May 19, 2020

Google’s former SVP and CFO joins Canada’s iNovia Capital

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iNovia
Executive appointment
zaymalz malz
2 min
Google’s former SVP and CFO joins Canada’s iNovia Capital

iNovia Capital, a venture capital firm based in Montreal, has announced the appointment of Patrick Pichette, Google’s former Senior Vice President (SVP) and Chief Financial Officer (CFO), as a new General Partner.

Pichette stood as the SVP and CFO of Google for a seven-year period, most notably having participated heavily in the creation of Alphabet and the company’s restructuring. Further, during his time at Google, Pichette was involved in a number of acquisitions including its purchase of Motorola Mobility ($12.5bn). He remains a Board Member at Twitter.

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iNovia specialises in backing high-growth technology startups, having previously had a number of successful investments, now managing over $500mn in assets across three funds.

“We have been supporting our portfolio of innovative high-growth companies, including Lightspeed POS, WorkFusion, AppDirect, Clearpath Robotics and Top Hat, with both capital and insights for years,” said Chris Arsenault, General Partner at iNovia Capital.

Alongside Pichette, iNovia has also named Dennis Kavelman, the former CFO and Chief Operating Officer (COO) of Research in Motion (Blackberry), as a new General Partner of the firm. Having held leadership roles at the company now known as Blackberry for 15 years, Kavelman played a key role in the company’s rise.

Further, alongside the new appointments, the company has also revealed that it will be opening an international office in London for the first time in the aim of broadening its global portfolio and scope.

“Many of the world's top founders will come from Canada — a hotbed in AI innovation — as well as the US and the UK, said Kavelman. “By leveraging iNovia's extensive reach and its proven acceleration practices we have a rare opportunity to turn these companies into global leaders.”

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Jun 10, 2021

G7 Summit guide: What it is and what leaders hope to achieve

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G7Summit
Sustainability
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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