The Logic’s readers voted Cohere co-founders Aidan Gomez, Nick Frosst and Ivan Zhang as Canada’s innovation leaders of 2024, recognizing the rapid growth of the generative AI firm.  

Cohere raised a US$500-million Series D in July led by pension plan PSP Investments, then secured $240 million in financing from the federal government for a data centre to train its systems. The firm has refined its focus on customized models for businesses, and has partnered with firms like Oracle, Fujitsu and TD Bank. It also works with consulting giants McKinsey and Accenture. 

In an interview with The Logic, Nick Frosst said it was “motivating” to see readers’ reaction to the firm’s progress over the last year, and he was most proud of the development of a new family of small and efficient models for enterprises.

“Canada has been an amazing place to grow a global business,” Frosst said. “Our roots will always be here, and this will always be our home base.” 

Gomez, Cohere’s CEO, said he was “honoured that the community has recognized Cohere’s leadership in AI.” 

Readers who voted for Cohere cited its leadership in Canadian AI. “Cohere has been at the forefront of the AI revolution and proudly waving the Canadian flag against big players like OpenAI,” one reader wrote.

Wealthsimple CEO Michael Katchen and Tobi Lütke, founder and CEO of Shopify, came in second and third. 

Toronto-based Wealthsimple’s valuation surpassed its 2021 high this year—a major comeback after Power Corp. wrote down its valuation in 2022. Total assets under administration were $52.1 billion this September, a near 70 per cent jump from the end of 2023. 

Shopify also had a good year, beating earnings expectations, while Lütke himself became increasingly vocal in public conversations about tech and government.

In the survey, readers also predicted U.S. president-elect Donald Trump will cause turmoil in the tech sector, and that the value of the Canadian dollar will drop. Other readers suggested that AI will either expand rapidly into other fields—like retail—or hit a wall in adoption. 

“​​As a nation we should move in 2025 from an AI adoption focus to creation of AI solutions and services so we do not become AI resellers,” one reader said. Another predicted that “AI hype implodes” in 2025, and that data centres in Canada will grow as they supply resources to “more innovative countries.” 

Some predicted greater investment in digital banking. One reader said open banking will reveal “a need for better digital infrastructure, particularly as relates to identity, trust and secure forms of communication.”

Many readers said they will be watching Cohere closely next year, as well as fintech firms like Wealthsimple, Neo Financial and Koho for their efforts to challenge Canada’s big banks. 

“Cohere has to be the main one to watch in 2025 as they are well positioned to lead a revolution in delivery tech solutions across the board,” one reader said, adding that they “love Shopify’s aggressive growth and innovation” and that Clio is making big advances in legal software.

Frosst said he’s seen less focus over the past year on apocalyptic predictions or fears of AI replacing workers, and more attention to pragmatic uses. He predicted that many companies will soon have a tailored LLM as their “backbone,” with many workers using AI models regularly to augment their work. Cohere is doubling down on that as a business priority.

“I fully expect this technology to influence every knowledge worker,” Frosst said. “Is it artificial general intelligence? No. Does it pose an existential threat to humanity? No.”

“I’ve been very pleased to see governments and enterprise focused on the tangible and the real, as opposed to the sci-fi,” Frosst added.

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Methodology

The Logic emailed subscribers a private link to an online survey on Dec. 13, and the survey closed Dec. 17. Respondents’ identities were kept anonymous. Subscribers were asked “Who do you vote for as the Canadian tech leader of 2024?” with the following options:

• Foteini Agrafioti, chief science officer and head of Borealis, RBC
• Aidan Gomez, Nick Frosst and Ivan Zhang, co-founders, Cohere
• Katherine Homuth, founder and CEO, SRTX
• Jordan Jacobs, managing partner, Radical Ventures
• Rasha Katabi, founder and CEO, Brim
• Michael Katchen, CEO, Wealthsimple
• Andrew Lutfy, CEO, Groupe Dynamite
• Tobi Lütke, founder and CEO, Shopify
• Tiff Macklem, governor, Bank of Canada
• Jack Newton, founder and CEO, Clio
• Raquel Urtasun, founder and CEO, Waabi
• Jennifer Wong, CEO, Aritzia
• Other (please specify):

They were also asked three open-ended questions: “What’s your top tech or business prediction for 2025?”, “What Canadian tech company will you be watching most closely in 2025, and why?”  and finally, “What is your company or organization’s biggest priority in 2025?”