The Canadian Business Innovation Awards returned for its fifth edition on April 23 at the Toronto Region Board of Trade to celebrate Canada’s most forward-thinking leaders. Set against sweeping waterfront views, the event recognized innovators who are redefining industries and helping shape the country’s future. 

Hosted by Canadian Business in partnership with Maclean’s, and presented by Bank of Montreal (BMO) with VIP sponsor Tricon, the awards brought together more than 100 senior executives and entrepreneurs from across Canada’s most dynamic companies for an evening of recognition and connection.

Following a VIP networking reception, Robin Stewart, vice president and head of business banking, product management and business strategy at BMO Financial Group, kicked off the night with a keynote speech. He emphasized that innovation is no longer optional but essential in today’s volatile economic landscape, praising the audience as leaders “who are shaping what the next chapter of Canadian business–and Canada itself–will look like.”

He noted that modern innovation requires businesses to effectively deploy capital, manage risk and adapt to structural shifts, adding that companies must evolve to remain resilient amid ongoing uncertainty. “Innovation calls on people who challenge old assumptions, invest through uncertainty, and wake up every day committed to building something durable,” said Stewart. “It’s not just about growing companies but about strengthening communities, creating opportunity, and reinforcing Canada’s economic resilience.”

That focus on transformation carried into the evening’s thought leadership panel. Jason Maghanoy, group publisher at SJC Media, moderated a discussion featuring leaders from entertainment, philanthropy and beauty on how AI is quietly–and not so quietly–reshaping modern work across their industries.  

Jennifer Bernard, CEO of SickKids Foundation, identified scale as the biggest challenge. Her organization has 1.3 million donors and a team of about 300 staff, making one-to-one engagement difficult to sustain. The solution, she said, has been predictive AI, which helps anticipate donor behaviour and tailor donor outreach at an individual level. “We really customize the [donor’s]  journey, whether that’s through text, email or video.”

Yet for Bernard, the technology’s true value lies in what it alleviates. “Where we use AI is to get rid of busy work so that we can spend more time in front of our donors,” she said.

In the consumer packaged goods space, the benefits of AI are often tied to speed and efficiency, said Julie Sutherland, general manager of Estée Lauder Companies in Canada. She described how AI can streamline creative timelines. “Before we used to spend weeks to months [on timelines]…Now, in a matter of seconds, you can create something with AI,” she said. 

While AI can speed up brainstorming, its role in creative industries remains controversial. Elizabeth Kantor, director of unscripted development at Cineflix, described a production pipeline increasingly infused with automation—from transcription to post-production—but drew a clear line at originality. “AI isn’t very good at being weird,” she said. “Part of what makes phenomenal creative work is weirdness, taste and that human DNA.” Even as AI-generated content proliferates in strange forms, such as the viral “fruit soap opera” videos cited by Maghanoy, Kantor argued the creative spark still comes from humans: “[AI] didn’t come up with [that video]. It was a weird human sitting there going, ‘I want a fruit version of Love Island.’”

Across the panel, a common theme emerged: AI can accelerate processes and expand a team’s capacity to deliver results, but businesses still need taste, judgement and nuance–human qualities that the technology cannot replace. “Help the AI help you be you,” said Maghanoy in closing.

Following the panel and an awards dinner gala, courtesy of Oliver & Bonacini Hospitality, Katrya Bolger, associate editor at Canadian Business, led the announcement of the winners of the fifth annual CB Innovation Awards, recognizing companies driving innovation across five sectors.

Winners and Finalists

Social Impact, Health & Education

Winner: Flashfood
Finalists: Fitzrovia & Meridian Credit Union

Technology

Winner: Xanadu
Finalists: Borderless AI, Microsoft Canada & Square

Financial Services

Winner: Neo Financial
Finalists: Burgundy Asset Management & Merchant Growth

Arts, Media & Marketing

Winner: Crave
Finalists: DoorDash & THE GIST Media

Sustainability

Winner: Better Battery Co.
Finalists: Haven Greens & Saint Gobain Canada

As the night drew to a close, the program transitioned into an afterparty. With small bites and drinks in hand, attendees lingered to exchange ideas, spark new connections and reflect on the conversations around business innovation that had defined the evening.

Click here to read more about the recipients of the 2026 CB Innovation Awards.