Commentators have long criticized Canada’s inability to scale high-tech companies to world-class size.
Although Canada has created an ecosystem that produces many startups, few of these companies grow to become Unicorns.
In a study by the University of Toronto’s Impact Centre, it was found that Canadian startups are significantly more likely to replace founder CEOs with professional CEOs—and that may be hindering our ability to produce billion-dollar companies.
Quoth the report:
Our conclusion is that Canadian founders have the right backgrounds to grow successful world-class companies and that our reluctance to scale to that level may be attributed partially to our tendency to replace talented Founder CEOs with Professional CEOs.