��ݮ��Ƶ News - Economic Futures

Made by ��ݮ��Ƶ: Alchemy transforms nanotechnology for defense solutions

Angelica Sanchez — Fri, 16 May 2025 12:00:00 +0000

Velocity startup collaborates with the Canadian Armed Forces to develop next-generation thermal camouflage textiles using advanced nanocomposite coatings

The “Made by ��ݮ��Ƶ:” series showcases innovative startups founded by University of ��ݮ��Ƶ alumni and researchers that are driving Canada’s economy forward. These companies, nurtured within the region’s vibrant tech ecosystem, are making significant local and global impacts. Through this series, we highlight how ��ݮ��Ƶ and these home-grown businesses are fostering prosperity by attracting, developing and retaining the talent essential for fueling Canada’s economic growth.

Nestled in the heart of ��ݮ��Ƶ region’s innovation district, Alchemy exemplifies how a startup can expand into a global successful business with the support of local talent. What began as a fourth-year capstone project for a group of Faculty of Engineering students — designed as a spray for preventing frost formation on windshields — evolved into a camouflage coating used by the Canadian Armed Forces.

“We focus on the practical applications of nanotechnology,” says Khanjan Desai (BASc ’13), co-founder and CEO of Alchemy. “With a full product line right now in the market, we are in the process of doing something no one else has done before: delivering high-quality, easy to install windshield protection films in the same package.”

Alchemy’s Exoshield windshield protection film being installed at the Guelph Detailing Company. Photo credit: Alchemy

Alchemy’s automotive solution for car owners, powered by their “Endurance Class” nanoceramic coating, offers windshield protection films that prevent stone chips and scratches. While working with nanoparticles for their ExoShield line, the team discovered that their products could interact with thermal infrared radiation, a technology used for thermal camouflage in military applications. This discovery opened a window for Alchemy into the defence industry.

A growing partnership with the Canadian Armed Forces

In 2019, the Canadian Department of Research and Development Canada (DRDC) sought technologies for thermal infrared signature management through its IDEaS program. Alchemy’s defense solution, powered by their “Crypsis Class” nanocomposite coating, was designed to conceal uniforms to avoid detection in various operational environments. The company was awarded a $1 million contract to further advance the technology, specifically for textile integration.

Scientists integrating Alchemy’s nanocomposite coating into combat cloth and camouflage netting for field trials. Photo credit: Alchemy

“Something we have seen in the last three years of the Ukraine war is that the battlefield has been rendered transparent by thermal cameras, which are very cheap and easy to buy,” Desai says. “Put a thermal camera on a drone, and now you have a level one unmanned aircraft system in the sky. Every soldier, vehicle and military encampment becomes visible in the thermal spectrum, rendering existing camouflage ineffective.”

Alchemy developed a multi-spectral camouflage platform using specialized nanoparticles that can be integrated into textiles to camouflage soldier’s heat signatures in the mid-wave and long-wave infrared spectrums. The team plans to explore converting the technology into an aerosolized version for broader application to military equipment and uniforms.

“We have been supported very deeply by the Canadian Armed Forces, specifically through DRDC,” Desai says. “Alchemy underwent various rounds of testing and received feedback from Canada’s foremost authority on signature management, Jean Dumas. We scored 95 out of 100 on our solution during the field trial and were recommended to submit a proposal for a follow-on contract to take the technology to full commercial readiness.”

Thermal image comparison of two prototypes

Thermal image comparison of two individuals during a daytime field trial, with Alchemy’s prototype on the right effectively masking the wearer’s heat signature.

Alchemy’s prototype as seen in daylight

Evening field trial with Alchemy's prototype

Evening field trial showing Alchemy’s prototype, with only the wearer’s exposed skin emits a visible heat signature.

Left: Thermal image comparison of two individuals during a daytime field trial, with Alchemy’s prototype on the right effectively masking the wearer’s heat signature. Centre: Alchemy’s prototype as seen in daylight. Right: Evening field trial showing Alchemy’s prototype, with only the wearer’s exposed skin emits a visible heat signature. Photo credit: Alchemy

Delivering global solutions while keeping its roots in ��ݮ��Ƶ region

Alchemy received $1.8 million from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), to develop the next generation of its windshield protection films, making the company’s products more accessible.

“Canada does a phenomenal job of supporting innovation,” Desai says. “The support we receive from Velocity, universities, regional innovation centres and funding programs allow businesses to be more capital efficient in research and development. Government grants and contributions, like those from FedDev Ontario, are significant reasons why Alchemy continues to grow locally.”

Currently, Alchemy has 500 active installers across 57 countries selling the ExoShield films. While the ingredients for the windshield film coatings are produced in Canada, a portion of the manufacturing process has to take place in the United States due to need for specialized equipment that doesn’t exist in Canada. Desai anticipates that the federal funding will help facilitate expansion of Alchemy’s manufacturing capabilities in Ontario, growing their team and enhancing their sales and marketing efforts.

Watch video on YouTube

Desai credits Alchemy’s early success to the invaluable support and resources from ��ݮ��Ƶ and the startup incubator Velocity. Despite initial funding challenges, the ��ݮ��Ƶ Institute of Nanotechnology and Velocity provided workspace and infrastructure that enabled Alchemy to grow independently. Desai tries to give back by hiring co-op students and graduates for full-time roles when applicable.

“Having the Nanotechnology Engineering and Chemical Engineering programs at ��ݮ��Ƶ served as great talent pools to recruit from, which is why we ended up coming back to the region for the environment,” Desai says.

