Newfoundland and Labrador’s tech sector is experiencing significant growth, fueled by collaboration and a unique local environment. Companies in the province, like CoLab Software and Verafin, are paving the way for future tech successes.
CoLab Software: Leading the Charge
Founded in 2017 by Adam Keating and Jeremy Andrews, CoLab Software boasts a workforce of 180 employees, with plans to expand to 300 by year’s end. The founders, both Memorial University alumni, returned from Silicon Valley, believing they could compete globally from their home province.
- Founded: 2017
- Current Employees: 180
- Projected Employees by Year-End: 300
“Building at home offers a competitive advantage,” said CEO Adam Keating. The company was recognized as the 57th fastest growing firm in North America by Deloitte Technology Fast 500. Keating sees potential for Newfoundland and Labrador to lead fundraising efforts in eastern Canada.
The Future of Tech in Newfoundland and Labrador
Optimism abounds regarding the province’s tech sector. Keating anticipates two to four new companies, similar in size to Verafin, emerging within the next five years. This follows Verafin’s notable acquisition by Nasdaq for $2.75 billion in 2020, which sparked interest in future tech ventures from the area.
Collaborative Ecosystem
Chris Moyer, president of Pelorus Venture Capital, emphasizes the importance of collaboration among entrepreneurs, investors, and educational institutions. The Genesis Centre at Memorial University plays a crucial role in nurturing startups.
- Pelorus Venture Capital’s Funding Rounds: Third round underway
- Initial Funding Success: $1.50 returned for every dollar invested
Talent Density Challenges
Despite the growing pool of talent, challenges remain. Brent Pretty, founder of AI startup Verlo, previously worked at Verafin and values the talent available in St. John’s. However, he acknowledges the competition for skilled professionals is fierce, making it harder for smaller startups to recruit.
“With several successful companies vying for the same talent, finding unique candidates can be challenging,” said Pretty.
In conclusion, the collaborative spirit and growing tech environment in Newfoundland and Labrador are promising indicators of continued success in the tech sector. Entrepreneurs see the potential for growth, innovation, and competitiveness on the global stage.
