Kendra MacDonald Steers to the Blue Economy at Canada's Ocean Supercluster

The ocean produces about half the oxygen we breathe, absorbs roughly 30% of the carbon dioxide we emit, and takes up about 90% of the excess heat those emissions trap, according to the United Nations. It is the planet’s largest life-support system — and also its least-funded one. Of the 17 UN Sustainable Development Goals, the goal for life below water consistently draws the least money. Canada, which has the longest coastline in the world, is trying to flip that equation, and you can watch it happen close to real time.Our guest this week is Kendra MacDonald, CEO of Canada’s Ocean Supercluster, a national, industry-led effort to grow what’s come to be called the blue economy. Under her leadership, the Supercluster has grown into a community of roughly 1,000 members co-investing in more than 150 projects. She came to the role after 25 years at Deloitte, where she served as Chief Audit Executive, and she runs it from St. John’s, Newfoundland. The model is built on co-investment: at least two companies put money in, often alongside Indigenous communities, researchers, and global corporations, so no single player carries the risk alone. The projects range from graphene hull coatings that cut a ship’s fuel use to wave-powered desalination and the $4.4 million Membertou Electric Lobster Boat, billed as Canada’s first zero-emission commercial fishing vessel, led by the Membertou First Nation.Kendra’s thesis fits in seven words: you can go faster alone, but farther together. In our conversation, she’s candid about where that gets hard — most of these collaborations are small companies that don’t individually hold every capability, and the upfront work of sorting out who owns which piece of intellectual property is what separates the partnerships that succeed from the ones that stall. She’s just as candid about the catch: the Supercluster is funded by the Government of Canada to de-risk small Canadian firms, and when those firms succeed, they’re often acquired by international buyers — the value-capture problem at the heart of every public innovation program. That tension between strong science and thin capital, she says, keeps her up at night, and it points back to the blue-finance gap. It also shapes how she talks about aquaculture, which in 2022 surpassed wild capture as the world’s main source of farmed aquatic animals, according to the UN Food and Agriculture Organization, and is now the fastest-growing source of animal protein. Kendra rejects the idea that ocean health and productivity are in trade-off, arguing that a healthier ocean is more productive. And just before we recorded, the Trump administration reopened nearly half a million square miles of the Pacific to commercial fishing, the third such rollback in little more than a year. One model treats the ocean as a commons to protect and co-invest in; the other treats marine protection as an obstacle to clear. Kendra thinks the contrast opens a door for Canada to lead.To learn more about the Ocean Supercluster, visit oceansupercluster.ca. MacDonald writes about ocean-economy investment on her Substack, Saltwater Signals, and she’s easy to find on LinkedIn.