Waterloo News - Global Futures

WatSPEED brings industry leaders together to advance Canada’s AI readiness

Angelica Sanchez — Thu, 03 Jul 2025 15:51:04 +0000

From hype to enterprise implementation: How the University of Waterloo and the iSchool are helping executives lead in the age of AI

As artificial intelligence (AI) continues to reshape the global economy, WatSPEED is helping Canadian business and technology leaders strategically position themselves for the future.

The University of Waterloo’s professional, executive and corporate education arm recently convened senior leaders from across sectors for a one-day, in-person course: Operationalizing Generative AI: Executive Insights and Applications. Delivered in partnership with the iSchool Institute at the University of Toronto, the program offered attendees a practical exploration of how generative AI tools can be implemented to drive real value in their organizations.

From left to right: Dr. Jimmy Lin, co-director of the Waterloo Data and AI Institute, Eily Hickson, head of global data and AI strategy at Sanofi, Dr. Ali Vahdat, director of Applied AI Research at Thomson Reuters Labs, and Javed Mostafa, professor and dean of Faculty of Information at the University of Toronto.

From theory to application

Led by Dr. Jimmy Lin, co-director of the Waterloo Data and AI Institute and one of the world’s most cited AI scholars, the course examined how large language models (LLMs) can enhance productivity, support data-driven decision-making and improve client and employee experiences.

Lin’s sessions framed prompt engineering as an emerging essential skill, comparable to the early days of digital literacy.

“At some point, you had to learn how to search Google,” says Lin, who is also the Cheriton Chair in Software Systems at Waterloo’s Cheriton School of Computer Science. “Today, it’s exactly the same thing for prompt engineering.”

Throughout the day, Lin emphasized the need for a culture of adaptability and lifelong learning as generative AI transforms how organizations structure work, evaluate talent and plan for the future.

“The transformational impact of LLMs will be no less than that of the steam engine, than electricity, than the internet,” he notes. “In fact, it will probably be more.”

Building executive AI literacy

With participants from health care, finance, technology and government, the course fostered rich dialogue around the practical realities of AI integration, including enterprise-scale deployment, regulatory compliance and responsible implementation.

Eily Hickson, head of global data and AI strategy at Sanofi, shared use cases spanning pharmaceutical research and development, accessibility technologies and clinical diagnostics. She highlighted how AI could help detect cancer earlier, alleviate long-term pain and enhance independence for people with disabilities.

“If you live in the ‘scary,’ you’ll never get to the ‘good,’” Hickson says. “I’m cautiously optimistic about the benefits — from curative medicine to quality-of-life improvements.”

She also emphasized the importance of executive alignment and storytelling in ensuring long-term AI success.

“If you don’t have executive buy-in, you can have the best strategies, but if the mindset isn’t ready to receive them, it will fall flat,” Hickson says. “AI has to be wrapped into every layer of your business, from how you run a portfolio to how you tell your story to investors.”

Eily Hickson shares use cases spanning pharmaceutical research and development, accessibility technologies and clinical diagnostics.

From hype to implementation: Leadership that drives change

Designed to move beyond AI hype and focus squarely on real-world implementation, Operationalizing Generative AI equipped leaders with the frameworks needed to evaluate tools, assess cost–performance trade-offs and identify both opportunities and risks across business functions.

In a closing panel discussion, moderated by Dr. Javed Mostafa, dean of the Faculty of Information at the University of Toronto, panelists explored organizational models for AI adoption, building internal capability and managing the tension between innovation and accountability.

“LLMs are like a bright student that hasn’t done the reading,” Lin says. “At a glance you think, ‘this isn’t bad,’ but then it completely falls apart under closer evaluation.”

Supporting Canada’s innovation ecosystem

“Generative AI is not just a trend,” says Aaron Pereira, executive director of WatSPEED. “It represents a fundamental shift in how organizations operate and compete. This type of programming is tailored to helping industry leaders prepare for what’s next, ensuring they have the skills and knowledge to lead through disruption.”

WatSPEED continues to support Canadian organizations in preparing for the future of work through professional and executive education tailored to the realities of rapid technological, societal and economic change. By working closely with industry partners and drawing on Waterloo’s renowned research expertise, WatSPEED helps organizations stay competitive, resilient and future-ready.

To learn more about WatSPEED’s innovative AI programming, visit watspeed.uwaterloo.ca.

Technological Futures

Keep calm, adapt and carry on

Sam Charles — Thu, 03 Jul 2025 12:10:09 +0000

University of Waterloo economist breaks down the current economic situation in Canada, and says there is light at the end of the tunnel

After emerging from the pandemic on a relatively strong footing, the Canadian economy is now dealing with considerable trade and investment uncertainty because of U.S. policies, including tariffs.

