The air crackled with anticipation at the prestigious Royal York Hotel in Toronto last night as EY Canada unveiled its 2024 class of Canadian Business Innovation Award winners. Six visionary entrepreneurs stepped into the spotlight, representing industries from sustainable technology to advanced manufacturing, each embodying the resilience and forward-thinking spirit that continues to reshape Canada’s economic landscape.
“This year’s winners aren’t just running successful businesses—they’re fundamentally transforming how we think about innovation in Canada,” said Rachel Williams, EY Canada’s Entrepreneurship Lead. “In a global marketplace that becomes more competitive daily, these leaders are proving that Canadian ingenuity can compete and win on the world stage.”
Among the standouts was Vancouver-based Amira Daoud, founder of GreenCircuit Technologies, whose revolutionary approach to battery storage has attracted $87 million in investment capital since 2020. Daoud’s technology increases energy storage capacity by 43% while reducing manufacturing costs by nearly a third—positioning her firm at the forefront of Canada’s clean energy transition.
“We didn’t set out to win awards,” Daoud remarked during her acceptance speech. “We set out to solve one of the most pressing challenges facing our planet. This recognition validates that we’re on the right path, but the real work is just beginning.”
The judging panel, comprised of industry leaders, venture capitalists, and previous award recipients, evaluated candidates based on financial performance, market disruption potential, and demonstrated commitment to sustainable business practices. This year’s selection process was particularly competitive, with nominations increasing 28% over 2023 figures.
Montreal’s Jean-Philippe Leblanc claimed the Manufacturing Excellence category for his company NovaTech Fabrication, which has pioneered AI-integrated production systems that have been adopted by three major automotive manufacturers. His innovations have reduced production defects by 76% while increasing assembly line efficiency by nearly 40%.
“The true innovation isn’t in the technology itself,” Leblanc explained. “It’s in how we’re empowering workers by removing repetitive tasks and enabling them to apply their expertise where human judgment remains superior to any algorithm.”
The awards, now in their 27th year, have become a reliable predictor of future business success. Previous winners have collectively created more than 125,000 jobs and generated over $18 billion in annual revenue, according to EY Canada’s longitudinal analysis of past recipients.
Digital health platform founder Priya Singh received the Social Impact Innovation award for creating a telehealth system specifically designed for rural and Indigenous communities. Her platform has connected more than 75,000 patients with specialists they would otherwise have needed to travel hundreds of kilometers to see.
“Technology is meaningless if it doesn’t reach the people who need it most,” Singh said. “We’ve built our entire business model around accessibility, ensuring that postal code doesn’t determine health outcomes.”
The ceremony highlighted that innovation extends beyond product development. Calgary’s David Harrison was recognized for transformational leadership in the energy sector, guiding his traditional oil services company through a dramatic pivot toward geothermal energy production—maintaining profitability while reducing the company’s carbon footprint by 63% over three years.
EY Canada’s annual report on entrepreneurial ecosystems, released in conjunction with the awards, points to a concerning trend: while Canadian startups excel at early-stage innovation, they often struggle to scale domestically. The report indicates that 41% of high-potential Canadian ventures still relocate to the United States to access deeper capital pools and larger markets.
“These award winners represent the companies bucking that trend,” noted financial analyst Morgan Chen with TD Securities. “They’ve found ways to leverage Canadian advantages—strong education systems, government research support, and a diverse talent pool—while overcoming traditional barriers to growth.”
As the evening concluded, Williams announced that next year’s awards would expand to include a dedicated category for AI and machine learning innovations, reflecting the explosive growth in that sector across Canada.
What connects these diverse winners is their ability to see opportunity where others see only obstacles. In a business landscape increasingly defined by disruption, these entrepreneurs aren’t just adapting—they’re actively shaping the future of Canadian industry.
For more business coverage and entrepreneurial insights, visit CO24 Business.
