I'm not so sure that the iteration was dysfunctional, as it became problematic for organizations that were doing due diligence outside of IRCC. IRCC didn't have any role other than approving designated organizations, angel funds or incubators. The program itself is fine. It's just that a massive number of companies were coming to Canada.
The bigger issue now is that we have a 10-year backlog. If you go to the IRCC website now, it says there's a 10-year wait for a start-up visa. Who's even going to consider coming to Canada when they know right up front that it's a 10-year wait?