“Coming out of the pandemic, our economy was already facing a cost-of-living crisis, labour market struggling to adapt to demographic and immigration changes, business under-investment and slow-growing productivity, in addition to high inflation,” says Dr. Horatiu Rus, a professor of Economics who specializes in international trade, political economy and the environment. “Starting early this year, and due to policy changes in our largest economic partner, Canada’s challenging economic outlook has become substantially more challenging.”

Faced with this economic instability, Rus says individuals would be well-advised to take a precautionary stance when planning all spending, investments and savings, and should consider in the short to medium run potentially significant swings in prices, interest rates, the exchange rate and employment opportunities economy wide.

There are indications that all sides will renegotiate the Canada-United States-Mexico Agreement (CUSMA), the successor of North American Free Trade Agreement (NAFTA), which was already set to be reviewed in 2026. “Limiting the amount of tariffs faced by Canadian exporters to the U.S. is the focus of these negotiations, but more importantly, so is reducing the massive levels of uncertainty dragging down investment and thus economic growth.”

According to Rus, American protectionism is making it even more imperative for Canada to diversify its trade relations to reduce its reliance on the U.S. “On the policy side, the government is taking steps to find a negotiated solution, while, simultaneously promising to cushion the blow for exporters experiencing sharp declines in their main export market due to tariffs and working to diversify Canada’s international trade flows.”

“As a trade economist, I do not support a policy of broad tariffs,” Rus says. “The academic literature is clear on the effects of protectionism – tariffs increase prices for consumers, make intermediate goods more expensive for businesses, diminish the efficiency gains from specialization and production at scale, decrease product variety and ultimately reduce the economic potential of the economy over the long run.”

Canada and the U.S. have one of the largest economic partnerships in the world, and this latest economic squabble may have additional implications. Rus says the significant U.S. policy shift is building further divides between the two countries, including in the environmental realm. “Based on my research that investigates the interaction between trade and pollution, and trade and renewable resource exploitation, I believe there are many sustainability-related policy areas in Canada — many of them in fact under provincial jurisdiction — which will have to adapt to the new policy regime south of the border.”

The economic relationship between Canada and the U.S. has fluctuated throughout its history. More recently, the border thinned following NAFTA in the 1990s then thickened following September 11, 2001. “Like a marriage, the relationship between Canada and US will continue to weather its ups and downs, but the North American economy is highly integrated and geography dictates close trade ties going forward: it's hard to fight gravity.”

Natural disasters are increasingly putting the value of properties at risk

Sam Charles — Fri, 27 Jun 2025 11:45:00 +0000

Experts say homeowners and governments need to be more proactive as they face the increasing risk of wildfires and flooding

Whether it’s flooding in Toronto or forest fires raging in Alberta and Manitoba, climate change is pushing natural disasters into populated areas and having a dire impact on communities.

The threat to many homeowners extends beyond property damage and risk of life. The value of their homes and properties could be at risk.

“In Canada right now, few property owners actually know if their property is exposed to any type of climate risk, whether flooding, wildfires or landslides,” says Dr. Jason Thistlethwaite, professor in the Faculty of Environment and co-lead of the Climate Risk Research Group at the University of Waterloo. “We very much like to keep our heads buried in the sand on this. But information and data are powerful tools that can help us direct our community resources towards prevention and preparedness.”

Watch video on YouTube

Recent events around the world, including the fires in Los Angeles and the flooding in the North Coast of Australia, should serve as a further reminder that Canada is not immune from the catastrophic impact of major climate influenced events.

While governments around the world have put in place response teams and protocols, according to researchers there has not been a focus on preparedness. Governments are also off-loading responsibilities to regional and local governments.

“Every dollar governments spend building a community to withstand a disaster like a flood or wildfire has a tremendous return on investment, but it is not rewarded with voters,” Thistlethwaite says. “It’s the opposite in the aftermath of a disaster when a government knows it will lose votes if it doesn’t spend enough on recovery to help people get back on their feet.”

Thistlethwaite says there are many similarities within health care. He says our health-care systems struggle to allocate resources, policy and people to preventative medicine, but when someone gets sick or injured the system responds well.

“Canada is about 10 to 15 years behind its G7 counterparts when it comes to pro-active disaster management,” Thistlethwaite says. “The U.S. has the Federal Emergency Management Agency, which, despite its critics, has a huge budget and tends to be a lot more proactive and experimental than Canadian authorities. The U.K. even has a property address lookup to measure your risk.”

