The Edge, A Leader's Magazine | Hon. Dr. Jean Augustine

DI V E R S I T Y & INCL U S ION

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Billion-Dollar Unicorn Start-Ups

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HOWIE MANDEL NICOLE WALDRON MICHAEL WEKERLE ISIAH THOMAS KELLY J. LENDSAY EVA WONG

HON. DR. JEAN AUGUSTINE A Distinguished Advocate for Culture, Equality, and Humanity

AIDING U n ba n ke d / U n d e r ba n ke d Clients

STRATEGIC BENEFITS OF DOING BUSINESS

IN THE EU How

Automation Impacts Wealth, Revenue, and Inequality

Delving into Cultural Diversity & Globalization

THE SOCIO-CULTURAL, ECONOMIC & POLITICAL ENVIRONMENT OF BUSINESS $7.99

Fall 2021

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OVERVIEW FALL 2021

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EDITOR’S MESSAGE

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BUSINESS

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The Socio-Cultural, Economic, and Political Environment of Business

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Cultural Diversity and Globalization

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Suraj K. Gupta

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Michael Wekerle

Howie Mandel

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Eva Wong

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Isiah Thomas

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Carolyn Stern

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Michael Bach

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NERS’ CIRCL

the EDGE Fall 2021

Hon. Dr. Jean Augustine

WIN

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COVER STORY

OVERVIEW

FALL 2021

MONEY & FINANCE How Automation Impacts Wealth, Revenue, and Inequality

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Strategic Benefits of Doing Business in the EU

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7 Ways to Diversify Your Investment Portfolio

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START-UP 8 Billion-Dollar Unicorn Start-Ups

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How Tech Start-Up Ecosystems are Ranked Globally

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Sheldon James

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Monique Simair

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TECH & INNOVATION Aiding Unbanked/Underbanked Clients How Discrimination is Built into Artificial Intelligence and Facial Recognition Technology

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INFOGRAPHICS Status of Diversity at Facebook, Google, and Apple

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LEADERSHIP Multicultural Leadership Starts from Within

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Kelly J. Lendsay

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Nicole Waldron

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FALL 2021 F OUNDER & E DITOR - IN -C HIEF | J ENNIFER M. W ILLIAMS P RESIDENT C URTIS E LLIS E DITOR - AT -L ARGE S HIRLEY G RAHAM

A SSISTANT E DITOR R OSE H O

C OORDINATING E DITOR C ARLIE D OAN

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BUSINESS DEVELOPMENT

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editor's message

Amplifying the Call to Action

D

uring an intense board meeting with our company president last spring, we delved into a conversation about how the COVID-19 pandemic brought out the worst of some people.

We realized just how much this crisis gave rise to prejudice, gender biases, and disparity within our social and economic spheres. The world can ill-afford to accept these miseries in the best of times, let alone under added challenges.

I’ve often seen problems like these—for example, how ignorance about other people’s cultures negatively impacts relationships and hampers the capability to lead effectively.

As discrimination and DEI (Diversity, Equity, and Inclusion) are inexorably connected, it left us wondering: what can we do to help bring about positive change?

By its very nature, diversity is an essential tool for promoting harmony, moral values, credibility, and trust in our human interactions.

As such, it’s necessary for those who have the means to assist in the creation of inclusive systems and programs to help eliminate any potential biases in our daily operations and activities.

Policies, procedures, and mission statements must be transparent to everyone across the board. Communication and decisionmaking have to be clear and consistent to all involved. Leaders at all levels—CEO, president, department head, supervisor, or team leader—can be tasked with learning about diverse perspectives and held accountable for cascading measurable goals.

Implementing comprehensive training plans on race relations and providing ideas on reducing biases can minimise conflict.

Our workplaces must be inclusive to attract diverse talents and ideas, which will expand any organization’s capabilities. Encouraging open debates will help us learn from one another while encouraging people to participate in discussions to help the organization grow. It also provides opportunities for

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becoming better acquainted with a variety of cultural insights and heritage. Whereas the opposite—failing to understand the diverse perspectives of our society—only increases the risk of mistakes.

With increased conversations about culture, DEI, and differences, and with the ongoing social justice unrest across the globe, there is a realization that diversity is both a business imperative and a moral one.

It’s normal to feel angry, frustrated, and even anxious when we experience blatant or unintentional discrimination, but it’s no longer acceptable to be silent or look the other way when we encounter them. Stand up for high standards and values; make your voices heard.

“DEI is one of the essential tools for promoting harmony, high moral value, credibility, and trust in our daily interactions and business orbit.”

There have been significant strides in some areas in the past few years, but there is still room for improvement. One idea is to provide practical resources to marginalized business owners and groups to help develop their businesses, quality of life, and communities.

There will be sporadic moments of subtle and underlying discrimination that we may not observe or even understand its immediate impact. Start the dialogue about inclusion and acceptance to become more adept at identifying transgressions and demand meaningful change from our governments as well as our religious, business, and corporate leaders.

Our cover profile is The Honourable Dr. Jean Augustine, whom we proudly salute for her courage, leadership, and immense strength of character. She has dedicated her career and endeavours to becoming a selfless catalyst for change, culture, equality, and humanity.

The crux of the matter is this: you don’t have to be a leader to tap into DEI. Instead, you can assert your influence through your beliefs, values, words, actions, and tolerance.

As always, thank you for the continued opportunity to be of service.

In-Service of DEI,

Jennifer M. Williams jennifer@theedgeleaders.com

Fall 2021 the EDGE

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Make up: Carol Long 10

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cover story

WORKING TO IMPROVE THE HUMAN CONDITION A Conversation with Hon. Dr. Jean Augustine

by Jennifer M. Williams

Hon. Dr. Jean Augustine has made history time and time again. In 1993, she became the first Black Canadian woman elected to the House of Commons, and the first Black woman in Cabinet in 2002. She was named the first Fairness Commissioner by the Government of Ontario in 2007. There have been many other pioneering moments before, during, and after these.

In 1995, she was instrumental in establishing Black History Month in Canada.

Augustine has made a name for herself in politics, education, and social justice. Her unwavering commitment to service includes advocacy for victims of domestic violence, women, children, and marginalized groups throughout Ontario and across Canada. During her tenure as a politician, she helped forge ties among political allies and states.

Augustine continues to make her voice heard through her ongoing work on various local and national initiatives. The Edge was thrilled to chat with her about her epic journey.

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cover story

“We know that there are some things that one cannot legislate, like love or compassion. But you could legislate and enforce policies to ensure that all people have equal opportunity and fair treatment.”

You've enjoyed a career dedicated to public service; what have been your most significant challenges and successes?

When I started in education, we did not have the school boards communicating with parents or parents being interactive as they are today. You could count the number of us who were Black educators on your fingers. There were challenges as a Black woman, as an immigrant woman, and Black educator. At the same time, there was also a significant challenge of not seeing anything about Black or Indigenous people in my teaching curriculum modules. I also knew that being an educator put me in a unique position to do something about it.

There were also challenges as the Fairness Commissioner when people entered this country with certification, credentials, experience, and expertise. It was difficult for them to get into their field because the bodies that regulated the professions asked them to do many things. We worked with other provinces and brought other regions and countries on board.

As the first Black woman to hold these historical roles in Canada, did you ever think such an achievement would have become a part of your career?

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I grew up in Happy Hill, Saint George, Grenada—a small village three miles from the city. I was an avid reader. I used to sit on the school floor or go to Sunday Mass and sit on the floor in front of the priest, have big dreams and the vision to make something of my life.

I say to young people, "It's not where you're coming from," right? In those days, the families looked after the boys to make sure they went to post-secondary school.

There were no preparations made for girls' future education. So, my goal was always to be an excellent teacher and consistently pursue whatever was necessary.

The school boards didn't keep the schools open early or late for community use, so it was essential to make and advocate for changes. I want to emphasize that I worked with others. I teamed up with others. I supported others. I added my skill to the skill of others so that we could make the changes we felt were necessary.

You served as the parliamentary secretary to then-Prime Minister, The Honourable Jean Chrétien. What was your experience?

I love the Prime Minister, and I think that, in return, he had great respect and love for me. They always referred to me as "Madame Augustine" and included me in

whatever was happening. They gave me the space to do the best that I could, to be the kind of parliamentarian I wanted to be, and to spread my wings and fly. I'll give you an example.

The Caribbean leaders of government would always come to Canada for the Caribbean Heads of State meeting with the PM of Canada. So, I suggested that Prime Minister Chrétien go to them rather than have all 14 of them come to Canada. Thus, the Canadian Delegation and the entire Canadian press corps went to Grenada.

We did the work and then ended the conference with a big gala like we do here. We held an excellent reception on the deck of a Canadian military warship that had docked for the occasion. The combination of the Canadian uniform, the RCMP, and the Grenadian uniform was just something to see!

I was privileged to travel with the Secretary of State for Africa to about 14 countries asking for the different African countries to vote for Canada's place on the United Nations Security Council. And that's a big job because you're not talking to bureaucrats; you're talking directly to the country's head to ask for their support.

So, I'm saying this because my Cabinet colleagues, senior people, and the Prime Minister of Canada had confidence vested in me.

cover story

In 1995, you spearheaded the unanimous vote to designate February as Black History Month in Canada. Can you explain how this reflects your cultural heritage then and today?

