As part of RBC Ventures’ Ignite Series, Sid Paquette joined their COO, Cheesan Chew, for a discussion on RBCx, and the way he is re-thinking technology banking.
Sid is the Head of RBCx, leading a highly specialized team to deliver industry tailored capital, financing, business advice and solutions that go beyond traditional banking to support the growth of technology and innovation companies.
Sid has spent his career in the tech and innovation sector as an investor and board member. After a bit of convincing—Sid never pictured himself working for a bank—he saw the potential for RBC to have an impact in the tech space, but knew that they needed to rethink how they approached those relationships.
Sid’s insights on the innovation and technology space were bold, so we thought we’d share some of the top takeaways from our conversation.
Insights on team building: Only hire the best.
“Hire the absolute top talent in the country. I can’t stress this more. You need to do everything to attract those people, because they attract top talent. We’ve literally hired the best talent in the country and now they’re attracting more talent.”
Insights on tech trends to watch: Crypto, Synbio, Climate.
“Crypto. I truthfully believe the rails are here to stay. We’re going to see a ton of fluctuation there, but the rails behind that technology is here to stay, so we need to figure it out. The other one I have a lot of personal interest in is the synthetic biology space. There’s so much complexity and potential application in this space. It’s going to be ridiculously exciting to see what’s created. The last one is climate. The renaissance is here and now people want to work for companies with a climate agenda.”
Insights on what’s next for RBCx: Adding value at the core.
“We’re not just here to provide capital. What we will do is help tech and innovation companies scale and you do that by adding value at the core. The big differentiator for our platform is building out that operational stable of individuals that can go deep into our clients and help them scale. I don’t want anyone on our team selling a product or service. What I want them to do is have a business discussion with the client and see what the client needs are. Because there’s virtually nothing the client is going to say that we can’t provide directly or indirectly.”