Waterloo researchers from across disciplines are collaborating to analyze and innovate in the areas of preparedness, mitigation and recovery. In the most recent survey conducted by Waterloo researchers about natural disaster awareness in Canada, it was found that only six per cent of Canadians who live in a high-risk flood area were aware of the danger. Insurers and governments have the tools to inform Canadians about these risks, but are reticent to do so because of a fear of influencing property values.

According to Thistlethwaite, it comes down to a lack of data. “I’m working on a project to improve the efficiency of risk assessment so it doesn’t take a bunch of supercomputers or expensive consultants for a municipality to understand whether they can safely build needed housing near a floodplain or wildfire zone safely,” he says. “This involves collaboration with engineers, geospatial specialists, actuaries and policy people.”

Thistlethwaite says you should be able to use your address to access comprehensive information on your property’s exposure to any type of risk.

“You should be able to access the implications for insurance related to that risk and disaster recovery systems in place in your area, and you should know about subsidies and local services that could support you in making informed choices to help protect your property.”

Currently, none of that information is readily available.

He has also explored other policy approaches, including whether or not government-initiated buyout programs would be an effective approach to reducing the flood and fire risk for people and property.

“It is imperative that we consider every option when it comes to resiliency, preparedness and mitigation, so that our communities stay safe.”

It can be challenging to look beyond the fear of disaster and what it can mean to one’s business and property values, but according to Thistlethwaite, there is light at the end of the tunnel.

“We need to start treating property owners as adults, by providing clear and transparent information about disaster risk, then we can start coming up with solutions to protect and prepare for what’s ahead.”

Technological Futures

Waterloo represents within BetaKit Most Ambitious List of 2025

Sam Charles — Mon, 23 Jun 2025 19:38:24 +0000

More than 20 founders from Waterloo highlight the newly unveiled list that celebrates those making the biggest impact inside Canadian tech and innovation

As a hub of entrepreneurship and innovation, it’s no surprise that companies and founders linked to the University of Waterloo have a noticeable presence among those featured within BetaKit’s Most Ambitious List.

Waterloo ranks as the top university in Canada for startup founders and 21st in the world according to the Pitchbook University Rankings. Recently released data shows that Velocity, Waterloo’s core entrepreneurship incubator, has more than 500 companies with a combined enterprise value of $40 billion.

The Most Ambitious List includes several categories including the “Moon Shots” (Canadians reaching for the stars), “Deep Tech,” “World Savers,” “Category Challengers,” “Expats,” “The Products,” and “The Next Generation.”

From student leaders to established founders and companies, the BetaKit list featured some of Waterloo’s best and brightest. Of the four organizations listed among the next generation of Canadian tech was Socratica. The social entrepreneurship collective recently hosted an event in Waterloo that brought together nearly 2500 people to collaborate and share ideas.

"We’re proud to show how when we bring people in, hand them real responsibility and resources, and believe in them, we can do more as an ecosystem," says Jake Rudolph, an engineering student and one of the Socratica’s organizers.

Jetson recognized in the “World Savers” category

Co-founded by Stephen Lake (BASc ’12), Aaron Grant (BASc ’12) and Matt Bailey (BASc ’12), Vancouver-based Jetson is a climate tech product manufacturer that is developing new ways to install heat pumps in residential buildings and homes.

Challengers are breaking open markets and making Canada more competitive

Rachel Bartholomew (MBET ’14), Float, and MappedIn are listed as challengers for reshaping Canadian markets. Bartholomew is the founder and CEO of Hyivy, a company focused on creating therapeutic and remote monitoring devices for gynecological conditions. She is also the founder and lead advisor for Femtech Canada, an advocacy organization for women working in the innovation space.

Former engineering student Hongwei Liu co-founded MappedIn’ while at Waterloo along with Toby Gu (BASc ’15), Mitch Butler and Leander Lee (BCS ’13). Waterloo alum Edward Wei (BCS ’06) is MappedIn’s CTO. The Velocity-linked company is an indoor maps wayfinding platform.

Another Velocity-linked company to make the list is Float which is making waves in the corporate credit card market. Last year, Float co-founders Ruslan Nikolaev (BCS ‘20) and Griffin Keglevich secured $50 million to expand its financial products and innovate business-to-business financial services.

Wealthsimple also made the challenger category. Its Chief Legal Officer is Waterloo arts alum Blair Wiley (BA ’04).

Most ambitious products that have people talking

Among the list of ambitious products are Able Innovations. Able Innovations is a Velocity company that develops solutions for lifting and moving patients within health care settings.

"Being recognized in BetaKit's Most Ambitious list is a great affirmation that Canadian innovation can compete on the global stage when we're willing to take calculated risks and push boundaries,” says Jayiesh Singh, CEO of Able Innovations. “This recognition isn't just about what we've accomplished, it's about the responsibility we have to continue driving solutions that are improving lives and creating better systems."