Those who follow history…the parliamentary conversations [back then] had a lot to do with trade. After NAFTA and the CanadaUS maneuvering was underway—just as they are today—around specific trade issues then, it was all finance, money, debt, deficit, cutbacks, and et cetera. It was a difficult time to be thinking of approaching colleagues with the question of social justice! But that is precisely what I knew I had to do.

My experiences had shaped me as a teacher. [I was] still mindful of [the lack of] content in the modules around Black or Indigenous peoples. Can you imagine selling the idea of Black History Month to 308 members of Parliament who were perhaps working on other matters? I had two options: to do a private member's bill or to make a motion. I chose the latter and knew I had to be tactical. I remember approaching other MPs in the halls and elevators, telling them about my motion to establish February as Black History Month in Canada. I would give each a copy and ask for their support. I even met with and gained the help of the leadership of all five political parties in Parliament.

Today, having Black History Month means that teachers, educators, writers, artists, and others in every sphere of endeavour can talk about the history of African Canadians.

As a Black woman, was gender or race ever an issue or concern in your tenure as a cabinet minister?

I never allowed myself to be a victim. I have always been an assertive and proud Black woman. I dealt with any microaggression swiftly and would speak candidly with the individual about the act of perceived racism. At the same time, it's essential to underscore my intersectionality. I was a woman. I was Black. I was an immigrant. I was Catholic. So, when something happened, I would ask myself, "What intersection is at play now?" The fact is, sometimes we are stereotyped and underestimated—not allowed to manifest our total capacity. So, we must be vigilant against stereotypes or generalizations. We must remain confident about self-purpose.

What steps can we take to ensure that corporations and governments comply and implement diversity initiatives?

I am immensely proud to see that we have a vast array of legislation, policies, and guidelines addressing critical issues like equity, violence against women, stalking, and child protection.

We can work out methodologies, but we sometimes fall short in implementation.

With regards to diversity, whether it is a corporate body or government, everyone must comply. The 1982 Charter of Rights says you can't discriminate based on age, religion, and so on.

We now have so many other statutory tools co-existing with our Charter: the Canadian Human Rights Act; the Canadian Bill of Rights; the Employment Equity Act; the Canadian Multiculturalism Act; the Immigration and Refugee Protection Act; and the Citizenship Act. We have all the tools, but we need to ensure that we implement them.

We also know that there are some things that one cannot legislate, like love or compassion. But you could legislate and enforce policies to ensure that all people have equal opportunity and fair treatment.

You've established the Jean Augustine Chair in Education, Community & Diaspora including running the Centre for Young Women's Empowerment. Can you speak to how effective this outreach program is? What still drives such energy and passion for helping and giving back to these communities?

I think it's important to give back and share what I've learned— and that I pass the baton in the hands of many people. It's vital that young people, especially our girls, can develop, learn, reach their full potential, and have that self-assurance that they can make a place for themselves and their families in this world. So, the education of girls has always been dear to my heart.

I work in a team with an excellent executive director and a board committed to young women and girls programming. As I represented Etobicoke-Lakeshore, I saw many young girls for whom programs would assist their self-confidence, worth, and aspirations. They look forward to coming to the centre daily to participate in activities that have aided their personal development and skill set. That is what the centre does.

To what extent did the pandemic influence the way you operate your organization? Have you made any significant changes, and how did you navigate through them?

It was difficult for us around March [2020] when the systems and programs were all closed. I had a partner, a donor, who was generous in his support of the centre. COVID-19 and the challenging business environment now meant he had to pull back on his support. So, I mobilized to find donors to keep going because I didn't want to shut the door, knowing that we had over 200 girls depending on us. The centre was almost a daily home for them.

We acted quickly and transitioned to virtual operations to get new donors. With our tutors, volunteers, and coordinators, we helped over 200 girls during the year. We have now reached over 800 girls because going virtual exposed us to a broader, more expansive world. We are providing programs to girls across the GTA and even further afield. We also collaborate in a program with girls in Nigeria.

What is your perspective on how the Canadian government has approached policy and execution in response to the pandemic?

I think that the Canadian government has handled the pandemic and the fallout tremendously well.

It is gratifying to point out that governments at all levels worked in non-partisan ways. It is also important to say that the federal government has listened to scientists and performed their work based on their recommendations. If I had to give any marks, I would give full marks to the federal government for their participation, help, approach, and policy decisions to the pandemic.

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cover story

If you were still holding the Member of Parliament's position today, what would you do differently or want to see change for the greater good?

If I were in Parliament today, I would call for more non-partisan working relationships.

We need to be everywhere. More of us need to engage and participate as role models for young people. When we work in the community, we should see our city

The pandemic also highlighted the critical role of women in society—whether as caregivers to children or seniors, as educators or nurturers in their homes or the virtual space. It showed us who the essential workers are in our Canadian society. We saw the faces of the doctors, and epidemiologists, and healthcare workers.

It also showed us the kind of conversations that we must have around discrimination, racism, and the lack of diversity and inclusion

the systemic barriers and racial inequalities in the Canadian education system to improve educational outcomes for Black students.

We have been working hard to raise funds to have the Chair fully endowed—meaning it will be here forever and in perpetuity, equipping educators and driving social justice issues [and] policy change for many generations to come. Since 2007, with York and community support, $1.8 million has been raised. We still have to raise one million more to achieve the goal of $3 million.

That fully endowed Chair in the Faculty of Education would have the capacity to promote fair representation and equality by diversifying the teaching workforce and developing essential policies and teaching guidelines. That is a powerful way to help shape a better future for the Black community and contribute to Canada as a whole.

You mentioned the word “legacy.”

How do you want to be remembered?

Perhaps, we can make a strong argument about my Canadian history-making motion that put the Famous Five statue—the only one of women other than monarchs—on Parliament Hill. For many, though, it is my role in making Black History Month official in Canada.

I am also proud of the girls' centre, the schools, the parks, and all those other things that bear my name.

Photo courtesy of Jean Augustine

councillors, our members of Provincial Parliament, our federal members, our trustees—all those people that we elect to represent us.

In light of the collective hardships experienced through the pandemic, what lessons has it taught us as a nation and you personally?

The pandemic created dissonance for many people worldwide. It forced us to look within, be with ourselves, and deal with hardships away from in-person community interaction. It has taught me that we live in a global village. What affects one affects all.

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in the boardrooms of all nations.

It also exposed the need for robust conversations around generational attitudes towards mass vaccine campaigns and how we can engage in protecting ourselves within the context of science and facts.

As a society, we must also be mindful that we live in a global village—and that we also have a responsibility and duties to vulnerable populations in developing countries.

Tell us about the York U Chair initiative for which you're fundraising.

The Jean Augustine Chair in Education at York University's main focus is addressing

But ultimately, I want to be remembered as a proud, hardworking, and action-oriented Black woman who did her best to make a positive difference—no matter what role or station she occupied. I dedicated my life to community and development.

Many generations from now, I want people to feel like if Jean Augustine could do it, so could I. //

www.jnbank.com

Lower 36 Queen East Street, Goodison Building Brampton , ON , Canada, L6V 1A2 Fall 2021 the EDGE

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business

THE SOCIO-CULTURAL, ECONOMIC, AND POLITICAL ENVIRONMENT OF BUSINESS

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by Rob Shapiro or businesses in Canada, COVID-19 changed everything. It changed the way they operate, communicate, and ultimately, how they drive revenue. The impact has been profound and unprecedented.

Most provinces and territories experienced waves of outbreaks and lockdowns, which unfortunately meant the end of some businesses and the evolution of others. As daily cases dip, and Canada approaches its vaccination targets, every business finds itself being forced to adapt to the trends established during the pandemic.

Social Trends COVID-19 has resulted in Canadians experiencing their lowest level of satisfaction since 2003, the year this data started being collected by Statistics Canada. The shifts in our social behaviour from how we engage with businesses to how we spend time with others has been drastic.

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Will Consumers Come Rushing Back?

In October 2020, nearly one-third of Canadians claimed that their mental health had worsened since before the pandemic, according to Environics Analytics. More specifically, women reported more of a decline in their mental health, and the age group of 35-49 was seemingly hit the hardest.

Tourism and Foot Traffic Businesses that rely on tourism and those that are used to profiting from foot traffic should be closely monitoring the news. Border restrictions and the public response to being able to freely travel or visit certain places could impact some businesses.

Economic Trends COVID-19 caused a sharp downturn in the Canadian economy.

Social distancing limited general economic activity and many Canadians experienced either a reduction in their income or lost their jobs entirely.

business

Going forward, most businesses will have the opportunity to benefit from recent economic trends. For starters, as more and more people regain their pre-pandemic income levels, they might be eager to spend.

The pandemic also expedited the popularity of online shopping.

This trend might continue to grow as people are nervous about returning to crowded stores, or have grown accustomed to the convenience of shopping with only a few clicks. Businesses should continue to embrace their own digitization and invest in the tools (online marketing, e-commerce, and web design) to survive, or even thrive.

Local Businesses Another trend that emerged from the pandemic is the desire to shop local. This trend was making waves prior to 2020, but the pandemic brought to life the challenges that a local business must overcome compared to a monolith like Amazon.

Local businesses could end up gaining in the long run, and should consider ways to double down on this goodwill from their community.

Real Estate Trends within the national housing market could have a far-reaching impact. With less inventory, no open houses and fewer buyers willing to take financial risks, many prominent housing markets across the country suffered. Yes, historically strong markets like Toronto have returned to health, but that might not be the case for other parts of Canada.