As Alchemy grew, staying in ��ݮ��Ƶ became essential due to its supportive environment, lab facilities and technical talent. The team plans to expand to a larger facility in downtown Kitchener to retain their manufacturing and warehouse capabilities in-house, as well as expanding the defense organization of their business over the next few years.

Feature image: ExoShield being installed on a vehicle. (Photo credit: Alchemy)

Technological Futures

Adaptis helps building owners and operators meet their profitability and sustainability goals

Sam Charles — Fri, 09 May 2025 15:14:23 +0000

The real estate decision-making tool raises $4 million USD in seed funding to accelerate innovation in housing and property development

Artificial intelligence (AI) and deep tech are revolutionizing how building developers and owners design, build and maintain their properties thanks to Adaptis, a Velocity startup. The decision-making platform supports optimizing cost-benefit and carbon usage from concept to completion by integrating financial, sustainability and operational data.

In its latest seed funding round, Adaptis has secured $4 million USD ($5.5 million CDN) from Building Ventures, including MetaProp, 2048 Ventures, Powerhouse Ventures and Blue Vision Capital.

“Through each seed investment stage, Adaptis has been able to build upon our momentum through upgrading our platform and scaling across different geographies,” says Sheida Shahi (PhD ‘21), CEO of Adaptis. “We’re continuing to build out our product and sales teams to best position us for our next phase of growth.”

The platform spearheaded by Shahi and co-founder Aida Mollaei (PhD ‘24) empowers owners, architects and engineers to lower building costs, generate more design options, reduce project timelines and optimize on-going operational costs.

Originally envisioned to support one building at a time, customers encouraged Adaptis to offer the same support for multiple buildings.

“It has been an exciting journey so far, and what we’ve discovered along the way is that our original concept still resonates,” Shahi says. “Customers still want what we first brought to market, so now we are looking at ways to make it even better.”

Adaptis could play an important role in addressing the ongoing housing crisis facing communities across Canada and the United States. By integrating hundreds of compliance parameters into a single AI-driven platform, including those related to building permits and assessments, the platform can shorten timelines to weeks from months and help developers break ground faster.

Shahi and Mollaei originally developed Adaptis as graduate students at the University of ��ݮ��Ƶ. They intended to build a platform that automated the circularity of buildings during their whole lifecycle. To turn their sustainable technology into a viable business, they needed to make it economically beneficial for the client.

“Linking profitability and sustainability is not just a strategic advantage in the construction and real estate development sector — it’s becoming a requirement for long-term success,” Shahi says. “Especially amid rising regulatory pressure, consumer demand for greener buildings and escalating construction costs, our platform provides decision-makers with vital real-time information they need right at their fingertips.”

As a data-driven platform, Adaptis provides in-depth actionable, retrofit and decarbonization strategies that seamlessly integrate into capital planning workflows.

Adaptis has seen their revenue double since 2023, expanding into eight regions including British Columbia, Washington State and New York. The platform has more than 350 buildings in active operation, with another 400 more set to onboard next quarter.

Just as impressively, the platform has diverted more than 6,000 tons of waste and avoided 108,000 Co2 emissions while saving building owners an average of 20 per cent in capital expenditures.

With Ontario targeting to build 1.5 million homes by 2031, and many other jurisdictions across North America with similar targets, tools like Adaptis have the potential to streamline building processes and support expediting homebuilding to meet those demands.

“When we look to the future, we are excited about the work ahead in coordinating the science, technology and scalable infrastructure required to continue supporting our customers to succeed.”

Technological Futures

Connecting ��ݮ��Ƶ’s best students with Canada’s best companies

Sam Charles — Thu, 08 May 2025 01:09:34 +0000

True North Fund partners with ��ݮ��Ƶ to develop a Canadian talent pipeline to help strengthen the country’s top 100 tech firms

Chris Albinson, co-founder and managing partner of Canadian venture capital fund True North Fund and co-founder of C100, says Canada is at a critical juncture in its continuing evolution as a global innovator. He says the country and its tech leaders need to work harder to retain the best and the brightest.

“We really need to build the narrative of 'Canada or bust!' The time for 'Cali or bust' that we hear from students has come to a close,” says ��ݮ��Ƶ-based Albinson. “For the first time we have a critical mass of global leaders based in Canada. We need to connect them to our best students. Considering the geopolitical environment we’re in, now is the time.”

Prompted by conversations at last spring’s convocation with University President and Vice-Chancellor Vivek Goel and Faculty of Engineering Dean Mary Wells, Albinson says they started exploring more ways to connect ��ݮ��Ƶ’s best students with Canada’s top private companies. That work has culminated in a partnership between True North and the University.

“As much as we’re proud to see our students thriving around the world, we also have a responsibility to show them they can build ambitious, meaningful careers right here in Canada,” Wells says. “Partnerships like this one with True North connect our students to top-tier co-op opportunities and help them see the possibilities that exist at home. I want them to see themselves not just working in Canada but also helping to build it for the future.”

Team True North is modelled after Canada’s “Own the Podium” Olympic strategy which focuses on providing resources to athletes with the highest potential for success. By merging True North’s roster of tech companies with ��ݮ��Ƶ’s co-op network, it creates a pipeline for growth and innovation in Canada.

Using an objective global standard data, True North identifies the top performing tech companies in Canada. The True North branding will provide students with the knowledge and confidence that they will have a meaningful and fulfilling co-op or full time experience at a global leader, right here in Canada.

At the bottom of each job description for these companies, it will read: “This company is part of Team True North, a comprehensive group of Canadian tech firms with performance and growth rates that match the top 1 per cent of companies worldwide.”

Some students might be surprised to learn that companies such as Arctic Wolf, Clearpath Robotics, 1Password, eSentire, Miovision Technologies and Faire are not only based in Canada but local to the ��ݮ��Ƶ region.

