A partner with BDO Canada LLP, Matthew Galgay, says the company wants to contribute to the current energy in Newfoundland and Labrador’s start-up space, under a newly announced collaboration with Memorial University of Newfoundland’s (MUN) Genesis Centre.
There has been talk of attention and new collaborations in the rapidly growing tech-based start-ups of Newfoundland and Labrador, and Atlantic Canada more generally. That’s especially on the heels of virtual protector Verafin’s acquisition by Nasdaq for US$2.75-billion in late 2020. However, Galgay says the sector’s status involves more than a single deal.
“Listen, Verafin and what their founders, management team and staff have done over the last 10 to 15 years locally here even before was creating energy,” he told Atlantic Business Magazine. “But I would say it was happening even before that Nasdaq deal with Verafin. There are other, very exciting companies in St. John’s and throughout Newfoundland and Labrador. Some that have come through the Genesis Centre. And there’s a real collaboration of companies wanting to help each other.”
Galgay said it made sense for BDO to sign on to a new partnership with the Genesis Centre, the local incubator for high-growth start-ups and a key stakeholder in the flurry of activity. The partnership will see BDO offering in-kind advisory and support services to tech entrepreneurs working in the Enterprise program at Genesis.
“We’re offering things like virtual office hours, webinars and just having an open connection with their client portfolio, if they have any questions for things like accounting, or tax, or cash flow, or any sort of advisory-type questions,” Galgay said.
Companies will be able to take advantage of BDO’s forward-looking “CFO for hire” service, taking a closer look at forecasting, budgeting and longer-term cash flow.
There isn’t a firm value, a dollar figure, to put on the partnership and what it may demand. But it makes sense for BDO to give leaders of up-and-coming companies with potentially bright futures a taste of what it’s like to be a BDO client.
Galgay said talks on the new BDO-Genesis Centre ties began casually, mid-to-late 2020 given, “you know we’re investing in the technology and start-up ecosystem here in Newfoundland and throughout Atlantic Canada and we’re nimble and I think the Genesis Centre really liked that, and that grew into the conversation of well, would you be interested in becoming our partner of choice? And to be honest with you it was a pretty-quick decision on our side.”
“We believe in what the Genesis Centre is doing and (…) the ecosystem here locally, the start-up community and the energy that’s happening here and we just wanted to be a part of that, and we can bring a lot of value to support both the Genesis Centre and the client. So it was a pretty easy decision,” he said.
Genesis Centre director of finance and administration Colin Corcoran said he was “thrilled” to add BDO to the list of Genesis Centre partners. “Their local presence, international network and broad range of solutions gives our clients a deep well of expertise to draw from,” he said in a statement as the partnership was announced.