The demand should be there for many housing markets to rebound once restrictions are lifted. This means that businesses that are tied to the housing market like insurance, real estate brokerages, home repair, and maintenance should prepare to be busy soon.

Employment

Political Trends It didn’t take long for COVID-19 to become a political issue in Canada. Businesses were left twisting in the wind during lockdowns, and should feel charged to have their political voice heard.

2020 and 2021 have also been mired by political divisiveness.

This resounded with businesses, many of whom couldn’t sit on the sidelines as calls for equality dominated headlines.

Nowadays, many consumers are carefully choosing who deserves their money. Businesses need to be strategic and make sure they are transparent without letting their personal beliefs get in the way of profits.

Public Health Public health will continue to be an attention-grabbing issue.

How provincial and municipal leaders work with business owners and entrepreneurs with respect to ongoing health measures that could slow or speed up the economy will be key.

Businesses will continue to have to balance their COVID-19 safety measures and the health and safety of their staff and customers with their ability to regain the profits that they lost over the course of multiple closures and lockdowns.

Forecasting Canada’s Trends Coming Out of COVID-19 Canada could be in store for an economic rebound. It might be a slow climb back for some sectors, but there is hope that we, as a nation, are approaching the light at the end of the tunnel.

The social changes we endured might be longer-lasting or even permanent. COVID-19 has changed our daily lives, and to think we can go back to our old ways of living and doing business might be unreasonable.

As of April 2020, the number of employed people in Canada dropped from 18.8 million to 15.9 million, according to Environics Analytics. As we move further away from the most recent lockdown, these numbers should improve.

It’s tough to predict the ripple effect that will come as more and more Canadians head back to work and businesses welcome back customers. Will unemployment drop? Will oil prices rise?

Will people have lunch in a crowded restaurant? Only time can answer these questions.

Government intervention, or the lack thereof, may dictate employment trends going forward. Additionally, how Canadian businesses and entrepreneurs respond to once again having the opportunity to hire will be telling. Some might be gun-shy about investing in staff if they are making less profits.

As 2021 charges forward, Canadians will most likely find themselves in a new era, one defined by the social, economic and political trends brought forth by the fight against COVID-19. //

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business

CULTURAL DIVERSITY AND GLOBALIZATION

M

by Robyn Karmazyn any people grow up in communities, towns, or schools dominated by people who look and sound like them and have many of the same traditions. It is arguably human nature that we find ourselves comfortable with others who share similar values, features, and even family dynamics. It makes particular sense when it comes to languages and faith-based celebrations. But when people enter the workforce, they are often pushed out of these bubbles and into a more culturally diverse day-to-day routine.

So, what benefit do both companies and their staff have by developing and maintaining a culturally diverse environment? Organizations that are comprised of different types of roles requiring diverse skillsets (i.e., most of them) are clearly impacted in a positive way. The workplace mutually created by employer and employees will attract different types of people and clients, and gradually build a solid reputation for having both. Today, at least in the Western world, that cultural diversity is crucial for success.

Diverse People By hiring employees with a wide range of backgrounds, you acquire a built-in range of life experiences, opinions, and points of view. You are also more likely to acquire varied skillsets that cater to the different needs of your organization as you grow. (How many companies don’t have marketing, HR, and IT departments nowadays—regardless of their industry?)

This can potentially help you when brainstorming strategies to attract clients, budgeting expenses, and even managing the entire operation.

It’s not about simply diversifying races or religions—it’s about broadening your perspective. While older team members or bosses have the upper hand in experience, the younger generation in general can offer new ideas. Consequently, in developing and executing the innovative tactics your diverse staff come up with, you ultimately attract more people to your business. Your employees will naturally understand their own cultures and what might win over new markets.

Diverse Reputation From the moment a company is established, it not only works to perfect its products and services, but also the way it is perceived.

The way staff, prospective staff, customers, and prospective customers view you is incredibly important. With all four groups in mind, a company can methodically

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develop the way that the marketplace— and individuals—will view it. Social media should help you control the narrative, but your team and the people you sell to have their own accounts and the benefit of numbers.

By building a culturally diverse workforce, a company can create the appearance of an inclusive and welcoming place (hopefully based on the reality that it actually is one, of course). Employing people of multiple races and cultures reflects well on an organization nowadays. It shows that various types of people are represented. It appeals both to people who might consider buying products or services from you as well as to people who might consider applying to work for you.

Diverse Clientele When you have more people in the company who can cater to a wide range of clients and prospects, you can truly customize your products or services and your overall approach to meet their needs.

Your company will ultimately gain more access to more types of people, thereby attracting a more diverse clientele. Getting positive reviews from said individuals is then a strong marketing tool—arguably the most impactful—and an almost sure-fire way to win over more people and grow your market.

With the power of social media, where companies can reach customers on a more personal level, people seem to appreciate

relatability and feeling understood.

Gaining insight into varied communities because you have employees with the same backgrounds gives you an edge that some competitors may not have. Once word travels, you will gradually build a reputation of tailoring your products or services to the needs of your clients.

How Globalization has Affected Cultural Diversity Globalization has had obvious benefits for business, leading companies and countries to share a variety of different goods and services around the world— including talent! This does even more to accelerate the important trend of cultural diversity and inclusion as organizations expand and grow. Since remote work has become increasingly easier and beneficial to companies (not to mention necessary), hiring internationally is more commonplace—and consequently offers the opportunity to make companies even more diverse.

Only a century ago, the world seemed a lot smaller and a lot more segregated. But over the decades, as air travel becomes more common, cultural diversity in the workplace is more the rule and expectation than merely a suggestion. International trade, remote work, and even online shopping have diversified the entire world.

Hiring a culturally diverse team bodes well for organizations who aren’t afraid to get on board. //

“Let your feet breathe.”

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business

SURAJ K. GUPTA

Photos courtesy of Suraj K. Gupta

W

by Marcus Medford

hile pursuing his MBA at Columbia University, Suraj K. Gupta witnessed many founding teams, especially ones headed by women and people of colour, having trouble getting financed despite their great ideas.

Gupta’s belief that “genius is distributed equally” and his desire to create an environment of innovation in Canada led him to found Rogue Insight Capital, a capital and private equity firm committed to catalyzing change by seeking out women, visible minorities, and people of colour who dare to transform the world.

How do you choose which businesses and entrepreneurs to invest in given Rogue Insight Capital’s mandate to “find visionaries who dare to transform the world?”

What were some of the challenges you’ve faced as a result of the pandemic in 2020?

We look for companies that have at least one female, visible minority, or immigrant in a senior leadership position—ideally, a co-founder. The second thing we look for is companies that are making a social impact [and] not ones that are just focused on their business and think that people are better off because of it. We really want to look for companies that are making a difference by solving a big problem.

At the start of the pandemic, one of our early challenges was figuring out how to help the people that needed it in the most efficient way possible. We started with Project Kindness. When COVID-19 hit, we realized hotels and motels [weren’t] going to have a lot of business, and we [had] a bunch of food that [was]

We’ve created an internal assessment around how we can evaluate companies and how they can qualify. The questions are weighted to see how much of a difference they’re making. Our final question is, “If this company were to disappear tomorrow, would the world be worse off?” If the answer is “No,” we won’t invest.

In an interview with The Edge, he discussed the challenges faced in supporting underserved groups.

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going to perish. So, what can we do with these items? Our team came up with ideas to mobilize the resources. We reached out to organizations like [food rescue charity] Second Harvest. Then we went to all our hotels and everyone we knew in the market and said, “If you have food that you know is going to go to waste, let us know and we’ll figure out how to pick this up.” And within two or three days, we had 2,000 pounds of food and supplies [to donate].

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business

Why do you think that women, immigrants, and people of colour are so important when it comes to transforming the world and creating change?

Can you explain how the unique experiences of women, people of colour, and immigrants can be a competitive edge for businesses, and the consequences of lack of support?

If you want to build a company that’s going to make a difference, you need to understand the people you're selling to. If you have a very homogenous team, you’re not going to be able to understand the needs of everyone, no matter how self-aware or well-read you are. It’s always going to be difficult to understand other people if you're surrounded by people who are the same as you. Whereas when you have people from different walks of life, different industries, different backgrounds, different genders, you will naturally have different perspectives [on] how you can grow a company.

This is a bit of a generalization, but we always hear stories of immigrants that come to a new country and face challenges.

They don't have the same resources that the incumbents might have and, more often than not, the ones that are successful got there because they worked extremely hard. They’re unbelievably gritty, and they take nothing for granted. All of those things are everything you’d want in an entrepreneur.

I always love to point to examples of funny gaffes I've seen in the world market that have an interesting underlying message. For example, American Motors had a car called the Matador. It sold amazingly in the States, but then they tried selling it in Spanishspeaking countries—in Spanish, “matador” means “killer,” so you’re not going to instill a lot of confidence there. It just kind of shows you that when you don't have a team with that diversity of thought, you're not going to be able to expand the company in the right way because you're not going to understand things like this that really matter.

As for the consequences of not investing, Canada is a country that’s built on fossil fuels, and that's an advantage that will not endure. So, I think that one of our greatest “natural resources” is our diversity. But you can have entire regions and economies fail if you don't adequately empower 92 per cent of the population.

