Governance for Growth: Why Canada’s Boards Must Embrace Innovation

By Gabriella Boulos
CCI Director of Programming and Events

In today’s economy, value is no longer found in what you can touch. Intangible assets—intellectual property, data, human capital—have redefined the competitive landscape. For Canada’s technology companies, this shift offers unprecedented opportunities but also exposes them to new and complex risks. The question isn’t just how to grow, but how to grow smart. And at the heart of that question lies governance.

Governance in the intangible economy isn’t about putting on the brakes; it’s about clearing the path. It’s about enabling innovation, ensuring that the companies driving Canada’s future prosperity have the tools and oversight to thrive in a high-stakes, fast-moving world.

For years, I’ve had the privilege of leading the Council of Canadian Innovators’ Innovation Governance Program (iGP), a board-level initiative designed to tackle these challenges head-on. As we celebrate the milestone of our 10th cohort, it’s clear: equipping board directors with the knowledge to navigate this new economy is no longer optional—it’s essential.

Canadian tech firms operate in a fiercely competitive global environment, often going toe-to-toe with giants. Yet they do so with fewer resources and under policy frameworks that can feel more like quicksand than solid ground. Here, governance becomes a differentiator.

Boards that understand the intangible economy can:

• Mitigate existential risks like IP theft and cyberattacks, which can wipe out years of progress in an instant.

• Foster sustainable growth by aligning innovation strategies with market opportunities and regulatory realities.

• Future-proof their organizations by embedding resilience and adaptability at every level.

The task is daunting, but it’s also an opportunity for Canada’s boards to lead with vision and courage. Innovation governance is not a back-office function; it’s a strategic imperative.

Through iGP, we’ve worked with more than 1,000 leaders to build the frameworks their companies need to excel. Here are five core lessons from our Level 1 module:

1. Fit for Purpose Boards

Boards must evolve with their companies. In the early stages, governance may focus on founder support and basic risk management. But as companies scale, directors need deeper expertise in areas like IP and data governance. Success demands intentional planning, from composition to succession.

2. Data Governance: From Compliance to Strategy

In a world where data breaches make headlines daily, boards must be proactive. But compliance is just the baseline. Truly innovative boards leverage data as a strategic asset, balancing privacy with the potential for market-leading insights.

3. IP Strategy: Offensive and Defensive

Too often, IP strategy is reactive. Companies file patents or trademarks when they think they must. But the best boards treat IP like a chess game, constantly looking for opportunities and threats. They ensure their organizations don’t just protect IP but wield it as a competitive weapon.

4. Cybersecurity: Preparing for When, Not If

No company is immune to cyberattacks. Boards must ensure their organizations are not just defensively postured but operationally ready. That means not only having a robust cyber insurance policy but also developing internal capabilities to respond quickly and effectively.

5. The Power of Partnership

Governance is a team sport. The relationship between the CEO and the board, particularly the Chair, is the linchpin. Boards that act as enablers—rather than risk-averse overseers—create the conditions for innovation to flourish.

Innovation governance is more than a buzzword; it’s the foundation for long-term success in a world where yesterday’s playbook no longer applies. Programs like iGP provide the tools and community for board members to lead with confidence, ensuring Canadian firms are not just participants in the global innovation economy, but leaders.

As we gear up for our next cohort in Winter 2025, I’m reminded of the dynamism and drive I’ve seen in every cohort so far. The future of Canada’s economy hinges on its innovators—and the boards who guide them. Let’s make sure we’re ready.

Applications for iGP’s 11th cohort close on January 6, 2025 at www.innovationgovernance.ca

Gabriella Boulos is Director of Programming and Events at the Council of Canadian Innovators, and is responsible for the Innovation Governance Program (iGP) and other education and capacity building initiatives at CCI. Ahead of the Winter 2025 iGP session, she is hosting information sessions online. Register here.

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About the Council of Canadian Innovators

The Council of Canadian Innovators is a national member-based organization reshaping how governments across Canada think about innovation policy, and supporting homegrown scale-ups to drive prosperity. Established in 2015, CCI represents and works with over 150 of Canada’s fastest-growing technology companies. Our members are the CEOs, founders, and top senior executives behind some of Canada’s most successful ‘scale-up’ companies. All our members are job and wealth creators, investors, philanthropists, and experts in their fields of health tech, cleantech, fintech, cybersecurity, AI and digital transformation. Companies in our portfolio are market leaders in their verticals, commercialize their technologies in over 190 countries, and generate between $10M-$750M in annual recurring revenue. We advocate on their behalf for government strategies that increase their access to skilled talent, strategic capital, and new customers, as well as expanded freedom to operate for their global pursuits of scale.