5 Questions with... with Dan Latendre
For this week's edition of 5 Questions, we've shaken things up a little. Today, not only are we featuring a heavyweight in the tech industry, but we've gone all the way to the Kitchener-Waterloo region to speak with him.
Dan Latendre is the CEO of IGLOO Software, a social software company that builds online communities for business. The web has always been a passion for Dan. In fact, he led a team that developed one of the first wireless internet access packages called Internet Anywhere in partnership with RIM, and later sold to Open Text. He proceeded to join Open Text and spearheaded the release of the first commercial search engine which powered Yahoo!. You can find Dan on Twitter at @dlatendre.
What motivates you to do what you do on a daily basis?
Creating and building things is my passion. Every since I was a child, I had some form of small business in the works: selling dew worms to local fisherman, cutting grass for neighbors and even writing software programs for local businesses. To put myself through university, I turned to entrepreneurship again and helped launch a successful student painting franchise that eventually grew to 26 franchises in just three years.
After graduating university, I had an insatiable appetite to continue building businesses from scratch and an interest in emerging technologies, so I joined an 8-person company called MKS. There I secured a grant with RIM to launch the first wireless internet access package, which was later bought by Open Text. Throughout my career, I’ve always been involved in new ventures. And IGLOO is particularly exciting because it’s at the heart of a perfect storm in the technology sector – ubiquitous broadband access, wireless, Web 2.0, and the move to cloud computing.
Do you have any success tips for people wanting to create a name for themselves in your industry?
- You need more than just a great idea. Without adequate funding, it’s almost impossible to succeed – especially in an emerging market like social software.
- Finding the right financial partner is about more than just dollars and cents. The right partner can facilitate introductions, help open markets and provide ongoing counsel and advice. That type of contribution is immeasurable.
- Knowing the numbers is never enough. An entrepreneurial leader must balance an understanding of finance with an understanding of the mechanics behind effective sales and marketing. You can’t be just a “one-trick” pony competing in today’s fierce global economy.
- Stay lean and mean. Every hiring decision matters, so make sure you bring on the right people, with the right attitude and make sure they fit the type of culture that you’re trying to create.
- Finally, fully understand your exit strategy. Everything comes to an end – even in business. Do you want to sell the business? Hold an IPO? Understand how your long-term vision for the organization influences your business strategy and decisions.
In your opinion, why is the Kitchener-Waterloo Region such a hotbed for cool tech start-ups?
I think it’s pretty simple. The region is a very close knit community that does a great job of nurturing technology start-ups. You’ve got a pool of highly skilled talent pouring out of three major post-secondary institutions (University of Waterloo, Wilfrid Laurier University and Conestoga College); one of the strongest support networks of economic development organizations (Chamber of Commerce, Communitech, Canada’s Technology Triangle), think tanks (CIGI, Perimeter Institute) and incubators (Accelerator Centre); and all layers of government working collaboratively for what’s best for the region.
What’s your favorite tech toy and social media site and why?
For business, nothing beats the BlackBerry. And not just because Jim Balsillie is the Chair of IGLOO’s board. It’s my go-to device for phone calls, email and accessing our corporate intranet community, which is powered by the IGLOO platform. Outside of work, I’m a big fan of Apple’s iPod Touch and iPad. The iPod Touch is my go-to entertainment device for trips to the gym or listening to music. I use the iPad for connecting to the web at home, on the road and for doing online demonstrations to new clients. It definitely beats lugging a laptop around.
From a social media perspective, my favorite site has to be Twitter for its ease of entry, versatility and overall impact as a marketing and communication tool. As CEO of IGLOO Software, I’m pulled in multiple different directions each and every day. And this is a great way for me to stay connected to both my professional network and to breaking news in the industry. Most of all, I have complete control. I can create and consume updates from my desktop or a mobile device, at any hour of the day. And, it is really quick and easy to use.
Who would you say is one of the region’s social media and tech stars and why?
One of the challenges I see is that too many people are trying to brand themselves as social media stars, in this region and beyond. There’s just way too much self-promotion clouding our social channels. The true stars that I’d like to recognize are the ones using social media for good.
Take the HopeSpring Cancer Support Centre in Waterloo (www.hopespring.ca). They’ve used the power of social technologies to raise awareness of HopeSpring and to create a virtual support group environment to help patients and their families through the process of recovery. That’s a true success story.
From a personal perspective, I’ve been fortunate to count two of the biggest tech stars in the region as mentors: Jim Balsillie, co-CEO of RIM, and Tom Jenkins, Executive Chairman and Chief Strategy Officer of Open Text. Both are superstars in their own right ─ not only because they have created hugely successful technology companies, but because they both give back to our local community. Over the past 10-15 years, both Jim and Tom have been instrumental in creating new start-ups, not-for-profits, think tanks, institutions as well as helping to connect our community leaders across government, industry and academic sectors.
