Mr. Heffernan began his presentation with some thoughts on the nature of community. He compared Calgary with what he experienced in Ontario, noting that money spent in Ottawa or Toronto typically belongs to other people, which leads to a certain detachment when investments are made. In contrast to this, Calgary investors typically put up their own money, and are genuinely committed to helping each other. He spoke of disruption as being the product of imagination, and of technology as being the enabler of disruption.

 

He then recounted the remarkable history of Zedi. The company underwent a difficult initial public offering (IPO) in 2001 that continued to be undersubscribed at progressively lower price points. Later, the economic downtown of 2008 was accompanied by a precipitous fall in natural gas prices, which hobbled practically all of its customer base. Zedi realized at that time that it needed to innovate and diversify. Its initial departure from natural gas measurement was still in the energy sector: into natural gas condensates.

 

During the economic downturn of 2012 a key investor based in New York exited the market, which ultimately led Zedi to decide to become a private company again. The repurchase of all outstanding public shares was completed in 2014 after $128 million in private funding was raised, all from local sources. Additionally, 2014 was the year that global oil and gas industry experienced its worst ever downturn.

 

These events sent Zedi onto a trajectory of innovation and diversification. The most striking of these was a jump from oil and gas into convenience retailing, as sensors developed for liquid condensates have found their way into slushee dispensers. As the company adapts to changing times it is working into agri-foods (smart farms and greenhouses), clean technology (water, soil and wind), and smart buildings, smart offices, and smart server rooms.

 

Mr. Heffernan concluded his remarks by returning to the idea of community. He sees the role of industry as creating prosperity in the age of disruption. The only limit to our imagination is attitude. Moving Calgary forward is our collective responsibility, and giving back is our duty.

 

David Leslie thanked Mr. Heffernan for his informative presentation.