Canada is on the verge of something big. Extending Flow-Through Shares (FTS) to our tech sector could flood the innovation economy with hundreds of millions in early-stage capital.
It’s a bold move — and if implemented well, a transformative one.
But let’s not kid ourselves.
Money doesn’t build companies. People do.
And unless Canada invests just as deliberately in leadership as it does in capital, FTS won’t deliver on its promise. It’ll become just another good idea that didn’t go far enough.
We’ve Seen This Movie Before
Over the last four decades, I’ve recruited leaders into nearly every sector — tech, construction, real estate, finance. The pattern’s always the same:
Companies don’t stall because of a lack of funding.
They stall because they don’t have the people to execute.
Money without leadership is like a rocket with no guidance system. Sure, it might lift off. But where’s it going? How fast? And for how long?
FTS: A Big Opportunity With a Leadership Bottleneck
Here’s what FTS could do for tech:
- Unlock $500M in private capital
- Help founders retain equity
- Accelerate commercialization
- Reduce Canada’s dependency on foreign VC
But here’s what no one’s saying out loud:
Tech companies aren’t just starved for capital — they’re starving for scalable leadership.
Founders are brilliant builders — but they often hit a wall when it comes to leading at scale. That’s not a criticism. It’s a fact. And when the money shows up before the leadership does, it creates a dangerous illusion of momentum.
This Is Why We Built the Inside-Out Approach
Traditional executive search doesn’t cut it anymore — especially in high-growth, high-complexity environments. You can’t just “post a job” and expect to land a 4.0 leader.
That’s why at Perry-Martel, we use our Inside-Out Approach — the same one we outlined in Hiring Greatness and Revolutions Need Leaders. It flips the search model by starting inside the company, aligning the CEO and Board around the mission, and then engaging the real talent market — the off-radar leaders who aren’t actively looking, but are perfectly positioned to deliver.
They don’t apply.
They get pointed to.
We find them.
What Happens Next?
If FTS makes it into law — and we’re doing everything we can to make sure it does — Canada’s startup landscape will change fast. Founders will have access to more capital than ever before. But money, by itself, won’t get you scale.
Capital creates the runway. Leadership gets you off the ground.
Investors will start asking harder questions. Boards will demand structure. Customers will expect consistency. None of that happens without the right executive team in place.
Final Thought
Let’s not waste this moment.
FTS is a made-in-Canada idea. And with the right leadership behind it — in both government and business — it could unlock a generation of Canadian innovation.
But policy can’t do it alone.
It takes people.
If you’re a founder, VC, or board member and you’re thinking ahead to what happens after the capital shows up, let’s talk. Because the companies that win in the next wave won’t just be well-funded — they’ll be well-led.
Ready to build the team that delivers on FTS potential?
Reach out: info@perrymartel.com
Or learn more about our leadership model here: Revolutions Need Leaders