From the beginning, the world’s top high-tech companies have come to the University of ��ݮ��Ƶ to recruit its students. They are frequently drawn to ��ݮ��Ƶ by its track-record of developing leaders and innovators across sectors. For students, especially those seeking co-op experience, they are keen to join these large companies for the prestige and bragging rights.

The University has more than 8,000 employer partners across more than 70 countries including major tech companies such as Microsoft and Google. Despite data that shows every dollar invested by a business in a ��ݮ��Ƶ co-op student creates a greater economic gain, small and medium-sized companies may worry there might not be a critical mass of co-op applicants to draw talent from.

“We’ve heard that all high performing Canadian firms know about ��ݮ��Ƶ, but aren’t sure there are opportunities for them to recruit the University’s top students when competing against the world’s biggest companies,” Albinson says. “The same is true on the other side of the equation, that many students simply don’t realize the global leading opportunities right here in Canada, and we want to change that.”

Of Canada’s top 100 highest performing private companies, two-third are already working with ��ݮ��Ƶ co-op students. Albinson wants to close the gap with the remaining third of companies who he believes are missing an opportunity. “If we want these companies to compete globally, we need to connect them to ��ݮ��Ƶ’s talent pipeline, and vice versa, we need ��ݮ��Ƶ’s students to know and seek out these global Canadian companies.”

Companies like Faire, an online wholesale marketplace for retailers and brands, are already benefiting from its relationship with the University. With offices in San Francisco, Salt Lake City and ��ݮ��Ƶ, it employs more than 200 staff, many with University of ��ݮ��Ƶ connections.

“Our region is fortunate to be the epicentre of innovation in Canada,” Albinson says. “Our new partnership with the University of ��ݮ��Ƶ will help connect Canada’s best students with Canada’s best companies.”

Co-op and Experiential Education

Entrepreneurship

Global Futures

Economic Futures

Technological Futures

Velocity Up Start powers the next generation of business leaders

Sam Charles — Mon, 28 Apr 2025 10:00:00 +0000

Combining its expertise in research with a leading entrepreneurial ecosystem, ��ݮ��Ƶ is leading Canada’s innovation economy

When an idea takes flight, it can soar — especially when it is supercharged. The University of ��ݮ��Ƶ has long been known as one of Canada’s most innovative universities and ranks number one amongst Canadian universities for producing the most successful entrepreneurs with undergraduate degrees. In large part that stems from its exceptional students and researchers that actively uncover solutions to challenges facing humanity and the planet. Their startup aspirations are supported by a comprehensive entrepreneurial ecosystem and one of the most progressive IP policies in the country.

Unlike many Canadian universities, ��ݮ��Ƶ’s IP policy provides complete ownership to its inventors. That support doesn’t stop there. When an idea takes hold at ��ݮ��Ƶ, tools and resources are readily at hand to navigate the entrepreneurial process. Supports like Velocity’s Up Start program are designed to propel startups into impactful commercial ventures.

“��ݮ��Ƶ is a great place for anyone who has even an inkling for entrepreneurship,” says Seun Adejunti (MBET ’24), the founder of MedInclude and a 2024 Up Start recipient. “��ݮ��Ƶ, Velocity and the larger ecosystem elevates that thinking and the kind of supports and calibre of people you interact and work alongside.”

Since 2008 Velocity has helped the founders of more than 400 startups grow to a collective enterprise value of $35 billion, create thousands of jobs, and impact lives around the world.

A great idea needs to be nurtured

Startups flourish in an environment that champions collaboration and mentorship. Up Start is a program jointly managed between Velocity and ��ݮ��Ƶ’s Commercialization Office (WatCO), created to support ��ݮ��Ƶ student researchers, founders and recent alumni in turning their technology into a product and emerging startup.

Startups like MedInclude, a platform that simplifies communication between practitioners and patients. “The financial support from Up Start was helpful for adding talent, but it was the mentorship that made the biggest difference,” Adetunji explains. “It was like having executive talent on your team without paying executive fees.”

Those mentors supported Adetunji in developing a pricing strategy and projections to take her platform to market.

Velocity and the ��ݮ��Ƶ entrepreneurship ecosystem works with founders, like Adetunji, to build extraordinary companies that scale and last. It thrives through breaking down barriers, fostering mentorship, developing networks and building a strong community that help entrepreneurs navigate the process of commercialization. Velocity startups turned international businesses such as Vena Medical and Vidyard have maintained their operations locally and have successfully expanded their business across Canada and globally.

“At WatCO, our focus is on helping researchers protect their intellectual property and determine the best path forward — whether that’s licensing to an existing company or launching a new startup,” says Scott Inwood, director of commercialization at WatCO.

MedInclude is currently being piloted at Grand River Hospital (now part of the ��ݮ��Ƶ Regional Health Network) within its Renal Program. The collaboration is another important step for the platform as it continues to commercialize.

According to Adetunji, every step of the process has educated the next. “There are so many great learnings that we are taking from each phase, and it is broadening our understanding and perspectives as we continue the process.”

For hundreds of startup founders at ��ݮ��Ƶ, Up Start is the wind that supercharges their ideas into successful commercial ventures. Companies like GreaseTech have recently entered the market while other like Pragmatica, Quip Medical, Strivonix (LimberLabs), PatientCompanion, Voltra Energy, and Doro continue to find success in the market.

“Through the ��ݮ��Ƶ Ventures partnership, we’re able to connect research teams with Velocity’s renowned support for founders to accelerate their path to the market,” Inwood says.

Up Start recipients, like Adetunji, say the support they receive extends beyond the period of the award, and continues to positively impact their success months and years down the road.