I think that we could easily become a world leader in innovation if we don't just support 8 per cent of the population. So, the repercussions for our community, our economy, and our society are massive. Nobody should have a lack of access to resources just because of the colour of their skin, their gender, or anything like that. //

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business

MICHAEL WEKERLE FEATURING MUSICIAN & BUSINESS PARTNER ANDY CURRAN

by Dontei Wynter

T

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here’s no doubt that COVID-19 has shaken the world to its core. Every business, for the most part, has been impacted negatively with a decrease in revenue and customers. There are business titans that haven’t been touched by the pandemic, like Amazon’s Jeff Bezos, and then there are others like Dragons’ Den alum Michael Wekerle, who is feeling the strain of COVID-19 despite his wealth of knowledge and well-moneyed status.

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In 2020, Wekerle reopened the famed Toronto venue, El Mocambo—home to many of the greatest music legends locally and internationally. Although still functioning, but at a reduced capacity, reopening the El Mocambo was a costly venture.

Being your own boss can have its challenges, but Wekerle and his business partner, musician Andy Curran, made themselves available to talk to The Edge about business, the impact of COVID-19, and whether or not it’s a good time for entrepreneurs to invest.

Photos courtesy of Michael Wekerle

business

You’re known for being a risk taker, given your Bay Street days. Now, with the state of the economy due to the COVID-19 pandemic, did you have any worries about reopening the El Mocambo after investing millions of dollars into it?

There’s no doubt at all that we have invested $35 million, and the number keeps growing because we have to keep people [employed], and compensating employees to the best of our ability. I think the government—provincial, federal, and especially the city governments—have done a great job to handle what they could. We believe we want to work in participation but the numbers of our cost space keeps growing, and in November, we had a dozen shows that were planned and have now been cancelled. So, we’ve been trying to reinvent what we can do and we can service because of the quality at the El Mocambo, of the broadcast, [it has] been deemed an essential studio. But there’s not a night that goes by that I don’t wake up in the middle of the night and say, “What’s happening? Are we going to survive?”

What are some of your main concerns opening the El Mocambo, a live venue, during a pandemic? Can you share some of your own ups and downs, and are you worried about losing profits?

Well, I think that opportunity comes from hard work and you have to continue to work hard, but we are losing lots of opportunities.

We’ve lost the US as an opportunity, as we have a lot of people who are uncomfortable or don’t have the time to quarantine, because of their own schedules. Or they just simply don’t want to attempt to go to a different area that is potentially a risk to their life.

We have two floors; we’ve built them brand new—we’ve made it completely COVID-safe. We had a Canada Day [2020] event that was a very successful event with no cases and we had no altercations at the venue. And we’ve been strict on the amount of people admitted, based upon what the guidelines are.

What did your time on Dragons’ Den teach you about having entrepreneurs in Toronto, and what does it take for someone to get you to invest in them?

When I was on Dragons’ Den, it was always about the jockey—you had to have someone with a defined vision and a defined purpose, and capital is key. I thought that I had enough capital and then COVID hit, and now that’s becoming an issue right now. I’ve been through this before and I’ll go through it again probably in my life, but it is difficult, but capital is the key. Always overcapitalize yourself in a business, especially in the environment that we’re in right now. Always make sure that as you invest, that you look at the person’s company and then you look at the organizational structure, that’s a key point. I’ve always said that you can’t go back and rewrite the business model based upon what happened.

Given the time right now, what’s some advice you would give to an entrepreneur or someone looking to do anything business related, especially to the ones who are afraid to start?

This is a fearful time, so if you have capital, it’s time to invest.

There’s no doubt that you can get an operation up and going at the fraction of what I paid. It’s just that environment. People who have equipment will sell it, people that have leases that aren’t leased will take a lesser rate and you can probably right now, if you have the capital, set something up to do so. I think in this environment, we were planning for better [circumstances], we doubled the cost of the spend, knowing that we could reach payback in two to four years—that’s been extended now. But I do believe right now that if you were to do something, you have to make sure that you minimize your risk, not spending as much and making sure that you come into a venue that has some benefits. And look at streaming technology—it’s a fearful time, but not a bad time to invest [in yourself]. //

Andy Curran: And you think about the amount of time it has taken Mike to renovate the El Mocambo and there’s an asterisk on that—he’s waited all this time. There was a lot of conversation about, “Okay, we can do these hybrid shows of 50 people in the venue plus live streams." But Mike said to err on the side of caution to have less people inside, because after waiting all that time admitted he didn’t want any outbreaks at the El Mocambo.

How have you been able to pivot, given the restrictions?

What have you done to make things safer for you and your staff?

We were very lucky and decided early on to spend the extra, $10,000,000 excess on equipment and screens, and had a great partner in Solotech, which has been extremely helpful. We have a program that has two soundproof rooms of a fully automated system that record from three different areas of the facility, including the green room and two floors. We have a fully builtout basement that encompasses very safe washroom access from different areas. And we went from the El Mocambo having six bathrooms to 28 bathrooms, with four more on the other side in a pop-up shop that’s located at 460 Spadina Ave.

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winners' circle

HOWIE MANDEL

by David Solomon

A Actor, comedian, game show host, voice-over artist, talent judge, and podcaster—is there anything that Howie Mandel can’t do?

Most people might know Mandel as one of the judges on TV’s America’s Got Talent . Whereas he has seen hundreds of unknown performers become famous, he also took a chance on the stage in 1977, trying his hand at comedy on a dare.

His early shtick included placing a latex glove over his head and inflating it by blowing through his nose.

In just a few years, he was already on the big screen, and since 1981, he has averaged both a film and television role for each year. One of his first breakout roles was from 1982 to 1988, playing Dr. Wayne Fiscus on the highly-rated medical drama St. Elsewhere (also starring Denzel Washington). He’d lend his voice talents to the Gremlins film’s most famous Mogwai Gizmo, Muppet Babies characters, as well as creating and voicing the children’s cartoon Bobby’s World. In recent years, he hosted the game show Deal or No Deal, and throughout the decades, no matter how busy he was, still always found time to grab a stand-up audience whenever he could.

The Edge caught up with the busy showman to ask him all about show business and his secret to success.

Photos courtesy of Howie Mandel

What are some lessons from showbiz that you think entrepreneurs can use?

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Business is a much bigger word—twice as long as show—and you realize there's show, and there's business.

the audience, and what you expect from your audience. Is your audience just coming to you to buy carpet, or is your audience coming to you to get a laugh? Is your audience coming to you to buy laptops? What are you doing to make your audience want to show up and partake of your wares?

I think everything is show business. I think when you open up a car dealership, there [is] show business involved. When you open up whatever business it is show business because you need to show other people. The only differences are the size of

You have to “wow” people. You have to interest people. But you have to do that too, whether you're just a single guy that doesn't want to be single anymore. You go on a dating app, and that's your little show, and you're looking for the audience of one.

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and spent years and endless hours in a garage with their friends saying, “No, like this. I think this is good.” You just got to go for it and do it. Life is too short. We have too many opportunities, and people choose to not take those opportunities.

What do you think is a big obstacle for entrepreneurs?

I think the biggest problem is that people think. I say, “Don't think; use instinct.” If you think, you’ll stop yourself, and go, “What if this could happen? What if I fail?” Stop those. If we just went on instinct—like Nike says, “Just do it”—we would move forward. And even if you fail, you just did it. Somebody said F-AI-L stands for “First Attempt In Learning.” You're going to fail anyway, all through your life. But at least you'll learn something.

That's better than not doing anything. //

How do you choose what projects to take on, and how has that method benefited you?

I try not to say “no,” and I've always said that N-O are the first two letters of “nothing.” Nothing comes from “no.” Everything comes from “yes.” Such as when they dared me to get up on stage for the first time. I said “yes” to a dramatic show and ended up on St. Elsewhere. I said “yes”—it wasn't a plan—to be at a Saturday morning cartoon which became Bobby's World. I said “yes” to Deal or No Deal.

I said “yes” to hosting AGT. And I said “yes” to a podcast. I wasn’t thinking about it. I don't need it, but it's great. It’s fun. It's helping me, and maybe it's a little business in itself. I know it can be. I approach everything as a business opportunity.

You’re gonna get hurt, you're gonna lose, you're going to be rejected. But that's the game. If you're going to play hockey, you're going to get checked, you're going to fall down, you're going to get cut, you're going to get out of breath, and get tired.

If you quit, you're just not going to win the game. As Wayne Gretzky once said, “You miss 100 [per cent] of the shots you don't take,” a great philosophy for business.

What other philosophies for business can you impart?

Diversity is a friend of everybody. I think that we end up closing our minds. Success doesn't come to you; it’s something that you decide you need. It's like a Rolling Stones song: “You can’t always get what you want, but you'll get what you need,” and if you need it, you're willing to continue to do it. You look at anything that didn't make it—they just quit. They just stopped. I always say the only difference between you being you and Elon Musk is he did it, and you didn't. Or Steve Jobs. He did it, and you didn’t. These are people who had an idea, had a passion, 27

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winners' circle

EVA WONG

by Kenny Hedges

L Last year was a major year for Borrowell. The fintech company managed to raise $25 million to support their acquisition of Refresh Financial. The two have been working together for the last three years to help Canadians manage their finances.

Much more than just a free credit report, Borrowell was launched in 2014 to help aid Canadians with financial literacy.

At the centre of Borrowell is Harvard-educated Eva Wong, who along with her co-founder, saw the problems inherent in the credit card industry, and just how ill-equipped regular citizens were to deal with them.