Rounding out the list are Core Devices, Ideogram, Wave View Imaging and 1Password. Smartware company Core Devices was founded by Eric Migicovsky (BASc ’09). The company recently announced a pair of new smartwatches that run on open-source PebbleOS. Ideogram, a text-to-image platform, was co-founded by William Chan (BASc ’11) in 2022. The following year, it received $16.5 million in seed funding. Wave View Imaging, a non-intrusive imaging system designed to enhance early detection, was co-founded by Elise Fear (BASc ’95) who now serves as CSO.

The CEO of the Waterloo-led unicorn, 1Password, is Jeff Shiner (BMath ’92). The global cybersecurity company protects more than 150,000 businesses and millions of consumers around the world.

The moon shots reaching for the stars

Two companies with Waterloo connections were featured for their Canadian-made innovations that are literally reaching for the stars. Canadian Space Mining Corporation (CSMC) is led by COO Adam Gryfe (MBET ’11). CSMC is an infrastructure and technology company focused on filling key gaps in future space exploration in areas that address Earth’s immediate challenges. The CEO of MDA Space is Mike Greenley (MSc ’97). The space mission partner supports communications satellites, Earth and space observation, space exploration and infrastructure.

Deep tech working on the next big breakthrough

Photonic and Xanadu were among the companies included within the deep tech category. Photonic was founded by Stephanie Simmons (BMath ’08). Today, she serves as the company’s Chief Quantum Officer. The company is building one of the first scalable, distributed, fault-tolerant and unified quantum computing and networking platforms based on optically-linked silicon spin qubits.

Xanadu recently unveiled the world’s first scalable, networked and modular quantum computer. The company’s CTO is Nathan Killoran (PhD ’12, physics).

Since its founding, the University of Waterloo has always been bold and unconventional. It continues to be a place where ambitious innovators and ideas take root. Through transformational research and inspired learning, Waterloo is helping to identify and solve the complex challenges facing humanity and our planet.

The Betakit’s Toronto Tech Week Special Issue also includes an interview with Waterloo professor Larry Smith.

Technological Futures

WatSPEED appoints Aaron Pereira as executive director

Angelica Sanchez — Thu, 19 Jun 2025 12:00:00 +0000

New leadership to accelerate growth and global engagement

The University of Waterloo is pleased to announce the appointment of Aaron Pereira as executive director of WatSPEED, the University’s professional, executive and corporate education arm.

Pereira assumes the role following a successful tenure as managing director, client partnerships at WatSPEED, where he led the development of high-impact collaborations with industry, government and university partners. His leadership has been instrumental in expanding WatSPEED’s engagement with both Canadian and international organizations and deepening its involvement in national skills development efforts.

“WatSPEED is uniquely positioned to help shape Canada’s future workforce by connecting academic excellence with real-world skills development,” Pereira says. “It’s a privilege to lead this next chapter alongside a talented team, as we continue to build transformative learning experiences that support professionals and organizations through rapid technological change.”

With more than 15 years of experience at Waterloo, Pereira brings a wealth of institutional knowledge and cross-sector expertise to this role. His career has spanned research administration, corporate partnerships, and advanced education, with past roles including client manager, corporate research partnerships manager and manager of institutional research in the Office of Research. From managing multi-million-dollar strategic initiatives to facilitating research collaborations in artificial intelligence, cybersecurity and data science, Pereira’s contributions have connected cutting-edge research with real-world impact.

Pereira’s appointment comes at a time of accelerating momentum for WatSPEED, as the unit continues to scale its offerings in emerging areas such as AI, cybersecurity and health technologies. Positioned at the intersection of technology, talent and industry, WatSPEED plays a critical role in advancing Waterloo’s mission to drive innovation and societal impact.

A Message from Aaron Pereira

Watch video on YouTube

Leadership for WatSPEED’s next chapter

Joining Pereira in shaping this next phase is Karina Graf, who has been appointed managing director, marketing, brand and growth. Graf brings a strong track record in strategic marketing, digital engagement and program innovation. In her expanded role, she will lead efforts to amplify learner impact, strengthen the WatSPEED brand and drive institutional growth through high-performance marketing.

To further strengthen WatSPEED’s engagement with global and corporate partners, Jean-Paul Mouton has assumed the role of associate director, strategic partnerships and global growth. In this expanded role, he will lead efforts to deepen existing relationships, forge new global partnerships, and identify opportunities for international expansion.

These new appointments complement the continued leadership of Dean Perkins, associate director, systems, finance and operations, whose work ensures the infrastructure, resourcing and operational rigor that support WatSPEED’s mission.

