For more than four decades, Waterloo professor Larry Smith has helped build the University's reputation for innovation and entrepreneurial excellence
This year, University of Waterloo professor Larry Smith marks 45 years of teaching students to think critically about the world and act courageously to build a future of their own making.
Smith, a professor in the Faculty of Engineering’s Conrad School of Entrepreneurship and Business, specializes in forecasting and the economics of innovation. His wildly popular lectures resonate among students and alumni from across campus — many of whom credit Smith for pushing them to realize their entrepreneurial potential.
From economics to entrepreneurship
Smith began his teaching career in the University’s Department of Economics where he became known for his sharp wit, storytelling-style of teaching and relentless drive to help students connect theory to the real world. He has reached thousands of students with diverse interests and ambitions through teaching appointments in the faculties of Arts, Science, Environment and Engineering, including a long-term partnership with the School of Architecture.
“I feel a deep need to acknowledge those who have supported me over the years,” Smith says. “The colleagues who challenged me, the mentors who guided me and the students whose curiosity and courage continually inspire me. Their influence is woven into every idea, every project and every venture I’ve had — and have — the privilege to be part of.”
Professor Larry Smith. Credit: University of Waterloo Library. Special Collections & Archives. Larry Smith Archives. UWA1-87-0024-31-92-10-30
Now, as founder of the Problem Lab, Smith focuses on two of his favourite research areas — innovation and problem solving. His work bridges arts and engineering, helping students see that understanding people, systems and ideas is as essential as building new technologies. He also helped launch Enterprise Co-op (E Co-op), a program that lets students build their own startups while earning a standard 16-week co-op credit.
Lessons that last a lifetime
Waterloo alumni often name Smith as one of their most memorable professors. Having worked with more than 500 local startups, Smith’s expertise resonates long after graduation, influencing the decisions his students make, the careers they pursue and the ventures they build.
“Larry was the most important part of my University of Waterloo experience, and without him I would not be where I am today,” Michael Litt (BASc ’11), co-founder and CEO of Vidyard, says.
“He completely reshaped how I thought about my co-op terms — the jobs I chose, the experiences I chased, even the friends I made. His teaching shaped my entire entrepreneurial journey and helped me lay the groundwork for starting a business.”
Litt studied Systems Design Engineering and credits Smith with giving him permission — and a push — to invest his energy in side projects and entrepreneurial problem solving rather than chasing perfect grades. Litt recalls how Smith’s evening lectures would officially run for two or three hours, yet he would stay until midnight talking with students. Like many others before him and since, Litt frequently sought Smith out in his office, where founders like Mike Lazaridis had once sat, to troubleshoot the problems facing society.
A teacher’s legacy of excellence
In recognition of his exceptional teaching, Smith received the University of Waterloo Distinguished Teacher Award in 1993, honouring his energy, optimism and ability to make economics relevant to everyday life.
"Larry's ECON101 class inspired me, and I suspect many of the tens of thousands of students who took his class, to pursue economics as a major and career," says Waterloo Arts alum Rosalie Wyonch (BA '14, MA '16), associate director of research at the C.D. Howe Institute. "His decades of service at Waterloo and the many hours he spent with students exhibit his never-ending enthusiasm and dedication.”
Professor Larry Smith. Credit: University of Waterloo Library. Special Collections & Archives. Larry Smith Archives. UWA1-87-0024-32-93-06-15.
Having taught more than 30,000 students, Smith says the greatest compliment they give him is their time. “They come to class, they’re engaged, they ask fascinating questions. I find that remarkable, and it reminds me of the responsibility that comes with being a professor.”
His classes are always full, reflecting the power of curiosity and the deep connection between teacher and learner. He often describes this bond as a “harmony of interest,” one that continues to motivate him, “through my work, I try to pay tribute to them.”
Anthony Keen (BASc '25), a nanotechnology engineering graduate who starts his master’s in chemical engineering next year, says Smith’s mentorship provided him with invaluable guidance during his undergraduate studies.
“Larry Smith has been an excellent mentor throughout my time at Waterloo," Keen says. "I’m grateful for our conversations, for the chance to ask him questions about entrepreneurship and life, and to learn from his insights and perspectives.”
When asked why he has stayed at Waterloo for 45 years, Smith's answer is simple: “It’s the people, the students, the supportive colleagues and the connections you make. The goal was never just to teach students to think — it was to help them think differently and then act with purpose.”
Watch Professor Larry Smith's famous TEDx talk. It echoes the same message he shares in his classrooms — that potential is realized through passion, perseverance and thoughtful risk-taking.
Feature image: Waterloo professor Larry Smith. Credit: Neil Trotter