Meet the 2024 recipients of Up Start funding

ArcticEdge Technologies - Next-generation moisture barrier protection for firefighters

ARC Insights - Sophisticated data collection and analysis framework supporting numerous sectors across industry and medicine

TensorOne Inc. - Autonomous drone technology that utilizes acoustic sensors for increased accuracy and effectiveness

Evolv Biotech - Wastewater purification system designed for heavy industrial tailings ponds

NewGen Health - Medical technology tool supporting health-care practitioners to stay up –to date with the latest medication guidelines

Sanad Labs - Patient-first logistics tool supporting health-care facilities to automate mobility assistance for post-operative patients

Mobilitek - Power-assist and autonomous solution for health-care mobility equipment

Doro - Mental health tool that provides accessible, immediate and tailored support

Innowind - Vortex generator that augments turbine performance under extreme loads

Quatomed - Pharmaceutical and biotech assistive solution, provides data-driven feedback to complex research environments

Hormone Harmony - Real-time hormone monitoring and personalized guidance solution empowering users to manage their symptoms

AgrUS - Ultrasound technology that analyzes the grade quality of agricultural livestock before processing

Technological Futures

Driving economic growth in creative industries

Angelica Sanchez — Wed, 16 Apr 2025 14:12:36 +0000

University of ��ݮ��Ƶ and Progressive Generation Holding partner to deliver world-class media production and boost creative economy

WatSPEED, the University of ��ݮ��Ƶ’s professional, and executive and corporate education arm, announced a multi-year partnership agreement with Progressive Generation (PG) Holding represented by PG Studios at the Education Global Exhibition (EDGEx) assembly in Riyadh, Saudi Arabia. The partnership will offer co-branded animation certificate programs designed to equip students in Jordan and Saudi Arabia with the skills and knowledge to excel in competitive global markets.

��ݮ��Ƶ's role in this collaboration includes advising on the structure, content, learning outcomes, assessments of the programs and certification, with significant involvement from the Faculty of Arts, Renison University College and WatSPEED. Students will receive co-branded certificates in media production, specifically animation (both 2D and 3D), filmmaking, documentaries and advertising, and participate in an intensive summer design experience hosted at ��ݮ��Ƶ.

The announcement at EDGEx offered education leaders, innovators and policymakers exclusive insights into how this collaboration will revolutionize media production education and accelerate economic development in the Middle Eastern and North Africa (MENA) region.

"The future belongs to those who build it—and today, PG and ��ݮ��Ƶ are laying the foundation. This landmark partnership reflects PG Academy’s unwavering commitment to equipping the next generation of leaders with cutting-edge, skills-driven education that bridges global expertise with local innovation,” says Ahmad Almasri, CEO of PG Holding.

“We are proud to collaborate with a visionary institution like ��ݮ��Ƶ to support Saudi Arabia’s Vision 2030. Together, we aim to foster a vibrant ecosystem for entrepreneurship and the creative economy, creating transformative opportunities for learners and industries alike. There’s no better platform to unveil this milestone than EDGEx — a powerful testament to our shared dedication to reshaping the future of work and education."

PG Studios, specializing in 2D and 3D animation, music production, audio engineering and video production, is at the forefront of this collaboration. The partnership with ��ݮ��Ƶ will see the establishment of PG Academy — an extension of PG’s School of Animation Arts — designed to create more than 50,000 job opportunities for Jordanian and Saudi youth in fields including animation production, video game development, content creation and more.

��ݮ��Ƶ excels in providing experiential education and fostering entrepreneurship through the University's for-credit programs, WatSPEED's upskilling programs and the startup incubator Velocity. These initiatives ensure that student and researcher innovations yield significant societal and economic benefits. PG Holding’s focus on investing in creative content and intellectual properties complements with ��ݮ��Ƶ’s dedication to IP mobilization and commercialization. Together, they share a vision of leveraging intellectual property to inspire innovation and drive economic growth.

“This partnership reflects ��ݮ��Ƶ’s commitment to preparing learners for the future of work through globally recognized, skills-based education that’s rooted in real-world impact," says Sanjeev Gill, associate vice-president of Innovation at ��ݮ��Ƶ. "We are proud to work alongside forward-thinking partners like PG Academy in Saudi Arabia to support the Kingdom’s Vision 2030. This cross-border collaboration will strengthen the creative economy and entrepreneurship across the region, and so we’re delighted to be able to announce this partnership for the first time at EDGEx in Riyadh.”

Dr. Monica Leoni, professor and chair of Spanish and Latin American Studies and chair of Fine Arts, and Dr. Gerald Vorhees, professor and chair of Communication Arts, are dedicated to bridging the connection between ��ݮ��Ƶ and PG Holding by facilitating curriculum development aligned with ��ݮ��Ƶ’s Alternative Credits Approval Committee.

Animation has the ability to transcend cultural barriers and evoke empathy, offering a unique opportunity for students to create animations at PG Academy that present more authentic storytelling and views of the MENA region. ��ݮ��Ƶ and PG Holding also strive to challenge misinformation and reshape perceptions of the Middle East. Their co-branded certificate programs in media production will encourage students to create content that resonates with local audiences and reflect their realities. The international partnership aims to enhance global viewers’ understanding and appreciation of the Middle East’s rich cultural heritage, diverse traditions and daily life.

��ݮ��Ƶ’s Faculty of Arts programming in game studies, digital and studio arts has long been recognized for excellence in nurturing creative talent. ��ݮ��Ƶ has produced graduates like Chris Williams (BA ’90) who have continued to pursue their passions in animation, having a career as an intern at Disney working on numerous projects and as co-director of Big Hero 6, which received an Oscar award for best animated feature in 2015.