Together, the team will continue to strengthen WatSPEED’s role in delivering impactful, future-focused learning experiences that support professionals, executives and organizations navigating technological change.

For more information about WatSPEED and its programs, visit watspeed.uwaterloo.ca.

Technological Futures

More than 1,200 founders and counting

Sam Charles — Wed, 18 Jun 2025 11:00:00 +0000

Newly released data shows Velocity companies have an enterprise value of $40-billion

The University of Waterloo startup ecosystem has long been a driver of innovation across its campuses, in Waterloo region and around the world. Entrepreneurship is woven deep within the Waterloo DNA and continues to grow and prosper because of a solid foundation of support and resources.

At the core of the Waterloo ecosystem is Velocity. The organization is more than an incubator. It is a community of founders dedicated to supporting the entrepreneurial aspirations of students and researchers by providing the advisory services, industry connections and investor relations required to accelerate their business traction.

Momentum, the recently released publication from Velocity highlights that their founders are connecting to capital. Velocity’s more than 500 companies have a combined enterprise value of $40 billion.

John Dick, Velocity’s senior director of Founder Development, says its work, and that of the companies it supports, are becoming increasingly important given the current economic landscape in Canada. “At Velocity, we know that startups are the key to unlocking Canada’s potential. Founders are not just building companies; they’re building the future of Canadian competitiveness.”

Every year, more than 1,400 students step into Velocity and many walk out as startup founders. In 2024, 395 student-led teams were actively building on campus and moving from idea to pre-seed startup.

“We’re encouraged by the growing progress and impact of our community of students, founders, builders and innovators,” Dick says. “Velocity not only prepares startup founders, but it trains the leaders and changemakers of tomorrow.”

PatientCompanion, founded by Christy Lee (BASc ’24) and Ethan Alvizo (BASc ’24) joined Velocity in Fall 2023, and completed a successful hospital pilot in 2024. The platform improves communication between patients and care teams, helping reduce nurses’ workload.

In less than one-year, PatientCompanion launched CAN Health commercialization projects in three Ontario hospitals; Waterloo Region Health Network (WRHN) Midtown and Brightshores Health System in Owen Sound and Southampton, focusing on women’s and children’s care, childbirth and acute units. The company is now preparing to scale across Canada. They are an example of Velocity founders who are getting traction early.

“We’ve built a support model that goes beyond traditional incubation and helps founders move faster, reduce risk and succeed sooner,” says Moazam Khan, director at Velocity. “By opening doors to customers, capital and connections, we’re de-risking startups across team, technology and traction. Ultimately, we’re accelerating founder success and driving real gains in Canadian productivity.”

Within the last year, Velocity received more than 300 applications, resulting in 41 promising new, pre-seed and seed startups joining its program located at the Innovation Arena in downtown Kitchener. Already, 83 pilot projects have been unlocked with companies securing $62 million. Collectively, they have generated $12 million in revenue and acquired 136 customers.

The Momentum publication also showcases the wide variety of startups originating through Velocity. From health technologies to finance and robotics, founders are contributing to nearly every sector.

“Velocity empowers thousands of student founders to turn innovative ideas into real-world solutions,” Dick says. “When students have the right tools, community network and coaches, they can build impactful solutions — and they do.”

There are plenty of Velocity founders to watch in 2025 including:

Airfairness – A platform that helps passengers around the world receive fair compensation after experiencing flight disruptions.
Doro – AI-based psychotherapy tools for early and subclinical mental health needs thereby preventing conditions from escalating into a disorder.
Entangled Vision – An early-stage macular degeneration screening test allowing for earlier treatment options to prevent vision impairment.
Foqus Technologies – Technology that enhances the sensitivity of magnetic resonance technology (MRI), resulting in scans that are 10 times faster with higher-resolution for earlier disease detection and is less expensive than hardware upgrades.
Gale - Visa application platform that accelerates applications, frees up lawyers to focus on strategy and ensures ongoing compliance for applicants and businesses throughout the visa lifecycle.
Movarion - Power-assisted carts and dollies that make it easier for health-care workers to move equipment and supplies while reducing the risk of injury.
Liquid Energy - Turnkey green data centers solutions that store renewable energy and recovers waste heat to produce heating, cooling and electricity.
Page - A real-time government relations platform that turns government noise into a competitive advantage featuring personalized insights, effortless tracking and a suite of AI-powered tools.
Phantom Photonics – Quantum-based sensors that are used both underwater to monitor equipment and in space, to prevent satellite collisions.
Real Life Robotics - Autonomous and teleoperated ground cargo and delivery robotics.
Swish Solar - Self-cleaning solar technology designed to actively keep solar panels clean in snowy and sandy regions, eliminating inefficiencies and maximizing energy output.
Upside Robotics - Autonomous robots that match fertilizer to crop needs, leading to better yields, lower costs and healthier soil for farmers.

