The journey from an idea to investment is never linear, and for many innovators, it’s shaped by unique life experiences and unexpected pivots. Through TechAlliance’s podcast, Idea to Investment, we encapsulate the dynamic world of entrepreneurship and innovation. Every month, our podcast host, Ken Eastwood, sits with a founder and their funder to have a candid conversation around the Canadian investment landscape, and uncover the captivating stories that unfold from the idea of inception to securing vital investment.  

In a special episode, our CEO, Christina Fox, hosts one of the most well-known and influential investors in the Canadian ecosystem. A catalyst for women, and underrepresented founders, Danielle Graham is the Co-Founder of The Firehood, a women’s network focused on the participation, leadership and prosperity among women in technology through training, mentorship and funding. Changing and challenging the narrative with the dual mandate of women investors funding women innovators, Danielle is also the General Partner of Phoenix Fire, an angel stage investment fund investing in women entrepreneurs across Canada. 

In this Q/A style editorial, you will be getting a glimpse of our podcast episode, and you will learn more about the Canadian investment landscape – including the KPIs considered before investing, qualities that funders look for, and the future of Canadian tech.  

Christina Fox: Danielle, I know you’re a bit of a globe-trotter. Can you share what inspired you to transition from studying history to entrepreneurship and, ultimately, to launching a platform that supports Canadian businesses—especially women-led ventures? 
 
Danielle Graham: I was born in Vancouver but spent much of my childhood in Africa—Southern Africa, Ethiopia, and Eastern Africa—because my parents worked in international development. Growing up, I was exposed to programs focused on women’s microloans, especially in Southern Ethiopia. Entrepreneurship always fascinated me, but I come from a family with an arts background, so I initially followed that path. After completing my Master’s in Arts, though, I knew I didn’t want to stay in academia.  
 
That’s what led me to Waterloo, where I helped build Fierce Founders, a program dedicated to supporting women in tech. I had already seen the power of women-focused initiatives, so I knew the impact that a targeted approach could have on building a community. At the time, the tech ecosystem was incredibly homogeneous, and I was ready to challenge that.

Christina Fox: Phoenix Fire and The Firehood have quickly become synonymous with women investing in women. What inspired you to launch these initiatives, and what gaps were you aiming to fill?

Danielle Graham: My co-founder, Claudette McGowan, and I saw a major gap—early-stage women founders lacked access to funding, operational support, and true champions. Women founders are often underfunded, and over mentored. Entrepreneurs need more than just mentorship; they need investment. That’s why we built Phoenix Fire and The Firehood—to put capital in the hands of women, and other underrepresented founders too, including Black, LGBTQAI+, founders with disabilities, refugees, people of color, and to diversify cap tables. Canada’s rich diversity isn’t fully represented in tech, and we’re committed to changing that.

Christina Fox: You and Claudette bring unique strengths to The Firehood and Phoenix Fire. How do your superpowers complement each other to create impact for founders?

Danielle Graham: Claudette’s leadership, intelligence, and ability to be in every room allow me to focus on entrepreneurs, spotting potential early and championing them. We balance each other—she’s in boardrooms at SickKids, MaRS, and Air Canada, steering those relationships while I’m on the ground with founders and investors. Our combined networks create immense value, ensuring early-stage women entrepreneurs get the support, funding, and connections they need to thrive.

Christina Fox: What influences your investment philosophy and approach to working with founders? 

Danielle Graham: Founders inspire me daily. Even after all my travels, and getting back into the grind, it’s being among those founders, listening to their pitches, and pulling up their pitch deck that gives me the most energy. Their dedication to solving major global challenges drives my passion. I realized early on in my career that my strength lies in making connections. My role is to help founders build the skills they need, so they can focus on their groundbreaking work. By enabling their success, I can create real impact, and that’s why I’m committed to this work for the long haul.

Christina Fox: A founder’s ability to declare who they are and why they are doing what they do is powerful, especially for investors looking for a niche. When building long-term relationships with founders, what makes or breaks that connection for you?

Danielle Graham: For years, I prioritized intelligence, problem-solving, and execution, but now, none of these are number one for me. I now believe emotional intelligence comes at the top. Recently, I heard another investor say integrity, and that really resonated with me too. The deal breaker for me is broken trust—if a founder is inconsistent in their story, their data doesn’t align, or they present information differently to different people, then I tend to question their integrity, and that’s a deal breaker for me.

Christina Fox: When that trust or integrity is questioned, how do you differentiate between a misstep and a fundamental integrity issue? How do you approach mentoring or revalidating conditions when these situations arise? 

Danielle Graham: Relationship-building is key in early-stage investing—it’s about personalities, not just tasks. We have to understand that integrity missteps aren’t always malicious; they can be learning moments too. For us, we know our own limits, and comforts and in an unlikely scenario like this, investors should think back to their own limits and boundaries and whether a founder still fits those criteria. This is why we need an ecosystem with diverse investors and different perspectives, so that we can accommodate all different types of founders and personalities. At times, these failures stem from external influences rather than the founder themselves, highlighting the importance of leadership and adaptability. It’s all in the nuances.

Christina Fox: How do you manage risk in your investment portfolio while ensuring both the company’s growth and your investment’s longevity? Has there been a time when you advised a company to de-risk their business, not only for your own investment but for their success too?

Danielle Graham: Managing risk starts with knowing where we can add value. As a sector-agnostic fund, we rely on external reviewers for due diligence, especially in unfamiliar industries. Some companies need deeper involvement, while others thrive independently. For us, a balanced portfolio means avoiding over-concentration in any one sector. This allows us to focus on where we can make the greatest impact. There are companies in our portfolio that don’t require active involvement, and so for them, we remain available when needed, providing strategic support every now and then.

Christina Fox: There’s a lot of talk about what Canada’s ecosystem needs to rethink or improve, but what’s something you truly love about it?

Danielle Graham: Our willingness to give time for free! In Canada, there’s a strong sense of goodwill—people support each other without immediate expectations. I always say that it feels like a ‘small town’ across the country, where giving and receiving are naturally reciprocated. That generosity builds trust and collaboration in the Canadian tech and innovation ecosystem, and I try to emulate it—when someone asks for help, I’m there, no hesitation.

Danielle Graham’s passion for supporting women and underrepresented founders shines through in every conversation. From launching The Firehood and Phoenix Fire to advocating for integrity and emotional intelligence in investing, she is reshaping the Canadian investment landscape. As this special episode of Idea to Investment highlights, true impact comes from trust, collaboration, and a commitment to diversity. Canada’s innovation ecosystem thrives on its willingness to uplift one another, and investors like Danielle are leading the way.

To hear more insights from Danielle and other inspiring founders, tune in to Idea to Investment and join the conversation shaping Canada’s entrepreneurial future.

Want to meet Danielle in-person? Join us for Polaris Pitch Competition and Showcase on March 19, 2025.