Venture capital (VC) is often painted in broad strokes, depending on who’s describing it. For some, it’s a bit of a black box, where a sharp-suited entrepreneur, the right pitch, the right timing, and a sprinkle of luck can churn millions. For others, it’s a fast-paced, competitive field where decisions are made with a laser focus on returns and reputation. While these views are pieces of the puzzle, they often miss the bigger picture.
The Ivey Venture Capital Club (IVCC) aims to inform students about the pathways in the venture capital field through educational events, case competitions, firm trips, and more. On Friday, November 15th, IVCC hosted an informational discussion with Janet Bannister, where I had the opportunity to learn more about her journey.
At its core, venture capital is about vision, belief, and supporting the people who have the drive to make extraordinary things happen. Few people embody this ideal better than Janet Bannister. As the founder of Kijiji, Canada’s go-to online marketplace, and now the driving force behind Staircase Ventures, Janet brings a refreshing, human-centered approach to the industry. For Janet, investing means empowering those people to grow, lead, and ultimately drive change.
Her story began with an unexpected item: a stack of muffins. Inspired by a biography of Lee Iacocca, the legendary CEO of Chrysler, Janet decided to dip her toes into the world of entrepreneurship. Her humble beginnings in business started with walking up and down Yonge Street in the blaring heat trying to sell her home-baked muffins to local businesses. At what seemed like an endless street of rejections, one eventual “yes” was enough to fuel her fire. That persistence became a defining trait, one that would enable her to lead major businesses and reshape the VC scene.
As a graduate of the Ivey Business School, Janet reflects on lessons from her HBA years. She urges the sheer power of being a part of a community of peers who are as passionate about business as you are – those who challenge and inspire you. That mindset became a cornerstone of her career. Janet began her professional journey at Procter & Gamble as a Brand Manager, then joined McKinsey & Co. as an Engagement Manager. She also built a successful consulting business and became CEO of a venture-backed startup. Yet, Janet found herself drawn to the booming tech world as a way to be successful and relevant in business. She knew that to make an impact in the ever-evolving tech industry, she had to immerse herself in its epicenter: Silicon Valley.
Getting there required the same persistence she showed on Yonge Street. Janet cold emailed Bob Kagle, a prominent venture capitalist and early eBay investor, but her initial messages went unanswered. With no intention of giving up, she followed up repeatedly until Bob agreed to meet. That meeting led to an introduction to eBay’s CEO, and two weeks later, Janet was in Silicon Valley, working for one of the most iconic up-and-rising companies.
While Silicon Valley offered Janet a front-row seat to innovation, she felt a pull back to Canada to tackle a uniquely Canadian challenge. At the time, Canadians were hesitant about e-commerce. They preferred researching online but meeting in person to transact. Instead of seeing this as a limitation, Janet saw an opportunity. She launched Kijiji as a bridge between the digital and physical worlds, offering Canadians a platform that matched their habits and needs. Janet was relentless in her pursuit of innovation, mastering growth drivers like search engine optimization (SEO) and public relations (PR) long before they became industry buzzwords. Kijiji thrived because Janet understood people. The birth of Kijiji was quickly shaping how Canadians approached e-commerce, earning its place as a leader in the marketplace space.
Around ten years ago, Janet made another pivot – this time into venture capital. Initially skeptical about the industry’s cut-throat reputation and narrow focus on financial returns, she saw VC as a way to invest in the success of entrepreneurs. Janet envisioned a fund that not only backed businesses financially but also invested in the human capital of the people behind them.
When Janet evaluates founders, she doesn’t look for a laundry list of credentials or decades of experience. Instead, she asks: Do they have grit? Are they willing to continuously learn? “Can they attract, retain, and motivate outstanding performers?” she challenges. At the end of the day, Janet champions the fact that “Success as a founder is not dependent on the number of years of experience,” but rather these qualities that truly drive success. This philosophy is the foundation of Staircase Ventures, her venture fund designed with competitive edges that go beyond just writing checks. Janet offers mentorship, shares profits with founders, and fosters a collaborative community of entrepreneurs who lift each other up. In fact, Staircase Ventures is the first and only venture capital firm in North America that sets aside a portion of its carry for founders and advisors.
Janet’s approach to relationships is refreshingly human. She doesn’t like the word “networking,” with its transactional connotations. Instead, she focuses on building trust and showing genuine care, because “one of the most important things in life and VC [is that] if you give unconditionally, it comes back to you.” The mantra she asks is simple: “What can I do to help you? How can I be helpful to you?” It’s this ability to offer unconditional support that has earned her the respect of founders, colleagues, and peers alike.
Janet is also quick to remind us that Canada is a land of opportunity. While the spotlight often shines on Silicon Valley, she sees Canada’s tech landscape as uniquely positioned for growth. For her, the value lies in viewing technology as a means to an end. It’s a mindset she carries into her thoughts on artificial intelligence (AI), a tool she believes holds massive potential. While AI is still in its early stages and often riddled with inefficiencies, Janet sees its ability to streamline processes as only the beginning. The real breakthroughs, she believes, will come as AI evolves to tackle problems we haven’t yet imagined. “There’s never been a better time to start a company in Canada,” she says, with the kind of confidence that only comes from experience.
From muffins, to marketplaces, to mentoring the next generation of founders, her journey reflects what can happen when persistence meets clarity of vision. Thanks to clubs like IVCC, aspiring venture capitalists can gain exposure to some of the industry’s finest leaders. Especially in industries where it might not always feel like there’s space for you at the table, Janet is a reminder to pull up a chair – and to make room for others while you’re at it.