Velocity continues to support founders who are unlocking economic impact in Waterloo region and beyond. As Canada continues to navigate uncertain economic times, Velocity supported companies will play a pivotal role in ensuring its continued success.

Technological Futures

Engineering the future with service and care

Charlotte Danby — Mon, 02 Jun 2025 14:31:13 +0000

Waterloo Engineering alum talks about the iron ring’s impact on her career and its call for all engineers to serve society

For 100 years, Canadian-trained engineers have participated in The Ritual of the Calling of an Engineer, an annual event at which they take an oath to uphold their profession’s values and in return, receive an iron ring—a small but mighty symbol of their solemn commitment to serve society.

For University of Waterloo alum Stephanie Thompson (BASc ’01), the ring is a unifier, reminding all who wear it to do work that pays attention to technical excellence but also, crucially, to how the work they do impacts people’s lives.

"I’m an engineer but I don’t build bridges or buildings, Thompson says. “What I do is build teams and help other people succeed. The iron ring’s commitment extends to all aspects of engineering, particularly now when automated and intelligent technologies are advancing so fast. It’s easy to get swept up in the excitement of new ways of doing things but in my line of work, it’s the humans that matter most.”

Lead with interest in others

Thompson’s impressive 24-year career at General Motors is defined by leadership and teamwork, bringing the right people together on projects and steering their collaboration to achieve success. This dedication to empowering people was further realized in 2019 when she founded STEM by Steph, an initiative that encourages women and girls to see themselves in the science, technology, engineering and math fields.

In 2022, Thompson became the director at Innovate Niagara, a regional innovation centre in Ontario that helps entrepreneurs develop their ideas into established businesses. And she’s a mom, possibly her most important role of all, to a bright, busy and infinitely curious nine-year-old daughter. Her plate is very full and incredibly rewarding, a joy-filled juggling act supported by her husband Richard, that plays to her strengths, giving her ample opportunity to do what she loves—mentor young talent, champion women and build bridges between education and industry.

“Socially impactful work means creating change that outlasts you,” Thompson says. “When people who attend my STEM workshops tell me they’d never thought of science or engineering as something they could do, I know I’m making a difference, advocating for those underrepresented at the STEM table and giving them a voice.”

Put a ring on it

Thompson remembers her iron ring ceremony with her classmates at Waterloo as both intensely emotional and lots of fun. Marking more than the end of a degree, it was a symbolic passage from student to professional.

“We began the day with laughter and chaos, dressed in outrageous Value Village outfits, exuberantly making our way across campus to meet up with engineers from all graduating classes,” she says. “But then came the ceremonial transformation—formal clothes, quiet reverence and the full understanding of our responsibility as engineers.”

This responsibility is under the spotlight today as rapid innovation in areas such as artificial intelligence (AI) and robotics raises important questions around ethics and trust. In times like these, Thompson believes the iron ring’s legacy is critical.

“When I started working, we were building and creating the systems that engineers are now quickly evolving for increasingly complex and data-heavy work,” she says. “Tech-driven tools are now part of everyone’s everyday—the potential for misuse is very real so we need to stop and think before we do. This calls for engineers who don’t just build technically proficient systems but question, collaborate and help shape society’s values in the process.”

In a profession tasked with guiding the world through precarious waters, Thompson encourages current and future engineers to lead with empathy and focus on service rather than self-promotion.

“I feel pride when I look at my iron ring,” she says. “It’s reflective of my academic achievement, community service and the career I’ve built. It’s about doing the right thing, even when no one is watching.”

Feature image: Stephanie Thompson (left) with Dr. Mary Wells, dean of Waterloo Engineering. Photo supplied by Stephanie Thompson.

Waterloo connections run deep within 2025 Narwhal unicorn list

Sam Charles — Fri, 23 May 2025 11:45:00 +0000

The 2025 Narwhal list highlights top Canadian tech companies poised for big growth

Tech companies with University of Waterloo connections continue to climb the annual Narwhal list of Canadian unicorns.

The list assembled annually by the Narwhal Project, a group that monitors and analyzes the technology sector, offers companies supports to become more efficient and adopt best practices. Each year they evaluate close to 1,000 Canadian technology companies. The total number of unicorns in Canada has grown from only three in 2020 to 26 this year.