The Edge caught up with Wong to discuss Borrowell, as well as some of the personal struggles she’s had to face, though there’s little about which she’s not optimistic.

Photos courtesy of Eva Wong

Before launching Borrowell, what was the most important factor in schooling, mentorship, or elsewhere that set you on this path?

Your app feels like something that was born out of necessity as people just don’t have a grasp on financial literacy. Can you talk to me about the origins of Borrowell?

I think for me, having an impact is really important, and having a positive social impact is really important, so that’s what I was trying to find.

It was my co-founder, Andrew Graham, who came up with the idea.

For him, he had been working at a financial services company, and saw how profitable the credit card business was. I think what we wanted to do was to have that same level of convenience but offer a better product. The first product that we offered was an installment loan where we would have customized interests based on people’s credit scores. The idea was [to] help people pay off credit card debt at a lower interest rate, and be on an installment loan plan where you would know the day you get free rather than be on this sort of revolving wheel of credit card debt.

I find our mission really compelling. I think a lot of people today […] have a lot of stress about their finances. We know that people’s finances impact their relationships, they impact how you feel about yourself as a person, [and] impacts what you feel you can pursue in terms of your career, so I think it’s very meaningful to work towards something and to make a difference.

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What do you think accounts for so many people being afraid, or at least having a lack of understanding, of their own finances? Are there areas you feel the financial world is failing to educate ordinary citizens?

We’ve done some surveys into this. People feel a lot of shame about their finances.

I’d love for people to talk openly about their finances. There’s no shame in not knowing. There’s lots of tools out there—and Borrowell is one of them—centered around how it can be really easy and empowering.

And we try to be very encouraging to people and not have finances be about shame and graphs and lots of angry red text.

If the past few years have done anything, they’ve certainly opened the eyes of people with privilege who may have been ignorant to some of the problems that others deal with daily. What were some of the challenges you’ve experienced as an Asian female leader in tech?

I think there’s definitely a lack of representation in, I would say, the business world, more broadly for women and people of colour. One of the things I’ve been encouraged about is just seeing more women and people of colour in leadership roles, running their own businesses.

Do you think Borrowell can help in any way?

In the past, if you had a lot of money, you could get great financial advice. What we’re doing with Borrowell is democratizing that, and using the data and technology to make personalized recommendations and give personalized advice and, again, democratizing that so it is free.

Our hope is that people feel a lot more in control, and to make it super easy, because I don’t think people want to spend hours of their week thinking about their finances.

Your app uses a lot of AI to interface with your clients. Are there any concerns with that going forward in the future?

With any technology, it can be used for good or for evil, so we have to make sure our AI works and the data we’re using isn’t biased in one way or another.

We have almost two million members across Canada, so we have a very wide member base. We’re using AI to help people understand the likelihood of being approved, and I think that can be very helpful. A lot of people don’t want to apply for a product and be declined for it, so just understanding your chances and odds of approval, I think, is a great application of AI. //

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ISIAH THOMAS

by Dave Gordon

I Isiah Thomas isn’t merely a basketball legend and NBA Hall of Famer, most famous for his 13-year tenure with the Detroit Pistons (1981-82 through 1993-94), where he was a 12-time NBA All-Star (the game’s MVP in 1984 and 1986, and holding the coveted Finals MVP for 1990).

He also has more than three decades in business, as well as a long list of philanthropic initiatives.

Thomas’ service to educational, anti-crime, and anti-poverty programs began in Detroit when he was in the NBA and continues across the US. Thomas has awarded more than 100 scholarships to criminal justice students through the Isiah Thomas Scholarship at Indiana University, and offers a scholarship at University of California at Berkeley in the African American Studies department.

The serial entrepreneur is owner of several companies, including Isiah Imports and Cheurlin Champagnes. A recent venture is with Tand Properties, which revitalizes buildings and develops affordable housing. In June 2020, he became CEO and Vice-Chairman of One World Pharma, a licensed cannabis and hemp ingredient producer, in partnership with the Indigenous people of Colombia. The Edge spoke to him about his great entrepreneurial ventures and drive.

Photos courtesy of Isiah Thomas

Tell us about your first entrepreneurial venture.

When I was 10 years old, I shined shoes on the weekends…got my own polish and rags. I had to build my own shine box out of the crates that the soda used to come in. I decided to do that to make money. I started out shining shoes right outside of the church. I’d hit the morning crowd on Saturday and Sunday. Then, late at night, I’d hit the bars.

When did you do the “grown up” entrepreneur version?

I started Isiah International in 1990, selling candy bars and ice creams. We had the Isiah Bar in Detroit. My economics teacher in high school told me to always invest in things that I use and that I like. Of course, candy and ice cream are some of the things I like the most.

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Then, the big one came when we bought American Speedy Printing out of bankruptcy. The thought was that we’d take technology and infuse it into an old mom-and-pop business that did not make the transition into technology yet. We had 700 chains, turned that around, and sold it.

When did you figure out what made you distinct as a basketball player?

This is a great question that I’ve never really been asked before.

I’m so glad you asked because it’s [something] that myself as a player and those who were teaching me wanted to make sure I was different and thought differently about the game from an educational standpoint and a playing standpoint. To me, these really do correlate with business.

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My business expertise is start-ups and turn-arounds. If you look at my early ages of playing, and if you were to compare it to a business, you’d call it a “start-up phase.”

In my start-up phase, what made me different was my teaching and my education. John McLendon, which was one of the first people I hired when I got to the Toronto Raptors, was one of my early mentors in life in basketball. He’s in the Hall of Fame.

John McLendon invented fast-paced basketball.

I was also fortunate enough that he worked closely with Abe Saperstein, who started the Harlem Globetrotters. Curly Neal and Marques Haynes were the two ball handlers. When you look at my ball handling skills, you can trace it back to Curly Neal and Marques Haynes who taught me how to dribble a basketball.

That in itself made me different and unique than everyone else who was learning to dribble and play.

Wanting your own style, creativity, originality in my early ages of start-up is what I strived to have—an original, creative, imaginative style of play that no one else was playing like at that time. You couldn’t put me in a box, and because of that, it gave me the opportunity to win and succeed at a very high level.

What have you learned as an entrepreneur?

The first thing that I’ve learned as an entrepreneur is that you have to make a plan and then work the plan. Then, you have to be able to adjust your plan along the way.

As you are going into any business, the three pillars that I look for are: A) can it meet my criteria of how much money we want to make? B) is it something that people will want? You can have a great idea but if people don’t want what you are selling, then it isn’t going to work. And C) can you surround yourself with the right team and people that can help you have success?

In any business, you are only as good as the team you are able to put together that walks out on the playing field with you.

What advice can you impart to new entrepreneurs?

You are going to fail. It’s how you learn from the failures: get up and move to success. No one starts out hitting grand slams unless you get lucky.

I was taught that when a teacher puts red ink all over your paper, that teacher is really trying to help you. If you don’t learn from the red ink on your paper, that’s on you. But if you allow the business and experiences of that red ink to help you get better, then you can get an A. It’s like being a basketball player. You are going to miss a couple of shots. Too many times people come into business thinking they aren’t going to miss. Everything is going to be rosy. That’s not how it goes in any industry or profession. That’s the learning part, the education part, the “aha” moment that you look for. //

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winners' circle

CAROLYN STERN

by Dontei Wynter

N Navigating the workplace is never easy, and it’s been made more difficult since the pandemic started. While bosses are just as overwhelmed as their staff, it’s important that they try to stay engaged with their team and focus on honing their emotional intelligence (EI). That’s where emotional intelligence expert and entrepreneur Carolyn Stern comes in. A business professor at Capilano University in Vancouver, she’s also an accomplished emotional intelligence speaker and corporate trainer helping companies build highperforming teams. The Edge caught up with her to learn about the importance of emotional intelligence and what that means in a COVID-19 world.

Photos courtesy of Carolyn Stern

What are some ways that emotional intelligence can help people become better leaders?

How can your techniques in emotional intelligence be applied to leaders in the workplace?

Real leadership is about inspiring, motivating, and igniting passion in others.

Professionals with high emotional intelligence have exceptional self-awareness, better control of their actions, and empathy for others. An increased level of emotional intelligence can also help individuals manage stress better, build healthier relationships, and make good decisions. These qualities are all vital elements of effective leadership.

From a business perspective, understanding the attitudes and behaviours of your people is critical. It is the individuals who create an organization's competitive advantage, and when you start treating your employees as people, it's incredible what they can accomplish.

Corporations expect their people to know how to behave on the job. They assume employees innately know the importance of taking initiative, speaking up, being friendly, thinking clearly under pressure, and producing high-quality work. In reality, senior employees typically possess superior technical abilities but have not developed the emotional intelligence skills required to increase the success of your organization.

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Learning to be bigger than your emotions is critical for success in school, business, and life. We can use our emotions as data to make good behavioural choices.

The problem is we never learned this in school. Fortunately, emotional intelligence can be learned, developed, and enhanced.

Our clients have found that incorporating EI into their repertoire takes their leadership impact to new heights.

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What impact do you think the pandemic has had on the emotional and mental stressors faced by leaders/bosses?

How can they lead better during a time like this?

COVID-19 has transformed the way we work. Our approach to hiring, communicating with our teams, assigning work schedules, and determining how the work gets done has also permanently changed. The way we have been previously taught to manage our teams does not work in this new world.

