In this episode of Tank Talks, Matt Cohen speaks with Terry Doyle, Managing Partner at Telus Global Ventures, about the evolving role of corporate venture capital (CVC) in business strategy. Terry discusses his path from Nokia and Microsoft to leading one of Canada’s top CVC arms. With 30+ deals in 2023 and a dual “investor + customer” model, Telus is redefining how corporates fuel innovation. The conversation covers AI in emerging verticals, enterprise partnerships, and Canada's place in global tech. Founders, investors, and policy leaders alike will find actionable insights and strategic guidance throughout this episode.

Terry’s Unconventional Career Path (00:00:49)

* From law school to Nokia’s corporate development during the iPhone disruption.

* Lessons from Nokia’s decline: "The paranoid survive" (Andy Grove) and the dangers of engineering-centric cultures.

* Transition to Microsoft pre-Satya Nadella: Pitching $400M deals in an era where "revenue below $1B wasn’t reported."

How Telus Builds Through Venture Capital (00:14:51)

* Telus’s evolution from telco to tech & services powerhouse

* Over 90% of investments include commercial partnerships

* Measuring ROI through value capture: “$34M in portfolio revenue last year, targeting $60M this year.”

Navigating M&A and Corporate Integration (00:28:43)

* Why integration, not pricing, kills most acquisitions

* Founders: plan to stay 3+ years post-acquisition

* The liquidity logjam: public markets are closed, valuations remain sticky

AI’s Vertical and Observability Revolution (00:43:00)

* Why Telus is betting on vertical LLMs and AI observability tools

* Applications in health, agriculture, and cybersecurity

* “AI isn’t a side bet, it’s foundational to our product strategy.”

Canada’s Innovation Imperative (00:32:58)

* Only 6% of Canadian corporates invest in venture (vs. 40% in the U.S.)

* “If you don’t like change, you’re going to hate irrelevance.”

* The need for more startup acquisitions, angel reinvestment, and risk tolerance from corporate leaders

About Terry Doyle

Terry Doyle is Managing Partner at Telus Global Ventures, leading strategic investments across Telus’ digital health, agriculture, and AI verticals. A veteran of British Telecom, Nokia, and Microsoft, Terry has negotiated global M&A deals and now helps startups scale through Telus’ commercial ecosystem. Passionate about Canadian tech, Terry is also a long-time supporter of C100 and innovation policy.

Connect with Terry Doyle on LinkedIn: https://www.linkedin.com/in/doyleterry

Visit Telus Global Ventures Website: https://www.telus.com/en/ventures/global-ventures

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

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