Canadian Tech: Achieving Scale by Doing Better
For decades, Canadian entrepreneurs, tech executives, consultants, and advisors have lamented the barriers preventing the country’s businesses from scaling like their US counterparts. The familiar litany of complaints includes a conservative investment culture, limited access to growth capital, inadequate scale-up infrastructure, restrictive government policies, and fierce competition for talent. The recent controversy over changes to capital gains rules is just another addition to this long list of grievances.
While these issues are undeniably significant, another critical factor often goes overlooked – doing better!
At Pilot, we have observed that a lack of commitment to UX and design is a significant barrier to growth for Canadian tech companies. In fact, companies that have achieved enviable scale and prominence share a common trait: a steadfast commitment to UX, design, and relentless customer focus. Consider Shopify, for example.
“In many ways, the acquisition of Jet Cooper was a strategic masterstroke for Shopify.”
Shopify: A Case Study in UX-Driven Success
Shopify’s rise to become Canada’s most valuable technology company can be attributed to many factors, but its unwavering commitment to UX and design excellence stands out. In the early going, Shopify built out its presence in Toronto through the acquisition of Jet Cooper – a wonderful group of talented individuals offering the highest level of UX and design expertise you could find at the time in Canada’s most populous city.
In many ways, the acquisition of Jet Cooper was a strategic masterstroke for Shopify. It wasn’t just about adding a design agency to its roster; it was about fundamentally transforming how Shopify approached product development, user experience, and design.
By embedding design principles at its core, Shopify developed a platform that not only met but exceeded user expectations. This design-centric approach paved the way for its impressive growth in the global e-commerce market. The intuitive and user-friendly nature of the Shopify platform, along with its seamless integration of third-party apps and services, are direct outcomes of this philosophy.
Moreover, the success of their “Shop” app further underscores Shopify’s dedication to delivering superior user experiences. This focus on UX has not only set Shopify apart from competitors but has also been instrumental in building a loyal customer base and driving sustained growth. A recent Betakit Town Hall with Shopify founder Tobi Lütke offers some interesting insights and a call for Canadian entrepreneurs to reach higher.
Need more convincing? Take a look at Wealthsimple – a company that has overcome the daunting inertia that is a hallmark of the financial services sector.
Wealthsimple: Elevating Finance Through Design
Wealthsimple’s commitment to UX and design excellence has been pivotal in its rise as a leading fintech company. From the outset, Wealthsimple focused on creating an intuitive and user-friendly platform that demystifies financial management for its users. By prioritizing simplicity and accessibility, Wealthsimple has managed to attract a broad audience, including those with little to no investment experience.
Moreover, Wealthsimple’s design-centric approach extends beyond aesthetics to include a seamless user experience across all devices. This consistency ensures that however consumers choose to access their platform, they receive the same high-quality experience. The integration of educational content and tools further enhances user engagement, helping individuals make informed financial decisions.
With more than 3 million users across Canada and close to 40 billion in assets, Wealthsimple has demonstrated that clean design, straightforward navigation, and the clear presentation of information can foster confidence and consumer empowerment, as well as massive differentiation in a highly competitive market.
Takeaway for Canadian Entrepreneurs and Tech Leaders
The successes of Shopify and Wealthsimple illustrate that the path to scaling for Canadian tech companies is not just about capital and infrastructure. Central is a commitment to UX and design – doing better! It’s about deeply understanding and enhancing user experience. In short, by making UX and design central to their growth strategy, Canadian tech companies can achieve the scale that has traditionally held them back and realize the international growth they aspire to.