The collaboration between PG Holding and ��ݮ��Ƶ marks a significant milestone in animation education in the MENA region. With state-of-the-art facilities, local faculty in Saudi Arabia trained by Leoni and Vorhees, and a curriculum designed to meet international standards, PG Academy is set to become a beacon of excellence in animation education in the Arab world.

Campus

Arts

Co-op and Experiential Education

A bold prediction on tariffs

Charlotte Danby — Fri, 11 Apr 2025 18:12:58 +0000

��ݮ��Ƶ professor says Canada may yet thrive in Donald Trump’s world trade war

U.S. President Donald Trump has launched an unprecedented tariff war against more than 180 countries – what I call “World War Trade” (WWT). I argue that from a competitive dynamics perspective, it’s a strategy that has some merit – for Canada.

Competitive dynamics is a rich field of research that examines how firms engage in competitive actions, and how those actions shape rivals’ responses and overall performance. It provides a robust, evidence-based lens with significant explanatory and predictive power for understanding competitive interactions.

The research shows that firms that initiate aggressive moves often secure a decisive advantage, particularly when competitors hesitate or fail to respond promptly. For instance, airlines launching price wars typically outperform those that remain passive. Another key insight is that the likelihood of competitors retaliating depends heavily on critical factors, such as the relative power between the aggressor and the targeted firms, the extent of multilateral competition among targeted rivals and the degree of familiarity between the aggressor and its targets.

Applying competitive dynamics logic to global trade, it allows some bold predictions to be made about the trajectory of WWT: Mr. Trump’s tactics will work, to an extent, as most countries will likely not retaliate. But China’s determined retaliation might cleverly turn threats into strategic advantages, undermining the intended impact of WWT. And as the U.S. and China deepen their rivalry, significant opportunities are emerging for Canada to claim its economic sovereignty.

The global reorder

The U.S. is imposing different tariffs on different countries, creating an uneven playing field – and uneven advantages – for some over others. Consider an analogy from the airline industry: instead of lowering ticket prices across the board, the U.S. selectively cuts fares for certain airlines but not others, forcing them all into a fierce price war. That’s precisely what’s happening now. With varied tariffs in place, exporters aren’t simply contending with U.S. duties – they’re competing fiercely against each other for access to the world’s largest and most coveted consumer market.

Indeed, initial reactions from top exporters to the U.S. – including Japan, Vietnam, South Korea, India and the U.K. – haven’t been retaliatory. Instead, they’ve chosen to negotiate directly with Washington, clearly underscoring the strength of America’s bargaining position.

Second, the structure of global value chains significantly reinforces U.S. leverage, as most countries depend far more on the U.S. market than vice versa. Major exporters are deeply embedded in American supply chains, with business models specifically tailored to serve U.S. consumers. Such dependency isn’t undone overnight. When you depend heavily on a giant, you don’t throw stones, you renegotiate.

Dr. Victor Cui, professor at the University of ��ݮ��Ƶ's Conrad School of Entrepreneurship and Business.

In short, Mr. Trump has transformed a traditional bilateral trade conflict into a multilateral competition, which, as competitive dynamics research suggests, positions the U.S. to exploit the rivalry among its trade partners. Think of this not just as a WWT, but as Survivor: Global Export Edition.

China, of course, is in a category of its own. As primary strategic rivals, the U.S. and China share a deeper mutual interdependence than any other bilateral relationship. This intense interdependence grants China significant leverage to retaliate effectively.

The repeated tit-for-tat exchanges that defined the U.S.-China trade war beginning in 2018 have locked both nations into a cycle of ongoing strategic engagement. In competitive dynamics research, this is known as the Red Queen effect, where each side must continually match or surpass the other’s moves simply to hold its position.

But China’s retaliation isn’t just about responding in kind; it can strategically position China to gain a competitive advantage in global trade. By specifically imposing higher tariffs on all American goods, China indirectly grants exporters from other countries a relative advantage in accessing its market – the world’s second-largest consumer base. As these countries face increasingly tough barriers to the U.S., China’s strategy could make them more inclined to strengthen trade ties with Beijing over Washington. In doing so, China not only reinforces its role in global value chains but also helps sustain an economic order that many countries have long depended on and are reluctant to see fundamentally changed.

The Canadian power play

Closer to home, Canada’s retaliation against the U.S. has been smart, grounded in our deep understanding of American vulnerabilities. But such measures can only serve as a short-term tactic. With 20 per cent of our GDP tied to U.S. exports, what we truly need now is a bold, long-term national strategy to claim our economic sovereignty, one that shields us from the whims of any single trading partner.

The competitive dynamics research suggests that ultimate success in competition lies in a firm’s unique and irreplaceable competitive advantages. Our economic sovereignty must be built on such strengths – resilient, diversified and future-ready. In today’s global arena, sustainable competitiveness is no longer defined by who controls the most oil or lumber. Instead, it hinges on who leads in talent and breakthrough technologies, such as artificial intelligence, quantum science, energy storage and advanced robotics.

Canada now faces an unprecedented chance to build our strengths as the two superpowers reshape the global economic order, unlocking prospects that could work in our favour. For instance, as rising geopolitical tensions create barriers to the free flow of top talent, we can reform our immigration policies to position Canada as the most attractive destination for the world’s brightest minds.

Similarly, as political forces increasingly hamper investment into these countries, we can revolutionize our investment strategies by channelling capital into scaling Canadian ventures, reversing the talent drain to Silicon Valley and transforming Canada into a global magnet for innovation and a launch pad for world-changing ideas. Moreover, we must leverage the rivalry between superpowers by diversifying our trade partnerships and reducing our reliance on any single market. Measures like these could anchor Canada at the top of global value chains.