Among the 2025 list of Canadian unicorns are seven companies with Waterloo connections: 1Password (3), Assent (11) eSentire (13), ApplyBoard (14), Clearco (19), Axelar Network (22) and Dapper Labs (23).

1Password’s global cybersecurity leadership protects more than 150,000 businesses and millions of consumers, enabling safe online experiences around the world. Jeff Shiner (BMath ’92) is the CEO of 1Password and credits his co-op experience at Waterloo as being a launching pad for his career success. Under his leadership, 1Password has grown to more than 1,400 employees and a valuation of $9 billion.

Assent Compliance, a software-as-a-service company, was co-founded by Andrew Waitman (BASc ’87, electrical engineering). Based in Ottawa, the company has a valuation of more than $1 billion and grown to more than 1,000 employees.

eSentire Inc., started by Edmund Dengler (BMath '91, MMath '94, Computer Science) and Eldon Sprickerhoff (BMath '91, Computer Science), is a multi-signal managed detection and response cybersecurity service. The company has a valuation of more than $1 billion based on investments it received in 2022.

ApplyBoard, an educational technology company co-founded by Waterloo alum Martin Basiri (MASc ’13) along with his brothers Meti and Massi Basiri, provides an online platform for international student recruitment. It has been featured within the top 10 unicorn companies every year since the Narwhal list was established.

Clearco, a financial technology company, was co-founded by Andrew D’Souza (BASc ’08). The company uses AI to evaluate small businesses and early-stage startups to determine their financial prospects. Clearco achieved unicorn status in 2021.

Co-founded in 2020 by then-Cheriton School of Computer Science Professor Sergey Gorbunov, who also serves as CEO, Axelar offers a decentralized network that connects application builders with blockchain ecosystems, applications and users. In 2022, it earned $35 million in Series B funding which brought it to unicorn status.

Video game developer, Dapper Labs, was co-founded by Dieter Shirley (BMath '96, Computer Science). Based in Vancouver, the company specializes in creating blockchain-inspired games. It reached unicorn status in 2021.

Three unicorns call the Region of Waterloo home. The same number as Montreal, and just ahead of Ottawa with one. Rounding out the list are Vancouver with eight and Toronto with 12.

The Narwhal Project also develops an annual list of scaleups to watch. Their 2025 Narwhal Scale Ups list focuses on three sectors in particular: computer, health and clean technology.

Alumni startup Tailscale Inc, founded by Avery Pennarun (BASc ’01) and David Carney (BASc ’01) along with David Crawshaw, is the top ranked University of Waterloo-connected computer tech Narwhal on the list. Also on the list is Float, a company co-founded by Griffin Keglevich and Ruslan Nikolaev (BSc ’20) who met while attending Waterloo’s Cheriton School of Computer Science. Float offers corporate credit card and accounting services.

While not all companies on the Narwhal Scaleup list have a direct Waterloo connection, nearly all the companies employ Waterloo co-op students.

From start-ups to scale-ups to unicorns, innovation across Canada is making big strides and the University of Waterloo is helping power it. According to the Narwhal list, Canada ranks eighth in the world at producing unicorns. The United States leads all nations with 782. When comparing unicorns per population, Canada improves to fifth place, ahead of countries like Germany and France.

Technological Futures

How to deliver on the powerful promise of quantum computers

Sam Charles — Fri, 23 May 2025 11:00:00 +0000

New tool estimates real-world costs of quantum computing so businesses can become quantum ready

Quantum computers promise more than code breaking. They could unlock commercial value in areas like banking, automotive and optimization industries. Businesses need to not only prepare for quantum attacks, but also ready their organizations to tap into the economic benefit of adopting quantum technologies.

Now, researchers at the Institute for Quantum Computing (IQC) at the University of Waterloo and quantum software provider softwareQ have developed one of the world’s first quantum resource estimation tools to calculate the realistic costs of quantum attacks and how to use quantum computers effectively.

The potential threat of someone breaking the RSA code, the encryption scheme that underpins secure online banking and e-commerce, motivated Dr. Michele Mosca, co-founder of IQC and softwareQ, and Dr. Vlad Gheorghiu, softwareQ’s co-founder and CEO, to develop a framework to estimate quantum attacks so that industries can be prepared.

Watch video on YouTube

“We can’t be one day late, and part of that calculus is knowing how big of a computer is needed,” says Mosca, professor in the Department of Combinatorics and Optimization. “But beyond that, if you want to derive commercial value from quantum computers, you have to know what they are good for and how powerful a quantum computer you are going to need. That’s a moving target as hardware and algorithms continue to improve.”