Mental health is at an all-time low. There are no boundaries between work and home, and our employees are having a hard time separating the two.

Many are feeling isolated, disconnected, and stressed with working from home. They also are having trouble staying focused. They are feeling unmotivated and lonely, having no one to talk to throughout the day. They are struggling with collaborating with their teams while working in a different time zone.

Organizations are scrambling to keep their head above water, which has muted real conversations about our current challenges.

Now, communication is fragmented, and nobody knows who's working on what and why it's important.

But each individual will feel, think, and do different things in response to imposed changes. Change involves managing emotions, and for most organizations, they have unwritten and unspoken display rules about which feelings, if any, are okay to demonstrate at work.

What advice do you hold for people who wish to reconnect during the pandemic?

Leading others can be challenging, but when you compound the fact that geographic proximity is no longer needed in the workplace to effectively perform and succeed, staying emotionally connected with your distributed team can be difficult.

Many organizations are not focusing on their employees' feelings.

Why? Because we never learned how. Leaders must understand and appreciate the emotional response that change may evoke in their employees and the process of implementing change within the organization effectively.

The key is first starting with a leadership mindset that builds trust and empathy for those you lead. Next comes listening to what your employees need to feel connected to you and the team.

Then, act on their feedback and notice what happens.

Given that the pandemic will have impacted people's abilities to connect and communicate, how do you think they can effectively transition into a setting with loosened restrictions?

As we start to roll out our plans for reopening businesses, and finally go back and re-enter the office, the importance of keeping our workers safe and comfortable is critical.

Companies have had to rethink the current work landscapes, employee schedules, extending work-from-home scenarios, and limiting face-to-face meetings. Social distancing is driving

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a lot of decision-making, and will be part of the new normal.

Every employee will have a different perception of risk and tolerance to your safety measures, so your plans must be clear to be successful. Your people have faced a myriad of emotions since the pandemic. Over the following months to years, we need to be acutely aware of how they feel about these new stressors in their work-life, and how it impacts their productivity and emotional well-being.

The problem is that people and culture managers have not been provided with the right tools to recognize the early symptoms and stop disengagement in its tracks. You've been so busy managing the avalanche of change your business and teams are facing—who's had time to learn an entirely new way of leading?

How can leaders overcome the challenges of life after COVID-19?

For many of us, COVID-19 has been the most significant and perhaps most traumatic experience of our lives. Even when the pandemic subsides, there will be permanent changes in how we think about and behave at work.

Learning to lead with emotional intelligence will give you and your employees the tools to engage openly and with impact.

Once people care for one another, it is incredible to watch how far they will go for their colleagues.

At EI Experience, we do more than scratch the surface. All of our programs are purposefully designed to deliver an experience that your team will remember and an impact that stays with them well beyond the training or coaching session.

This powerful personal insight literally dissolves lifelong roadblocks to growth and change, amplifying their strengths and giving them the tools to manage life's hurdles, clearing the path for the organization's true potential to emerge. //

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Your home is worth protecting The right life insurance can help Here’s how a term life insurance policy can help protect your home and your family if something unexpected happens to you.

Things to consider

Term life insurance

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Are the benefits paid to the beneficiaries you name?

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When you re-finance your mortgage, do the premium rates stay the same?

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winners' circle

MICHAEL BACH

by Rose Ho

A As the founder and CEO of the Canadian Centre for Diversity and Inclusion (CCDI), Michael Bach is an expert in implementing diversity, equity, and inclusion (DEI) in organizations across Canada. He studied and worked in the area of diversity and inclusion (D&I) for many years, including his time as the National Director of Diversity, Equity and Inclusion at KPMG Canada. Last year, Bach wrote Birds of All Feathers: Doing Diversity and Inclusion Right , a guide for employers looking to apply DEI strategies in the workplace.

He spoke to The Edge about his lifelong inclination towards advocacy and what it’s like working in the realm of D&I today.

Photo courtesy of Michael Bach

You are a Cornell University Certified Diversity Professional/ Advanced Practitioner. Before receiving your designation, how did your interest and journey into diversity management begin?

I've always done something that is in the vein of diversity inclusion work. Throughout my entire adult life, I was involved with various non-profit organizations in the LGBTQ space, in disability space, [and] women's organizations. But it wasn't really a job. No one really paid you to do this work, so I never thought of it as a career. And then one day, I was working in KPMG, and long story short, I had the opportunity to write the business case for [the] creation of a role in diversity. I led diversity for KPMG for seven years and came over to CCDI. It's always been a passion. It had to do with how I was raised. My parents, from a very early age, taught me that I had a responsibility to make the world a better place for everyone, particularly people who don't look like me, because I am a white man. As much as I'm gay, and I live with an invisible disability, I still have the privilege [that comes with] being a white man. It was always

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in my blood, if you will. And then when I had the opportunity to turn it into a profession, I jumped on it.

Making that jump to be a social entrepreneur in launching the CCDI after working at KPMG for seven years—what prompted you to make this specific move?

I saw a gap in the market. One of the biggest challenges that I faced as a practitioner at KPMG was that Canada's such a big country. And I know that seems pretty obvious, but when you are a national employer, it's really difficult to have a small team that is expected to service the entire geography. And add into that you've got the complexity of the conversation with various groups under the umbrella, whether that's women or people of color, people with disabilities, etc. And I felt that there was a gap in the market of an organization that was designed to help employers with tackling the conversation nationally. I always said that CCDI wouldn't do everything. We weren't designed to be the single organization around this conversation. But what we would do is be the centre of the conversation.

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The dynamic field of DEI requires constant renewal of discourse and dialogue with the potential to transform attitudes. How does it feel to be at the forefront of the national effort to induce organizations to be inclusive and diverse?

In some ways, I think it feels really amazing. And in some ways, it's quite terrifying that we have the influence that we do. We could screw things up quite quickly [laughs]. [But] I would say it's a good feeling.

You are absolutely right that this conversation is perpetually changing. A year ago, at this time, there was no world in which Canadian employers wanted to talk about racism. And then George Floyd was brutally murdered and, all of a sudden, employers really want to talk about racism.

What's next? I have no idea. I wish I had a crystal ball and could figure that out so that we can be prepared for it. But the best we can do is respond to the evolving conversation, and, where possible, impact that conversation like we have with this conversation around racism and, hopefully, positively impact people's lives.

You mentioned the challenges of the last year, but what kind of challenges does the CCDI, and the world of D&I in general, face today and how have you been addressing them?

I think one of the biggest challenges that the profession faces is we don't have enough people. The past year has seen an uptick of new diversity, equity, and inclusion roles being created in organizations. The biggest challenge that we're going to continue to face is how do we find [and] how do we nurture the talent? Oftentimes, this is one person inside an organization, and I think this is where CCDI the charity really serves its purpose in bringing together D&I practitioners to learn from one another, so that the one person in an organization doesn't feel so alone and feels like they're able to tackle what is a very challenging role.

I think the other piece of the puzzle that's the biggest challenge is just keeping this conversation going, particularly the one around anti-Black and anti-Indigenous and anti-Asian racism.

We need to make sure that we don't take our foot off the pedal, and that it doesn't become a flavour of the week.

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What is something that most people are not aware of about DEI? Probably the biggest thing is that it's not a program. It's not something you implement, and you're done. [It] is a journey without a destination. Once you're on that road, you will constantly be on that road and need to constantly be on the road. [It] is a long journey. I think that's probably the biggest thing because most employers I've worked with over the years, they think, "We just need a diversity and inclusion manager and we're good." Or, "We just need to roll out unconscious bias training and everything will be fine." No, that's not how it works. It is a constant evolution and revolution. I refer to it as the incremental revolution because it is small actions taken over long periods of time that affect the change. You have to be prepared for the long haul. //

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the EDGE Fall 2021

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money & finance

HOW AUTOMATION IMPACTS WEALTH, REVENUE, AND INEQUALITY

by Peter Campbell

W

hat is automation, and how does it impact the economy, jobs, wealth, and inequality?

As technology continues to develop and make its way into the market on all levels, we evaluate the positive and negative effects of automation.

The Omnipresent Matters of Automation Automation—it’s here; it’s there; it’s everywhere.

From ATMs to home appliances, and from apps on devices to interactive voice response (IVR), the list of how automation has become enmeshed in our daily lives is endless. Nowadays, many simply wonder aloud to their devices: “Hey, do this,” or “Answer that,” and through the magic of technology, have their current need granted.

Each industry utilizes its own type of automation—whether it be fixed, programmable, flexible, or integrated.

Regardless, all automated systems consist of three elements:

• • •

The power to operate the system and accomplish the process A program of instructions to direct the process A control system to execute the instructions/process

Careful What You Wish For: Stark Numbers & Cautionary Tales Is automation a big, bad, robotic wolf in sheep’s clothing? It depends on one’s perspective.

Since 2006, seven million people in the U.S. alone have lost their jobs due to automation—and the pandemic has only sped up the automation process. The World Economic Forum believes that 85 million jobs will have been lost due to automation by 2025.

The sectors most likely to see a steep increase in automation include: • • • • •

Construction Food Service Manufacturing Office Administration Retail

By 2030—just a little more than 8 years away—it is suspected that the following jobs will become fully automated: • • • • • • • •

Insurance officers Manufacturing jobs Customer service Research and data entry positions Production line jobs TV advertising jobs Fast food jobs Delivery services

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There is little doubt that, due to its productivity improvements, technology is a key driver in economic growth; however, due to its skills-based nature, and the fact that its contribution to economic growth varies greatly across countries, technology can also lead to an increase in wealth gap inequality.