Mr. Trump may very well win WWT – or at least declare victory – not because his strategy is fair or elegant, but because it leverages America’s dominant position and the world’s structural dependencies. Canada must take this pivotal opportunity to reshape its own positioning and long-term strategy, by shifting lines, changing its approach and taking control of the play. We did it on the ice; now let’s seize the moment and claim our economic sovereignty.

Dr. Victor Cui is a professor of entrepreneurship, innovation and global strategy and the Conrad Research Excellence Chair at the Faculty of Engineering’s Conrad School of Entrepreneurship and Business. This opinion piece recently appeared in the Globe and Mail.

Watch How Canada can survive Trump's world trade war, Dr. Victor Cui's interview on BNN Bloomberg, to find out more.

Feature photo credit: Shutterstock

Engineering

Global Futures

Economic Futures

Q and A with the Experts: The Great Lakes in a trade war

Pamela Smyth — Wed, 09 Apr 2025 03:16:59 +0000

��ݮ��Ƶ professor discusses the value and protection of Canada’s water resources

Canada and the U.S. share the Great Lakes except Lake Michigan. Half of the trade between the two countries takes place in and around the Great Lakes. Recent rhetoric from the U.S. government raises concerns about Canada’s sovereignty and resources.

Dr. Roy Brouwer, a professor of economics and executive director of the Water Institute at the University of ��ݮ��Ƶ, discusses managing and safeguarding Canada's water resources.

What is the economic value of Canada’s water resources?

A precise dollar value is unknown because a part of what we consume is priced, while other uses are free. The significance of water in economic development is clear in a wide range of industries, including agriculture, energy, mining, manufacturing, transportation, municipal water supply, tourism and recreation, and fisheries.

How important is water to Canada’s economy?

Statistics Canada calculates that industry uses almost 16 cubic metres — 16,000 litres — for every $1,000 in GDP. Hydropower is one of the largest water users in Canada and responsible for about 60 per cent of total electricity production in Canada with a sales value of more than $50 billion per year. Other important water users are manufacturing, mining and irrigated agriculture.

How do Canada and the U.S. share the Great Lakes?

A long collaboration between Canada and the U.S. to manage shared water resources started with the creation of the International Joint Commission in 1909. It is an independent bi-national organization whose primary aim is to help prevent and resolve disputes relating to the use and quality of the shared boundary waters between Canada and the U.S. A key agreement between the two countries is the Great Lakes Water Quality Agreement, signed in 1972 and updated in 2012, identifying shared priorities and actions needed to restore and protect the Great Lakes.

With Canada and the U.S. in a trade war despite CUSMA, what is the risk of the Trump administration breaching agreements about the Great Lakes and what is at risk?

It is hard to predict. Transfers of water from one basin to another using pipelines or canals are costly and can significantly alter water supplies, hydrology, the economy and environment in the donor basin. Since 30 per cent of U.S. GDP is generated in the Great Lakes region, it seems unlikely that the U.S. government will jeopardize the Great Lakes economy and jobs by taking away its key resource. Ten percent of the U.S. population live and work here. Current water infrastructure is in urgent need of repair and replacement to respond to the anticipated impacts of climate change. There is an opportunity to build back infrastructure better using a circular economy approach to reduce and optimize the use of water — of benefit to us all — not only in the Great Lakes, but also elsewhere in Canada and the U.S.

��ݮ��Ƶ co-op: Canada’s innovation engine

Stephanie Longeway — Thu, 03 Apr 2025 13:14:43 +0000

CEO of Canada’s largest tech company cites ��ݮ��Ƶ co-op as a critical driver of talent

Canada is home to some of the best innovators in the world. From one of the first smartphones to award-winning traffic management systems to a tiny camera for the high-resolution imaging of blood vessels, the technologies and solutions created here have improved lives and communities worldwide.

Bringing innovations to market requires a variety of supports, including equipment, expertise and policy. The University of ��ݮ��Ƶ delivers these resources — and more — to ensure the next generation of entrepreneurial talent can thrive.

Ranked the number one school for entrepreneurs in Canada, ��ݮ��Ƶ has created an innovation ecosystem grounded in decades of collaboration with industry. Together, University students, faculty, alumni and staff have founded more than 1,000 ventures, spurring economic growth across the country.

“��ݮ��Ƶ should know that it’s offering a different tier of talent,” said Tobias Lütke, CEO and co-founder of Shopify, in a recent fireside chat with Vivek Goel, president and vice-chancellor of the University. “Be proud of that accomplishment.”

Shopify participates in the University’s world-leading co-op program, hiring 40 per cent of its interns from ��ݮ��Ƶ. During the chat, Lütke added that the University’s co-op students stand out to executives in Silicon Valley as well as Canadian employers.

While Shopify benefits from the caliber of ��ݮ��Ƶ’s students, the University also benefits from the partnership. Shopify is a world-class company, building products for entrepreneurs and globally recognized brands, driving $1.1 trillion in commerce globally. Co-op students work alongside top talent, on cutting-edge technology, setting them up for success after graduation.

Co-op plays a critical role in ��ݮ��Ƶ’s innovation ecosystem. With more than 8,000 employers hiring students from across the University, the program gives next-generation talent early insight into industry challenges. Applying their knowledge from the classroom, students develop technologies and solutions for broad-scale industry impact. That ability to connect ideas, said Lütke, is vital to a successful career.

“The number of times I’ve solved a challenge with something random I learned two weeks before is stunning to me,” he said. “People who bring fluid intelligence to a job have a strong leg up.”

