David Birkenshaw is the Managing Director of Birkenshaw & Company Ltd., a capital markets and financial services company based in Toronto. With more than three decades in leadership roles in mining, venture investing, and digital asset strategy, Birkenshaw offers a distinct and mature perspective on investment trends in Canada and globally. In this discussion, he explains how entrepreneurship is influencing investor behavior in 2025, why narrative is key in capital raising, and what traits he believes define the most impactful investment leaders today.
Q: How would you describe the current state of entrepreneurship and investment in Canada?
DAVID BIRKENSHAW: They’re more intertwined than ever. The investors who perform best are being proactive and building strong relationships with the businesses they support. Meanwhile, entrepreneurs are organizing their companies with investor-level discipline right from the start. These partnerships are creating a much more dynamic ecosystem in which capital is strategic and collaborative.
Q: What are the most important traits for investment professionals operating in an entrepreneurial environment?
DAVID BIRKENSHAW: You need to be both decisive and adaptable. Investment professionals have to be able to evaluate opportunities quickly but remain rooted in disciplined analysis. I’m seeing increasing value in patience. Some of the biggest impacts take a lot of time, particularly when it comes to sectors outside of the platform economy, such as mining or infrastructure. Having that long-term mindset helps investors support steady growth without getting distracted by short-term noise.
Q: What sectors or trends are becoming hot for investors right now?
DAVID BIRKENSHAW: There’s major interest in energy transition projects, digital infrastructure, and AI businesses looking to optimize operations. We’re also witnessing increased capital flowing towards private transactions, where investors can develop direct relationships with operators and participate more actively in value creation.
Q: Many founders struggle when raising capital. Where do you see the biggest gaps?
DAVID BIRKENSHAW: The most common problem is a lack of clarity in how they present their business. Entrepreneurs who can explain their market, financial assumptions, and how they plan to execute tend to attract stronger interest. Understanding the investor’s perspective is also important. A great capital partner doesn’t want to see the upside in every deal. They are risk managers, and they need to have faith in the decision-making of the team.
Q: After decades of experience, what motivates you to stay engaged in this space?
DAVID BIRKENSHAW: The work is still meaningful. Every opportunity is different, and every conversation brings something new. I am especially drawn to ventures that combine innovation with responsibility. That balance has become very important, and I think investors can play a big role in supporting it.