The Other Side of the Automation Coin: Inequalities There are varying types of inequality—racial, income, wealth, social, economic, and more.

Needless to say, the world is a very unequal place, but this is nothing new. Even though acronyms like BLM and BIPOC are becoming far more commonplace, marking an openness to discussions of diversity and inclusion, there’s still a long way to go for equality on all levels of society. This inequality is, of course, also apparent in the world of technology and automation.

It has been suggested that a “code ceiling” exists, which is similar to the “glass ceiling” for women’s advancement in the workplace, but this one prevents career advancement in AIpowered companies because freelancers and junior employees rarely interact with human co-workers.

BMIT economist Daron Acemoglu suggests 1987 was the year that the jobs lost to automation were no longer being replaced by an equal number of similar opportunities in the workplace.

From 1947 to 1987, the average job loss from industries that adopted automation was 17 per cent, with the average amount of new opportunities being 19 per cent. From 1987 to 2016, job loss was about the same (16 per cent), but new opportunities accounted for only 10 per cent.

“It’s not all doom and gloom,” says Acemoglu. “There is nothing that says technology is all bad for workers. It is the choice we make about the direction to develop technology that is critical.”

The Automation Upsides: Wealth & Revenue There are many advantages to automation—higher production rates, increased productivity, more efficient use of materials, better product quality, improved safety, shorter workweeks for labour, and reduced factory lead times. Automation enables firms from around the globe to produce goods at a lower cost. As well, it enables firms to reduce the number of workers—which, in turn, limits the power of unions and potentially disruptive strikes.

And finally, automation leads to significant economies of scale, which is of tremendous importance to industries that require a high investment of capital.

Best-in-class companies have begun to adopt automation and are reaping the benefits. One such company in the advanced industries uses automation to streamline its bid process. Now, as opposed to having to do everything manually, predesigned proposals are automatically populated with enterprise resource planning (ERP) data. The result? Higher customer satisfaction, a five per cent lift in revenue, an overall cost reduction of 10 to 15 per cent, and a reduced proposal time that has gone down from three weeks to two hours.

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In a recent Economic Synopses essay, economist Sungki Hong and senior research associate Hannah Shell stated, “Automation increases inequality because it tends to displace the lowest-paid workers.”

Hong and Shell calculated that if an occupation has a 60 per cent chance of automation, then following automation, 60 per cent of the employees would receive one of three labour market outcomes: • • •

Employed, but having to take a 20 per cent pay cut from their original income Employed, but earning minimum wage Unemployed, zero income

Final Automated Answer?

For ages, humanity—in consternation and frustration—has grumbled, “Can’t we all just get along?”

If history has demonstrated anything, it’s that, more often than not, people cannot. Even the idea of being united against a common enemy seems to have a shelf life. Unity and cooperation are all lovely ideals to strive for, but we seem to keep running up against the same unfortunate roadblocks.

Is automation—that neutral and unbiased arbiter—the answer?

Presently, automation makes our lives easier and more efficient.

Will future iterations of it possess the ability to rectify the age-old issue of togetherness?

As is often the case, time and technology will tell. One thing is for certain: two heads are always better than one. Even if automation isn’t the entire answer, diversity should never be in question.

People diversify portfolios; it only makes sense to diversify employees as well with both people and automated processes.

In both cases, the risk to investment is reduced while maximizing its return. //

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money & finance

STRATEGIC BENEFITS OF DOING BUSINESS IN THE EU

by Nigel Taklalsingh

40

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the EDGE Fall 2021

ith the pandemic moving into the rear-view mirror, and businesses reflecting on the skills and experience they have gained in the last 24 months, it’s now time to look ahead to the future.

Businesses are more familiar with operating virtually, and distribution and shipping networks have been tried and tested. Conducting business beyond borders is now easier than before. The question of where to do business abroad can be answered by looking across the pond to the European Union (EU).

Expanding a business to another location, whether in a different city, province, state, or country requires the assessment of a number of factors to understand how to capitalize on opportunities and manage any risks. Outlined below are six factors to consider when developing a strategy for doing business in the EU.

money & finance

The Size of the Market Prior to the pandemic, the EU was the world’s largest trader of manufactured goods and services, and accounted for 450 million consumers and 22.5 million small and medium-sized businesses, according to the European Commission’s official website. According to the World Bank, the EU’s GDP in 2019 was $16 trillion, second to the US’s $21 trillion and ahead of China’s $14 trillion.

Favourable Trade Agreements Another advantage of doing business in the EU is the favourable trade agreement between the EU and Canada. The CanadaEuropean Union Comprehensive Economic and Trade Agreement, or CETA, was implemented in 2017. CETA removes tariffs and lowers barriers for the majority of industries conducting business with the EU. CETA also simplifies the regulatory process and provides Canadian companies with the opportunity to bid on EU government contracts, which is estimated at over $3 trillion annually.

Government Programs to Manage Risks Dealing with new customers in another country can create added risks for any business. Canadian businesses can reduce these risks with credit insurance. Credit insurance protects businesses against non-payment in a number of events, including bankruptcy and contract cancellation. Export Development Canada (EDC) is a crown corporation that provides credit insurance to Canadian businesses exporting products aboard.

Key Industries & Countries for Expansion Based on EDC’s analysis, there are several industries in the EU that provide greater opportunities for Canadian businesses. The table below lists the leading countries that do business with Canada by industry.

INDUSTRY

COUNTRY

Aerospace

France & Germany

Agricultural Products

France, Germany, Greece & the Netherlands

Fish & Seafood

France, Denmark, the Netherlands & Sweden

Forestry & Wood Products

Belgium, France & the Netherlands

Information & communication technologies

The Netherlands, Germany & France

Pharmaceuticals

Italy & Belgium

the European Green Deal, the EU has allocated a third of 1.8 trillion euros over the next seven years to finance investments in environmentally friendly technologies, support innovation in industries, and create cleaner forms of transportation.

Understanding of Local Requirements Recognizing and adapting to local norms and practices will need to be a necessary part of expanding to the EU. Packaging, marketing tactics, and even product names may have to change to adapt to country-specific requirements. Developing a network of partners in the EU can reduce the challenges of addressing local requirements and customer preferences. A local network can also provide value with understanding local laws and tax systems.

Method of Expansion There are multiple options to start doing business in the EU. 1) Businesses can export products directly to customers and businesses in the EU, without resident distributors or agents. With proper logistics and by accommodating to local requirements, this option can be the fastest route in establishing a presence in the EU. 2) Working with local and regional partners (agents, distributors, and export management companies) is the next option to enter the EU. A key advantage with this approach is that on-the-ground knowledge can help with adapting the product and marketing tactics, and adhering to local regulations. There is also the benefit of leveraging these networks to find new customers and provide after-sales services.

3) Setting up an office is the first step in establishing a physical presence in the EU. A subsidiary office provides more flexibility to your business if there are plans to eventually expand to a fullscale operation. With a sales or branch office, business functions would be limited to market research and identifying customers.

4) Strategic alliances and joint ventures provide businesses with a partner or partners to collaborate on a variety of business opportunities. This can include joint product development and market expansion. These arrangements can be advantageous to Canadian businesses as they help to increase competitiveness in a new market as well as limit risks of operating in an unfamiliar location.

With more understanding on expanding to the EU, there is more clarity and confidence to pursue this strategy to ultimately reap the benefits of crossing the pond. //

Clean technologies, or “cleantech,” is another industry that presents opportunities for Canadian businesses. Driven by the increase in global attention towards climate change through

Fall 2021 the EDGE

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money & finance

7

I

WAYS TO DIVERSIFY YOUR INVESTMENT PORTFOLIO

by Joshua J. Cooper

n finance, diversification is the process of investing and distributing your company’s finances in ways that will maximize their return and increase their efficiency. In other words, your investment team attempts to reduce risk and volatility by investing in a wide variety of assets.

A diverse investment portfolio should see lower variance than the weighted average of your constituents, and is frequently less volatile than the safest investments of its components. Remember that the main idea behind diverse investing is to gain in the long run, not sprint to the finish. With stocks, bonds, and mutual funds all available to those looking to diversify their portfolio, it can be a difficult task to know where to start. Here are seven ways to diversify your investment portfolio and come out ahead.

1 Rebalance Often The key to eliminating unwanted risk from your portfolio is to rebalance. Often, when the markets are soaring, rebalancing is the last thing on investors’ minds. It may be tempting to hold onto those assets in the asset allocation of your portfolio that are experiencing higher gains in price. However, rebalancing as

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a strategy means selling off the assets with good returns and replacing them with buying those with minimal returns at the given moment to stick to the original allocation. A common theme amongst investors is the belief that diversification is a one-time task, but you should check your portfolio often and make changes accordingly. When the risk level isn’t consistent with your investment goals or strategy, you rebalance. You should do this at least annually, but preferably quarterly.

2 Set Guidelines The strategy of rebalancing requires setting limits to the fluctuations that are within the boundaries of acceptable risk.

Say a portfolio consists of 30 per cent emerging market stocks, 40 per cent government bonds and 30 per cent blue-chip stocks.

