Key Areas in Technology Investment and Innovation
This synthesizes the main areas and most important ideas presented by Terry Doyle, Managing Partner of Telus Global Ventures, on technology investment.
1. Navigating Hype Cycles and Contrarian Investment
Terry Doyle, with over two decades of experience, emphasizes a long-term, cyclical view of the market, cautioning against the allure of immediate trends and advocating for a contrarian investment approach.
Experience as a Lens
Doyle's history, including witnessing the dot-com crash (e.g., Webvan's bankruptcy) and the rise of mobile phones, has "changed the lens under which [he] look[s] at new technologies and new developments." This historical perspective allows him to identify patterns and avoid common pitfalls, fostering a more discerning investment strategy.
Investing Against the Grain
A core tenet of his strategy is to "invest when nobody else is investing." He explicitly states, "if everybody's investing in the same thing you probably shouldn't be in there you should wait." This contrarian approach aims to avoid the "hype curve," as seen when he deliberately avoided popular investments in 2022, seeking undervalued opportunities.
Patience and Prudence
Jumping at "every new development" is likely to lead to "a lot of mistakes." A seasoned investor recognizes that not every innovation is immediately ripe for investment or will fundamentally shift the market. Patience and careful consideration are paramount to making sound, long-term investment decisions.
2. Strategic Investment Horizons (McKenzie Model)
Doyle applies the McKenzie consulting firm's "Horizon" model to guide investment decisions, distinguishing between immediate commercial viability and long-term, foundational shifts.
Horizon 1: Immediate Applications
These are technologies "getting to the beginning parts of the use of its life as a technology" – indicating immediate commercial applications and relatively short-term returns. Investments here focus on proven concepts and market traction.
Horizon 3: Fundamental Science
These technologies are "very far away from being commercialized, more like fundamental science" – representing long-term, foundational research with future potential. Investments in this horizon are typically speculative but offer the potential for significant, disruptive returns in the distant future.
Balancing Horizons
Telus Global Ventures sometimes invests in Horizon 3 companies, even if commercial deals are years away. An example given is quantum security, where they anticipate future problems ("we think this is going to be problem in the future so we... should probably invest early and learn") to gain "tuition value" and understand the evolving space. This demonstrates a willingness to take calculated, long-term risks to be prepared for future societal shifts and gain early insights.
3. The Power of Unbiased Thinking and Challenging Assumptions
Doyle highlights the critical role of open-mindedness and the rejection of preconceived notions in fostering innovation and achieving breakthroughs.
Valuing Naivety
He notes that some of the "best founders" are great precisely because "they don't have preformed ideas." Unlike experienced individuals who might shut down possibilities based on past failures ("that doesn't work I can't do this"), those with less experience often "bring a very new perspective to solving a problem and say they don't make assumptions." This fresh perspective can lead to novel solutions.
Combating Bias
Doyle points out that companies like Google actively work to prevent employees from making assumptions. He poses a crucial question: "Your response to this question is X do you realize that there's two assumptions that are part of that why have you made those assumptions oh that's always how it's always been removing that bias almost is where you get some real breakthroughs." This proactive removal of "that bias" is key to achieving "real breakthroughs" and fostering genuine innovation.
Data as a Catalyst for Change
The investment in Clinia, an AI-driven search for enterprises, exemplifies this. While Telus had "a lot of data," Clinia "has really changed the way we think about what we can do with that data and that business." This shift in thinking, both internally and for customers, was a significant outcome of the investment, demonstrating how new data insights can challenge existing paradigms.
4. Fostering a Culture of Risk-Taking and Learning from Mistakes
Doyle emphasizes creating an environment where teams feel comfortable taking calculated risks and view mistakes as invaluable learning opportunities, essential for innovation.
Accepting Mistakes
"We will make mistakes." Acknowledging this upfront helps team members avoid freezing up or being overly conservative due to fear of failure. This open acceptance fosters a more experimental and innovative mindset within the organization.
The Three-Step Mistake Protocol
Doyle outlines a clear process for handling errors:
- "Acknowledge that you've made a mistake."
- "Fix the mistake as best you can."
- "Don't make the same mistake twice."
This structured approach ensures that mistakes lead to genuine learning and continuous improvement.
Empowering Exploration
This environment encourages people to "explore options more" and prevents them from being "conservative in how they think." Their core job is to "take risk on behalf of the company and do that in a way which is sensible but to push the company and to help get more technology into the hands of our customers to make their lives better."
5. The Primacy of the Founder: Problem-Solving and Resilience
When considering investments, Doyle places the highest value on the individual founder's qualities, recognizing them as the most critical factor for success.
Founder Over Idea/Market
"The individual is really the most determinative factor." While ideas and market potential are important, the founder's ability to execute, adapt, and persevere through challenges is paramount. A great founder can pivot a weak idea, but a weak founder will fail even with a strong idea.
Key Founder Traits
- Problem-Solving Ability: "Somebody's ability to solve problems" is fundamental.
- Perseverance/Stubbornness: "Continue to work at problems even when they're not making headway is the sign of a good entrepreneur." There's "a level of stubbornness there which really is important in taking on big problems."
- Motivation: "You have to have that ability to wake up every day and want to take on and solve a difficult problem." This intrinsic drive is irreplaceable.
Investor's Role
The investor's job is to "find great founders who are solving significant problems" and then "find money and... smart people and... bring them together." Doyle finds it rewarding to "help them go that little bit farther on their journey," emphasizing a supportive, enabling role for investors.
Conclusion
Terry Doyle's philosophy emphasizes a seasoned, patient, and contrarian approach to technology investment. He values a long-term strategic vision, a culture of intellectual humility, and calculated risk-taking.
Above all, he highlights the indomitable spirit, problem-solving tenacity, and unwavering motivation of the entrepreneur as the most critical factors for achieving significant breakthroughs and enduring success in the dynamic world of technology innovation.
Telus Global Ventures FAQ
Investment philosophy, risk mindset, and lessons from 90+ portfolio companies.
Telus Global Ventures is the corporate VC arm of Telus. With ≈90 portfolio companies (60 % holding commercial deals with Telus), it invests contrarian‑style: backing early, even “Horizon 3” bets like quantum security, when hype is low and tuition value is high.
Managing partner Terry Doyle has navigated tech cycles since 1999 (dot‑com bust, mobile boom). That memory flags hype bubbles early: if everyone’s piling into a theme (e.g., AI in 2022) he pauses, hunts deeper shifts, and buys value while others chase headlines.
A hype curve is the rapid boom‑and‑bust in over‑popular tech. Telus GV’s rule: invest when capital is scarce. If “everybody’s in,” they wait—capturing better pricing and calmer decision‑making.
They prize founders who question orthodoxy. Like Google’s culture, Telus GV fights “experience bias” by rewarding fresh takes and discouraging the “we tried that once” reflex—because breakthroughs start where assumptions end.
Risk is the job. Misses are accepted—own them, fix them, never repeat them. This safety net frees the team to experiment rather than freeze from fear.
McKinsey’s three horizons mark tech maturity. Telus GV happily funds Horizon 3 science (e.g., quantum security) years before revenue to gain early insight and optionality.
Relentless problem‑solvers with healthy stubbornness—people who wake up daily to tackle tough puzzles even when progress stalls. Telus GV funds the mission and opens doors.
Clinia’s AI search reshaped healthcare data access—shifting Telus from “own data” to “activate data.” It improved patient outcomes and altered how clients run their businesses—exactly the systemic change Telus GV seeks.