More than 45 programs at ��ݮ��Ƶ help students build their innovation mindset, including Velocity, the Conrad School of Entrepreneurship and Business and the GreenHouse Social Impact Incubator. The University’s creator-owns intellectual property policy grants students and researchers full ownership of their work — a unique offering that attracts innovators and industry partners to our ecosystem. These investments have generated strong returns: in 2019, an economic impact study by Deloitte found that, in just over a decade, ��ݮ��Ƶ’s entrepreneurship programs had created more than 7,500 jobs and revenues of over $2.3 billion.

“To build a world-class company, you need to find other people who are willing to go on a long-term journey with you,” Lütke said. His company, recognized as one of the world’s most innovative places to work, is bringing students on board to help him do that. “You will do extremely difficult things, but that’s what makes it so compelling. In Canada, we have the talent and work ethic to build and thrive.”

Photography by Samuel Chan

Technological Futures

Made by ��ݮ��Ƶ

Angelica Sanchez — Tue, 25 Mar 2025 20:03:10 +0000

Discover how ��ݮ��Ƶ alumni are driving Canada’s economy with five tech companies making a local and global impact

Many of the world’s leading innovation ecosystems share a common feature: a world-class research university at their core. The University of ��ݮ��Ƶ has played a pivotal role in establishing the ��ݮ��Ƶ region as a premier innovation ecosystem in Canada.

You have probably heard of game-changing success stories like Blackberry, OpenText and Desire to Learn (D2L). But did you know that more than 562 ��ݮ��Ƶ alumni have raised venture capital in the last decade? It’s why Pitchbook ranks ��ݮ��Ƶ as the top Canadian school for entrepreneurs — where groundbreaking ideas become a reality.

��ݮ��Ƶ region has become celebrated as Canada’s tech capital with some of the country’s fastest-growing companies planting their roots in the city. Here are five companies founded by ��ݮ��Ƶ alumni — whose offices may even be in your neighbourhood — that are making waves locally and globally.

Alchemy

Alchemy's ExoShield windshield protection film being applied to an automotive vehicle.

What began as a fourth-year capstone project for ��ݮ��Ƶ alumni Chong Shen (BASc ’13) and Khanjan Desai (BASc ’13) to keep windshields frost-free has blossomed into a remarkable success story for Alchemy. ��ݮ��Ƶ supported Alchemy’s journey, providing initial funding through the Velocity incubator and access to on-campus lab space. As Alchemy began to take off, Shen and Desai received additional funding from the University. They successfully applied to the renowned Y Combinator business accelerator in California, while maintaining their offices in Kitchener.

Today, Alchemy develops cutting-edge nanotechnology products for the automotive and defense industries. Their ExoShield windshield protection film offers abrasion-resistant and frost prevention coatings, providing a best-in-class windshield-protection solution with 500 active installers across 57 countries. Their nanocomposite coating provides next-generation multi-spectral camouflage for defense purposes. Over the past two years, Alchemy has partnered with the Canadian Armed Forces to develop this technology for uniforms and shields. In 2025, Alchemy received $1.8 million in funding from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to grow and scale their business.

Avidbots

��ݮ��Ƶ alumni, Pablo Molina (BASc ’11) and Faizan Sheikh (BASc ’11), are revolutionizing the cleaning industry with Avidbots — the world’s smartest autonomous floor scrubbing robots. Their flagship product, NEO, is equipped with advanced mapping and navigation capabilities, allowing the robots to clean large areas autonomously. The company’s vision is to make robots more widespread in the cleaning industry, unlocking human potential and improving cleanliness standards locally and globally.

��ݮ��Ƶ alumni, Pablo Molina (BASc ’11) and Faizan Sheikh (BASc ’11) with Avidbots' flagship product, NEO, the world’s smartest autonomous floor scrubbing robots.

In 2014, Avidbots joined Velocity as an early-stage startup to develop their product and maintained their relationship with the incubator over the years. Despite their global success, Molina and Sheikh decided to stay close to the University by keeping their headquarters in Kitchener to access the startup ecosystem, and the region’s research and engineering talent.

Avidbots’ partnership with ��ݮ��Ƶ RoboHub leverages the expertise of researchers and students to enhance the company’s robotics technology. Since 2018, the company has continued to hire co-op students and full-time employees, many of whom are ��ݮ��Ƶ Engineering graduates.

In 2020, Avidbots partnered with DHL to deploy NEO in commercial spaces such as airports, warehouses and shopping malls. Avidbots was recognized among Deloitte’s 2020 Technology Fast 50, and 2021 Technology Fast 500. In 2023, the Narwhal Project included Avidbots as part of the Narwhal List of Canadian technology companies that received more than $10 million of capital and are on their way to unicorn status. With customers in over a dozen countries across five continents, Avidbots has global offices in Chicago, Hong Kong, Japan, South Korea and Colombia.

Axonify

Co-founder and CEO of Axonify, Carol Leaman (BA’89, MAcc ’89, DLitt ’22) is a trailblazer in the software sector, specializing in personalized learning solutions for frontline employees. Axonify provides businesses with employee training software that uses brain science and AI for microlearning and daily reinforcement, catering to various industries.

Axonify's software on a mobile device. Axonify provides businesses with a personalized learning solution for frontline employees.(Photo credit: Axonify).

Axonify hires ��ݮ��Ƶ co-op students in various roles and many students have returned to the company upon graduation as full-time employees, enabling Axonify to streamline their recruitment process and build a talented workforce. In 2022, Leaman received an honorary doctorate from ��ݮ��Ƶ for her impact as an entrepreneur and thought leader in the region.