The new tool is a blueprint for businesses to calculate the realistic costs and resources needed to run a quantum algorithm. If a city were to repave a road, they would have to estimate all materials, labour and equipment needed to get the job done. This softwareQ tool is a breakthrough for estimating quantum computing resources because running large quantum algorithms, like those that break cryptography, is complex and requires significant overhead beyond just counting qubits — the quantum equivalent of a computer bit.

Gheorghiu, who is also an IQC research affiliate, says a breakthrough demonstration is needed to practically showcase quantum computers’ potential. Like how ChatGPT shows the impact of generative artificial intelligence. For now, it’s unlikely that industry is developing technologies as assertively as they could which is where resource estimation comes in.

“Many companies are going to be too late,” he says. “Our framework allows businesses to start thinking about quantum computing practically and gives them an idea of the landscape and what they need. And accelerate research and development of quantum technologies in general.”

Mosca says it’s difficult to accurately predict when the most secure encryption codes will be compromised. Timeline estimates for when that size quantum computer will be operational range from up to five years (14 per cent likely) and 10 years (34 per cent likely.)

“It’s very risky to assume it won’t happen,” Mosca says. “We are already at a point where quantum hardware can do stuff we couldn’t realistically do with classical hardware. That wasn’t true five years ago.”

Quantum computers are complex, and a quantum resource estimation framework is not a trivial tool, Mosca says.

“Because of the algorithms, layers of techniques, computer architecture, error rates, error correcting codes from the bottom up, if someone asks how many physical qubits a certain task requires, it’s hard to know without a resource estimation tool.”

Read more about their findings, Quantum resource estimation for large scale quantum algorithms.

Technological Futures

Quantum-Nano Revolution

Adaptis helps building owners and operators meet their profitability and sustainability goals

Sam Charles — Fri, 09 May 2025 15:14:23 +0000

The real estate decision-making tool raises $4 million USD in seed funding to accelerate innovation in housing and property development

Artificial intelligence (AI) and deep tech are revolutionizing how building developers and owners design, build and maintain their properties thanks to Adaptis, a Velocity startup. The decision-making platform supports optimizing cost-benefit and carbon usage from concept to completion by integrating financial, sustainability and operational data.

In its latest seed funding round, Adaptis has secured $4 million USD ($5.5 million CDN) from Building Ventures, including MetaProp, 2048 Ventures, Powerhouse Ventures and Blue Vision Capital.

“Through each seed investment stage, Adaptis has been able to build upon our momentum through upgrading our platform and scaling across different geographies,” says Sheida Shahi (PhD ‘21), CEO of Adaptis. “We’re continuing to build out our product and sales teams to best position us for our next phase of growth.”

The platform spearheaded by Shahi and co-founder Aida Mollaei (PhD ‘24) empowers owners, architects and engineers to lower building costs, generate more design options, reduce project timelines and optimize on-going operational costs.

Originally envisioned to support one building at a time, customers encouraged Adaptis to offer the same support for multiple buildings.

“It has been an exciting journey so far, and what we’ve discovered along the way is that our original concept still resonates,” Shahi says. “Customers still want what we first brought to market, so now we are looking at ways to make it even better.”

Adaptis could play an important role in addressing the ongoing housing crisis facing communities across Canada and the United States. By integrating hundreds of compliance parameters into a single AI-driven platform, including those related to building permits and assessments, the platform can shorten timelines to weeks from months and help developers break ground faster.

Shahi and Mollaei originally developed Adaptis as graduate students at the University of Waterloo. They intended to build a platform that automated the circularity of buildings during their whole lifecycle. To turn their sustainable technology into a viable business, they needed to make it economically beneficial for the client.

“Linking profitability and sustainability is not just a strategic advantage in the construction and real estate development sector — it’s becoming a requirement for long-term success,” Shahi says. “Especially amid rising regulatory pressure, consumer demand for greener buildings and escalating construction costs, our platform provides decision-makers with vital real-time information they need right at their fingertips.”

As a data-driven platform, Adaptis provides in-depth actionable, retrofit and decarbonization strategies that seamlessly integrate into capital planning workflows.

Adaptis has seen their revenue double since 2023, expanding into eight regions including British Columbia, Washington State and New York. The platform has more than 350 buildings in active operation, with another 400 more set to onboard next quarter.

Just as impressively, the platform has diverted more than 6,000 tons of waste and avoided 108,000 Co2 emissions while saving building owners an average of 20 per cent in capital expenditures.

With Ontario targeting to build 1.5 million homes by 2031, and many other jurisdictions across North America with similar targets, tools like Adaptis have the potential to streamline building processes and support expediting homebuilding to meet those demands.

“When we look to the future, we are excited about the work ahead in coordinating the science, technology and scalable infrastructure required to continue supporting our customers to succeed.”

Technological Futures