Innovation in technology often conjures images of sprawling metropolises like Silicon Valley—a beacon of transformation where ideas scale into industry-defining movements. But technology thrives where it’s least expected, and I am proud to say Newfoundland and Labrador has earned its place in that conversation.
With a population of just 545,000, we’ve achieved extraordinary feats. In 2020, Verafin—our first AI unicorn—made history with its $3.6 billion CAD acquisition by NASDAQ. Over the past decade, our ecosystem has attracted over $780 million in private investment. By 2023, tech contributed $1.8 billion to our GDP—a 24% increase since 2016. This momentum continued in 2024, as local companies like Colab, Mysa, and Spellbook secured over $80 million in investment. Notably, Newfoundland and Labrador ranked third in Canada for private capital investment in tech per capita, demonstrating our global competitiveness.
What fuels this success? Three factors stand out:
- Entrepreneurial Spirit: Organizations like Genesis and Memorial Centre for Entrepreneurship (MCE) empower founders with practical experience, connections, and exposure to real-world challenges, paving the way for globally minded startups.
- Global Perspective: Our companies are born global, leveraging local ingenuity while strategically bringing in expertise to scale.
- Strategic Generosity: Verafin’s founders championed a culture of sharing their strategic frameworks with other startups, catalyzing sector-wide growth
Beyond the numbers, Newfoundland and Labrador offers unparalleled quality of life. Minutes from our urban hubs lie breathtaking trails, rugged coastlines, and a sense of serenity that fosters creativity and innovation. Our supportive community, bolstered by hubs like Co. Innovation Centre, Bounce Health Innovation, and others, completes the picture—a place where ambition meets opportunity.
As CEO of techNL, I envision even greater milestones ahead: two new unicorns within the next seven years, a robust talent pipeline inspired by youth initiatives, and a thriving ecosystem that continues to punch above its weight.
Margaret Mead once said, “Never underestimate the power of a small, dedicated group of people to change the world; indeed, it is the only thing that ever has.”
In Newfoundland and Labrador, this truth is our reality.
