This month, CB Insider Information welcomed Adam Froman, founder and CEO of Delvinia, for a virtual fireside chat. In conversation with Jason Maghanoy, head of business development at SJC Media and editor of Canadian BusinessThe two chatted about how Delvinia has evolved alongside digital technology and what the future of digital business looks like in Canada.
The talk began with Froman sharing his career path: he first earned a degree in engineering with an emphasis in human factors before earning an MBA in finance and entrepreneurship. It was then that he discovered his passion for digital or, as it was called then, multimedia. From there, Froman worked at Deloitte in their strategic consulting group, where he learned a lot about telecommunications in Canada. When he left Deloitte in 1998, he founded his own company. “I wanted to take this discipline that Deloitte had taught me to help people think strategically about this emerging technology called the Internet, especially from the user’s point of view,” he said, recalling his goals in launching what would become Delvinia. Froman also talked about the amount of time and funds that went into R&D in those early days as he and everyone else explored the capabilities of the Internet.
The conversation then turned to Delvinia and Froman’s role in Canada’s economy. From his vantage point at the top of policymaking, Froman said he is concerned about Canada’s long-term economic prosperity and wants to be part of a future-ready Canadian tech economy. Maghanoy then mentioned that Froman had said conservative policies are “critical to a strong business ecosystem” and asked what he meant. “Conservatism is about fiscal responsibility,” Froman responded.
The two then delved into a discussion about the importance of cash flow, which Froman learned when his company struggled during the dot-com crisis. Next, Maghanoy asked Froman how this conservative attitude has helped his business weather so many storms and what three things entrepreneurs should do to give their business staying power. Froman explained that the three most important traits for entrepreneurs to develop are cash flow discipline, a strong state of mind, and an entrepreneurial culture. On that last point, Froman said the erosion of company loyalty due to the pandemic was one of the most difficult things he has experienced during his long career.
Finally, the two ended the conversation with a discussion about how to make Canada better for business and what the government can do. Froman said he was lucky to receive government assistance during his time as an entrepreneur, which helped him reinvest in himself and his company, so the most important thing the government can do is support entrepreneurs and provide them with opportunities to scale globally from Canada. Another important point is the importance of protecting Canadian intellectual property and keeping it in the country. “If we can create intellectual property in Canada, keep it in Canada and make it a global standard, that will bring revenue back to Canada without having to work on it,” he said. “That will have a huge impact on Canada’s long-term economic prosperity.”