Alison Nankivell Leaves MaRS for Export Development Canada

Alison Nankivell’s leadership of the MaRS Discovery District comes to an unexpected end as she transitions to her new role as CEO and president of Export Development Canada (EDC), a position that marks a significant shift in her career. The announcement, made by Mary Ng, Canada’s Minister of Export Promotion, International Trade, and Economic Development, underscores Nankivell’s appointment at a critical time in Canada’s economic landscape.

EDC, a federal Crown corporation, is instrumental in providing financial backing to Canadian businesses with an export focus, helping them expand internationally.Nankivell succeeds Mairead Lavery, who had served as EDC's president and CEO for six years. Lavery’s leadership saw significant accomplishments, and the transition to Nankivell is expected to usher in new strategies in response to evolving global trade dynamics.Minister Ng expressed deep appreciation for Lavery’s contributions to EDC, acknowledging the challenges of today’s complex global trade environment and the opportunities it holds for Canadian businesses.

Nankivell’s brief tenure at MaRS began in March of 2024, where she took over following the departure of Yung Wu, the former CEO.Her time at the helm was notably short, lasting just a few months, and may be remembered for the difficult decision to implement staff cuts, a significant and controversial move within the innovation hub.MaRS, a key government-backed tech and innovation incubator, has been central to driving growth and fostering innovation in Canada’s tech ecosystem, making leadership transitions particularly impactful.

Her appointment to lead EDC reflects the ongoing shifts within Canada's leadership in the tech and trade sectors.Throughout 2024, Canadian tech has seen a wave of executive turnover, including high-profile leadership changes at several major companies.This trend has become one of the defining stories of the year, highlighting the challenges and evolution faced by the Canadian technology and export sectors.Nankivell’s background, including her leadership experience and expertise in the intersection of business, trade, and innovation, positions her well to take on the responsibilities at EDC.

In the coming years, EDC will continue to play a key role in helping Canadian companies navigate global markets and expand their reach, all while adapting to the increasingly intricate global trade environment.As the global economy continues to evolve, Nankivell’s strategic vision for EDC will likely be crucial in ensuring that Canadian businesses remain competitive and resilient.

Alison Nankivell’s brief tenure at the MaRS Discovery District was marked by significant organizational changes, notably staff cuts, which were seen as a bold move to realign the hub with its original mission.Nankivell’s appointment in March 2024 was met with optimism, with Claudette McGowan, vice-chair of the MaRS board, expressing confidence in her leadership.McGowan praised Nankivell’s exceptional leadership qualities and her alignment with MaRS’ mission, anticipating that her vision would drive innovation and growth within the organization and the broader innovation community. Nankivell’s first significant decision at MaRS involved difficult but necessary staff reductions.

As part of a strategic "reset" aimed at refocusing MaRS on its original goals, the Toronto-based innovation hub laid off 20 staff members in June 2024. These cuts were predominantly at the leadership level and represented a shift in MaRS’ operational model.In October 2024, Nankivell made the decision to reduce the team further, cutting an additional 11 positions.This decision was part of a broader restructuring effort to streamline the organization and refocus its resources on its core objectives.In a conversation with BetaKit, Nankivell explained that one of her key goals was to achieve a more balanced funding model for MaRS, with a 50/50 split between public and private funding in the coming years.

This shift in funding strategy was aimed at making MaRS more sustainable and independent, enabling the innovation hub to operate more effectively in a changing economic and technological landscape.While the staff cuts were controversial, they were also seen as a necessary part of MaRS’ strategic evolution under Nankivell’s leadership. Her tenure, though short, set the stage for broader changes at MaRS, as she worked to position the organization for future success. As she transitions to her new role at Export Development Canada, Nankivell leaves behind a complex legacy at MaRS, marked by both the challenges of leadership transition and the promise of a redefined future for the innovation hub.

MaRS Discovery District, a key innovation hub in Toronto, has faced significant changes under the leadership of Alison Nankivell, including a marked decline in government funding, which accounts for about two-thirds of its $29 million CAD in revenue. This figure represents a 10 percent decrease from the previous year and a staggering 65 percent decline from 2019. Despite this downward trend, MaRS secured some government support, such as a two-year extension of its funding agreement with the Ontario government in March, which saw the province contribute $10 million annually.

Additionally, in November, MaRS was one of three Ontario innovation hubs that received a combined $47.5 million CAD in funding from the federal government through the Scale-Up Platform program, helping to offset the financial challenges.Nankivell’s tenure at MaRS began in March 2024, following her decade-long service at the Business Development Bank of Canada (BDC), where she held the role of Senior Vice President of Fund Investments and Global Scaling at BDC Capital. In that capacity, Nankivell oversaw commitments to venture and growth funds, as well as strategic initiatives around environmental, social, and governance (ESG) issues.

Her leadership experience also extends to a 14-year tenure at Export Development Canada (EDC), where she focused on Asia funds, which brought a wealth of experience to her role at MaRS.However, after a brief but impactful tenure at MaRS, Nankivell is transitioning to her new role as CEO and president of EDC. Following this announcement, MaRS appointed Grace Lee Reynolds as interim CEO, effective February 5, 2025. Reynolds, who is currently MaRS’ Head of Development and Programming, brings over a decade of experience at the innovation hub, having served as its Chief Financial Officer (CFO) from 2014 to 2020.

This leadership transition marks a new chapter for MaRS as the organization continues to adapt to the shifting landscape of Canadian innovation, securing its place in a competitive market while navigating financial challenges.While Nankivell’s departure signals the end of a chapter at MaRS, her legacy of refocusing the hub’s operations and funding strategy will likely influence the organization’s future direction.Alison Nankivell’s sudden decision to leave MaRS Discovery District caught the organization’s leadership by surprise, according to multiple sources familiar with the situation.

These sources, speaking anonymously, revealed that MaRS' board may have been notified as late as the Friday before the public announcement, with some team members only learning of the news today, just prior to the official announcement.Interestingly, shortly after Global Affairs Canada made the announcement of Nankivell's appointment to the CEO position at Export Development Canada (EDC), MaRS quickly posted a video on X (formerly Twitter), highlighting the organization’s biggest achievements of 2024. Nankivell’s hiring was notably the first accomplishment mentioned in the video, underscoring the significance of her brief tenure as CEO.

This rapid communication could reflect the organization's effort to present a unified front despite the unexpected leadership transition.The timing of these events suggests a potentially abrupt shift at MaRS as it navigates the changes brought about by Nankivell’s departure and prepares for a new chapter under interim CEO Grace Lee Reynolds.