a technologist. I love technology. I'm four startups and founders and tech innovation. And so quite comfortable in these

12:30rooms. I created an environment where others that might be newer felt like they belonged in the space. And so not only did we host Circle, but we were able to give a wink and a nod to everybody throughout the conference. And so, you know, our companies at the beginning exposure, they've been connecting and being made felt more comfortable in the rooms. And Web Summit just shows the amount of amazing Indigenous tech folks there are. There's again 200 of us that are at the conference. And really highlighting the strength of Indigenous technology. We've got innovators, building ODI platforms, looking at data sovereignty platforms, building out health tech or you name it, you know, working within, within mining and other areas of tech innovation. So it was exciting to see. And we're just getting started. That is very exciting indeed. And establishing such a strong presence, like Global Summit, is it ensures that Indigenous innovation remains a cornerstone of the world's technological future.

13:35We wish you all the best with all the future endeavors, Ryan. Another we wrap up, what is that one final piece of advice for Indigenous founders that is seeking capital? Yeah, absolutely. First, I want to go back to the other thing I wanted to share too on the Web Summit, but just in general with the Indigenous Innovation and Tech is not speaking for different communities and things like that. But First Nation, Metin and you have land in certain areas as well too. And our building out climate tech is being utilized within nations and building out data centers and such. And so I think there's a real incentive for non-Indigenous groups to learn how to do this in a good way to start connecting with folks. And then to swap into the wrap up question there is the one piece of advice I would give for founders seeking capital is just to connect with folks that have been there and done up before. Other Indigenous folks, but also like folks that are in your area because capital is very specific to what you're trying to accomplish.

14:36There is capital out there and it's available. And knowing how and when to take what types of funding is really important. So you know, learn as much as you can get connected early. Definitely, you know, Indigenous venture challenge is going to be running again. So we would love to see our Indigenous anti-Zonkels and cousins working with us and being part of the challenge. So yeah, tech out, investivc.com. Again, investivc.com and we'll be having some update soon on the next challenge. That is such a great reminder to lean into the strength of community. Thank you so much Ryan for joining us and for sharing such great expertise in your insights and such a short amount of time. Really, thank you so much for having me. And listen, as I was Ryan St. Germain from the Indigenous tech circle, a vital look at why the future of tech Canadian tech is inclusive, strategic and Indigenous led. Thank you so much for joining us and appreciate your continued support and extended thanks

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