Steve Munford is known for successfully scaling tech companies, taking the reins from “technologist” founders who excel at great ideas but call on Munford to build their companies to greater heights. Focusing on the security and enterprise software sectors, he has successfully steered five companies across the UK, U.S. and Canada.
Currently Munford is CEO of Trulioo, a Vancouver-based company that provides ID verification capabilities via APIs to businesses in more than 195 countries.
Munford shares how he approaches his role as CEO and his stewardship within the B.C. tech community.
Tell us about your experiences as a chief executive.
In the past 25 years, I’ve been chief executive at five companies. They’re all in tech, either in security software or where I am today, in identity. They also have all been very strong in innovation and growth. They all started out private and then they eventually went public or were acquired.
The other common thread is, in almost every instance, I took over the company from a founder. In the evolution of a lot of companies, there’s a founder who has a great idea, starts the company and runs it for many years. But often in technology, the founders are technologists who have a passion for building something, but don’t have the same desire to run a larger organization, work with shareholders or get involved with the aspects of scaling a company.
That’s where I’ve come in. I can fill in the pieces of what it takes to build a bigger company but with a deep respect for the person who started it and what it takes to create.
I’ve had the luxury of building on a great product and helping scale it through expanding the offering, taking it public, raising financing and building teams. It’s been a ton of fun.
Why did you return to British Columbia?
I lived in the UK while running a company based out of Europe, and I’ve been involved with businesses throughout the U.S. I lived in Boston and ran a company there. I went back to Vancouver in 2013 after nine years in the UK because it’s where my wife and I wanted to raise our kids. At the time, our kids were approaching their teens, which is a really important time for stability.
I also love the tech community in Vancouver. It’s a great place to attract and build talented teams. I’ve come back to a place that has a wonderful quality of life, but also where I can still do what I love doing.
You’re passionate about investing in the B.C. tech ecosystem, the talent pool and the community. How have your initiatives contributed to its growth and innovation?
First, three of the companies I’ve run have been in British Columbia. In every case, they’ve grown the talent pool and become a bigger part of the tech community during my time with them.
I’m also personally invested in many young tech companies here and work with early-stage founders, either as an investor, a board member or a mentor. That’s been a pleasure.
Finally, I’m active in the local community advocating to policymakers what it takes to create a great tech ecosystem. I have the benefit of seeing how it has operated in other parts of the world.
Your dedication to hiring valuable, B.C.-based talent earned you the Excellence in Company Culture Award at the 2023 B.C. Technology Impact Awards. What does it take to not only attract, but retain, key talent?
British Columbia is a place where many tech companies have chosen to start. But increasingly, established companies have chosen to build teams in Vancouver. We see a lot of big players come up from Silicon Valley or other places around the world because they recognize there’s a lot of talent here and it’s a favourable business environment.
It’s a competitive market for talent. We compete for that talent by providing a great place where people can build their careers, build great products and participate in the creation of a company, as opposed to being an employee of a company.
Our unique culture and the excitement around the problem we solve come together to create a place where people really want to be. We see that in our ability to attract talent but also, more important, in the retention of our staff.
