>The trend has been for Canadian startups to find funding outside of Canada.
Yes, this is exactly what I was describing. The deals here tend to suck and are few. Cohere is the exception that proves the rule, if you ask me.
Canadian investment naturally gravitates towards real estate. Current systems and colonial history are conducive to this. Striking to see billboards of real estate agents line major roads of Canadian cities. Founders are not allotted the same sort of financial/cultural capital in Canada.
And a govt program to boot. I doubt they get it from non-govt Canadian firms like banks. They usually don't understand startup culture and seem to want close-to-profitability before investment. Risk averse business culture.