In 2021, Axonify celebrated a milestone by increasing its workforce by 15 per cent across North America and Europe, with a focus on Eastern Canada. Currently, 780 full-time employees work at Axonify, which is headquartered in ��ݮ��Ƶ. Axonify’s software is used by more than 250 companies, including Lowe’s, Kroger, Walmart and Citizens Bank.

GeoMate

GeoMate, co-founded by Dr. Nastaran Saberi (PhD ’19) and Dr. Amin Gharebaghi, is at the forefront of innovating urban planning and autonomous driving mapping solutions with artificial intelligence (AI). GeoMate’s technology enables precise and cost-effective mapping of mid-sized cities in just four weeks, all without any fieldwork. Their innovation provides high precision and regular updates, tailored for urban planners and leaders in autonomous driving.

GeoMate's technology captures high resolution geospatial imagery (Photo credit: GeoMate).

In 2019, Geomate joined the Grebel Peace Incubator at ��ݮ��Ƶ’s Conrad Grebel University College. Through the incubator, GeoMate completed pilot projects in Stratford and Kitchener, working with local political leaders to help them improve their accessibility. In 2020, Saberi presented GeoMate at the Velocity Fund Pitch Competition. GeoMate was selected as part of the ten finalists and joined the incubator.

More recently, GeoMate secured funding from FedDev Ontario to develop an advanced simulation platform for autonomous driving across 10 major cities in Ontario, further fueling their mission to transform urban landscapes. GeoMate’s headquarters are in the Communitech building in downtown Kitchener, where they employ ��ݮ��Ƶ co-op students and alumni as employees.

Miovision

Founded by Kurtis McBride (BASc ’04, MASc ’07), Miovision addresses traffic problems by collecting multimodal traffic data and uncovering actionable insights, helping municipalities optimize their road networks and improve traffic flow. Miovision’s technology enhances overall mobility, reduces vehicle congestion and user delays on city roadways, resulting in better fuel economy and lower CO2 emissions.

Miovision Scout, the first portable solution that collects multimodal traffic data and video at the roadside.

McBride came up with the idea for Miovision while on a co-op work placement at a transportation consultancy. Since 2005, Miovision’s systems have assisted nearly 2,000 customers in 63 countries, including five major cities in Canada. Miovision was recognized among Deloitte’s 2024 Technology Fast 50 list and received the Canadian Innovation award from the Canadian Innovation Exchange. Currently, Miovision employs 400 employees including ��ݮ��Ƶ co-op students.

These five companies exemplify the entrepreneurial spirit and innovative mindset fostered by ��ݮ��Ƶ. However, they are only a small reflection of ��ݮ��Ƶ’s broader impact on nurturing talent and providing support to entrepreneurs at each stage of their journey.

Co-op and Experiential Education

Technological Futures

Q and A with the experts: U.S. banking in Canada

David George-Cosh — Wed, 05 Mar 2025 17:32:34 +0000

��ݮ��Ƶ professor James Thompson explains how U.S. banks are allowed to operate in the Canadian market

Recent rhetoric has emerged alleging that U.S. banks aren’t allowed to do business in Canada, which is untrue. U.S. banks have been operating in Canada for well over a century with 16 U.S.-based bank subsidiaries and branches managing $113 billion in assets here in the country. University of ��ݮ��Ƶ finance professor and co-director of the Computing and Financial Management undergraduate program James Thompson explains how U.S. banks can navigate Canada’s banking sector.

What are U.S. banks allowed to do in Canada?

Canada has three different categories of banks: Schedule I are Canadian-owned banks, which are required to take deposits, and are regulated by the Office of the Superintendent of Financial Institutions (Canada’s banking regulator). Schedule II banks are foreign-owned subsidiaries, that are allowed to take deposits, engage in the same business activities as Schedule I, and are also regulated by OSFI. Schedule III banks are not required to be a subsidiary and they are not subjected to the same regulations as Schedules I and II. There are three U.S. banks among our Schedule II banks and a lot more listed under Schedule III.

Why don’t we see retail branches of U.S. banks in Canada?

First of all, our capital regulation is a bit stricter than in the U.S., so a U.S. bank would need to abide by our rules for their subsidiary. Second, our banking system has six main players with very deep branch networks. An entrant would need to start small and potentially find a niche. Others have done it in the past, but since Canada is already a small market relative to the U.S., they may look at it as a small piece of just too small of a pie. In other words, it just may not be worth it for many of the U.S. banks.

How can U.S. banks grow bigger in Canada?

Start small and build up. There are examples of foreign banks that are getting a foothold in Canada. For example, ICICI Bank is a subsidiary of an Indian multinational bank based in Mumbai, and it offers a fairly large suite of banking products to individual Canadians.

Could a U.S. bank try to acquire a Canadian bank?

This could be challenging. Schedule I banks are Canadian-owned. If a U.S. bank were to acquire a Canadian bank, for it to continue its Canadian bank operations, it would need to meet the criteria for it to be listed as Schedule II. The Canadian regulator would also need to approve the bank sale, and especially if it is one of our large banks, I think it would be difficult to accomplish.

How does the U.S. and Canadian banking markets differ?

Our two countries have very different banking systems. The U.S. is very decentralized, having lots of small banks, some of which don't even cross state lines. Canada on the other hand, has six large banks with very deep branch networks from coast to coast. Bank failures are common in the U.S., and most of the time it does not have much of impact on the U.S. banking system. On the other hand, banking failures are rare in Canada. If a large bank were to fail here, it would be a very big problem, which is one of the reasons that we have such stringent risk requirements for banks.

This series is produced for the media, and its purpose is to share the expertise of University of ��ݮ��Ƶ researchers. To reach this researcher, please contact Media Relations.

Arts

Research

Economic Futures