When Nick Gray initially collaborated with the soil remediation startup LiORA through Co.Labs’ X in Residence (XiR) program last spring, he intended to provide strategic advice rather than join the executive team.
However, after aiding the Saskatchewan startup in refining its growth strategy and securing a record $5 million seed round, Gray, a Toronto tech veteran and former VP at Humi and Drop, became the Chief Operating Officer in January.
“I don’t see why we can’t find more billion-dollar successes,” said Nick Gray, LiORA.
Gray was impressed by LiORA founder Steven Siciliano and Director of Science Steven Mamet, describing their mission to clean contaminated soil as addressing a significant global challenge with a vast market potential impacting nearly two percent of global GDP.
For Gray, the company fulfilled every requirement.
“An investor once advised me to ensure your total addressable market exceeds your ambition,” he stated. “This industry is one of the few with that potential.”
Gray’s transition from advisor to team member exemplifies what XiR aims to achieve: not just mentorship, but deep, impactful partnerships that help startups navigate the challenging growth phase.
Many Prairie businesses show early promise, but scaling requires experienced guidance, which is more available in cities like Toronto and Vancouver.
Co.Labs initiated the XiR program in 2023 to address this gap, placing seasoned operators in high-potential Saskatchewan tech startups during the “messy middle”—the chaotic stage between product-market fit and sustainable growth.
The objective is to help ventures expand and reach global markets more quickly with expert guidance, while enhancing the region’s innovation economy.
Nick Gray is now COO at LiORA
Siciliano noted that Gray’s expertise was extremely valuable for LiORA at its growth stage at the time.
“With the number of customers and sites we serve, we required Nick’s scale-up experience to develop the correct product roadmap,” Siciliano remarked. “LiORA would grow moderately fast without this support, but initiatives like the XiR program offer the potential to amplify our growth tenfold.”
XiR advisors collaborate directly with founders to refine products, align strategy, and enhance operational capacity. When Gray, who also leads the strategic advisory firm MapMind, first engaged with LiORA, he conducted a two-day session to plan a three-year roadmap and optimize the company’s investor pitch. Just this week, LiORA secured the largest seed investment in Saskatchewan’s history.
“Many companies are bogged down in details,” Gray said. “They concentrate so much on operations that they lose sight of the bigger picture. But when fundraising or scaling, a clear, shared story is essential.”
Results are already spreading through Saskatchewan’s startup economy. Since its 2017 launch, Co.Labs has supported 218 startups, helping them raise $55 million in private capital, generate over $103 million in revenue, and create 957 jobs.
After the first half of 2025, startup revenues have grown 32 percent since July 2024, building on the 33 percent growth from 2023 to 2024.
Startups receiving expert guidance through the XiR program are now entering global markets, attracting national investments and increasingly aiding other founders, which Gray considers vital for creating a self-sustaining tech economy in the Prairies.
“The odds are stacked against you,” he said, citing data showing 90 percent of startups fail within their first year, and only about nine percent surpass $1 million in revenue. “Most need strategy, not a head of product.”
Supported by a recent $2.6-million investment from PrairiesCan, Co.Labs is expanding the XiR program and strengthening its network. For Gray, who relocated to Calgary while advising ventures across Canada, it’s a mission rooted in both personal belief and Canadian ambition.
“Canada has the chance to build even larger businesses,” he said, emphasizing that a thriving economy creates broader opportunities.
While aware of the challenges founders face, he remains confident in the Prairies’ emerging potential.
“I don’t see why we can’t find more billion-dollar successes.”
Co.Labs Presentation
At Co.Labs, we assist exceptional Saskatchewan-based founders and teams in transforming an idea into a multimillion-dollar technology business. Learn more.