You can place limits of plus or minus five per cent in each of the asset classes, so for emerging market stocks, you would be okay with 25 per cent to 35 per cent change. Anything that moves out of these limits would need to be rebalanced to bring the asset class back to its original allocation. You should use these guidelines to ensure your stocks and investments are in line with your investment goals. Tighter guidelines should be placed on individual stocks as opposed to more diversified funds.

3 Diversify Your Portfolio An easy way to do this is by purchasing index funds, exchange traded funds (ETF), or mutual funds. Index funds include stocks that mirror the constitution and operation of a specific index, such as S&P 500. Although the diversification they offer is limited, they are still worthy of consideration. An ETF is a type of security that tracks an index, sector, commodity, or other asset, but can be purchased or sold on a stock exchange like a regular stock. ETFs and mutual funds offer a variety of different stocks, providing instant diversification.

A diversified portfolio should have a wide array of investments.

This means holding stock in different sectors such as healthcare, tech, and energy. You don’t need to be in every sector, but should focus on holding the stock of a vast variety of high-quality companies. You can also consider holding some investments in non-stock items such as gold, cryptocurrencies, bonds, and real estate.

4 Keep Tabs To know whether or not you’ve gone outside your comfort zone, you need to check your portfolio regularly. This doesn’t mean going overboard and checking it multiple times a day, but most investors look once a week. If that still feels like too much, you can check monthly or quarterly, but it is important to be aware if you’ve gone outside your chosen limits, so check your investment portfolio regularly. If your portfolio hasn’t moved from your target location too far, it’s fine to leave it alone.

5 Define Your Goals Everyone has different goals they’d like to achieve that serve as guiding points for veterans and beginners. Assuming a certain rate of return, you can estimate how much money you will make in the future, as well as the time by which you can expect to earn it.

6 Buy Your Underperformers on Sale The time will come when you have to reassess your investments.

Buying underperformers and selling outperformers can lead to large gains. It’s important to remember their value remains theoretical until you trade them in for cash, no matter how high your investments rise.

7 Learn About Global Markets

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Global markets are usually characterized by an extremely fastmoving dynamic where an investor must also deal with multiple monetary regulations. Global markets have the potential for high returns in a short time. As a young investor, it can take some time to learn how it functions, understand trends and fluctuations, and what drives these shifts, but it can also be highly rewarding.

Rebalancing often, ensuring a mix of investments, and buying underperformers on sale are just a few of the ways that anyone can rely on to diversify their investment portfolio. There are other strategies too, including learning about global markets, defining your investment goals, mixing up your investment percentages, and regularly checking your profile for new ideas that can help get you ahead as the world comes out of the pandemic. //

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start-up

8

BILLION-DOLLAR UNICORN START-UPS

I

by Lisa Day

n the land of ice and snow, there is an almost mythical creature—the sleek, one-horned narwhal.

In the world of business, a narwhal is the name given to Canadian private start-up companies with a value of one billion Canadian dollars.

“The narwhal club” was a phrase coined by Brent Holliday of Garibaldi Capital Advisors as a way to highlight Canadian companies who have reached this milestone. In the United States, start-ups that hit one billion American dollars in value are called unicorns.

Here is a list of eight Canadian start-ups (including a Canadian-adjacent one) that make the rare and coveted narwhal list.

ApplyBoard

Benevity

Founded in 2015 by three brothers—Martin, Meti, and Massi Basiri—this $2 billion edtech (education technology) company connects international students with academic institutions.

Calgary-based Benevity offers a corporate responsibility software that encourages its corporate clients to engage their employees, customers, and shareholders to do good.

The Kitchener, Ontario-based company has partnered with more than 1,500 primary, secondary, and post-secondary educational institutions, and works with more than 5,000 recruitment partners to promote diversity on campuses around the world.

Founded in 2008 by Bryan de Lottinville, Benevity software offers workplace giving, matching, and volunteering, among other things. Benevity, which is worth $1.1 billion, invests more than $10 million a year in their digital portal to provide the best service to non-profits, and is guided by a council of non-profit leaders.

In 2019, ApplyBoard was named the fastest-growing technology company in Canada by Deloitte, ranking number one on the Technology Fast 50 list. In 2020, ApplyBoard was ranked third on Linkedin’s Top Start-ups List in Canada.

Benevity became a narwhal in December 2020 as Hg Capital LLP invested $1.1 billion in the privately held company. Since then, Lottinville has handed off the CEO reins to Kelly Schmitt while remaining executive chair.

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start-up

Clear.co Formerly known as Clearbanc, Clear.co is a lending and venture capital company. It was founded in 2015 by Michele Romanow of CBC’s Dragons’ Den, Andrew D’Souza, Ivan Gritsiniak, Charlie Feng and Tanay Delima.

Start-ups looking for venture capital funding can log on to the artificial intelligencepowered Clear.co website, provide their corporate details, including financial information, and potentially receive up to $10 million in loans.

Headquartered in Toronto, the company is worth $2 billion.

Coveo With an office in Quebec City and five office hubs in three countries, Coveo, which was founded in 2005, is valued at $1.1 billion.

Coveo is a cloud-based platform that uses machine learning to help businesses unlock their content and data across all digital platforms (websites, search bars, knowledge bases, customer-facing channels, and internal portals), helping them deliver improved and personalized digital experiences for users. It also boasts easy-to-integrate models that don’t require expertise in artificial intelligence.

Coveo employs 600 people, 40 per cent of whom are research and development professionals.

Dapper Labs Dapper Labs is a financial technology company that provides blockchain products and digital collectibles on Flow, their digital ledger technology, according to Crunchbase.

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Based in Vancouver, British Columbia, Dapper Labs was founded by Dieter Shirley, Mack Flavelle, and CEO Roham Gharegozlou, who was named as one of Technology Innovators’ Top 25 Blockchain Technology CEOs of 2020.

acquired the platform Collective Medical for $650 million, creating the largest network of acute and post-acute care in North America.

Dapper Labs, which was created in 2018 and is valued at $2.6 billion, is the creator of CryptoKitties, an non-fungible token (NFT) marketplace for collectible digital cartoon cats, and runs NBA Top Shot, an NFT-based trading card game.

Founded in 2000, Sportradar employs more than 1,000 people in 25 locations and is the partner to more than 600 companies.

Sportradar offers insights and solutions to its official partners, including the NBA, NHL, NASCAR and FIFA. Its data monitoring system analyzes betting patterns for suspicious patterns, and crunches other numbers for sports federations.

Nuvei Formerly known as Pivotal Payments, Nuvei is an electronic payment processing company founded in 2003 with headquarters in Montreal, Quebec. It is valued at $2 billion. Through Nuvei, users can accept local payments, worldwide.

“Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates,” said Mark Pyke, Nuvei’s North American president.

The company recently acquired Mazooma, a U.S.-focused gaming and sports wagering payment technology provider, for $56 million, plus additional considerations up to $315 million.

PointClickCare The Mississauga-based PointClickCare is a cloud-based healthcare software provider geared toward the long-term care and senior care industries. PointClickCare provides software for more than 21,000 nursing facilities, senior living communities and home health agencies.

Founded by Mike Wessinger, it is valued at about $4 billion and employs about 1,500 people. In December 2020, PointClickCare

Sportradar

Based in Switzerland, and the only nonCanadian start-up on this list, Sportradar announced a strategic partnership with the Canada Pension Plan Investment Board (CPPIB) in 2018.

The company is valued at $2.4 billion. //

start-up

HOW TECH START-UP ECOSYSTEMS ARE RANKED GLOBALLY

A

by Arslan Ahmed

start-up ecosystem denotes the network of research and service organizations, incubators and accelerators, advisors and mentors, entrepreneurs, various stage start-ups, funding providers, ideas, and research that work in tandem to provide a space for start-ups to grow. Spatially, ecosystems are regional, usually within a 60-mile radius of a given central point.

Environmental factors determine the power of start-up ecosystems all over the world—which is not to undermine the ability of an ecosystem to tap into the global environment or to attract global interest to achieve success.

One major benchmark for the power of an ecosystem is the ability to produce start-ups capable of global impact and growth, with a unicorn (a start-up with a valuation above $1 billion) considered the ideal. Let us look closer at the various aspects as used by Startup Genome and the Global Entrepreneurship Network (GEN) (based on research from 2016 to 2019) to rank the world’s tech start-up ecosystems. Startup Genome and GEN conducted the most comprehensive research on these ecosystems with its most recent report in 2020, which includes 150 tech ecosystems in the world.

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start-up

Performance Startup Genome and GEN weigh this factor at 30 per cent in comparison to the other factors in assessing the overall worth of a tech ecosystem. The factor of performance scrutinizes three sub-areas: ecosystem value, exits, and start-up success.

Ecosystem value is derived from exits combined with start-up valuation over a two-and-a-half-year time period (early 2017 to mid-2019). Here, “exits” refer to the sales of start-ups. Start-up valuations are contingent on the estimates of the selling price of a start-up, calculated in multiples of a start-up’s estimated revenue in the year of sale.

Exits are the exit price tags of $50 million plus and $1 billion plus within the two-and-a-half-year period, as well as the growth in number of exits from 2016 to 2019.

Start-up success is measured by three metrics. The ratio of Series C to Series A start-ups examines the growth statistics of startups, with a higher number of Series C start-ups against Series A start-ups denoting better growth figures. “Series” refers to the stage of a start-up according to successive funding rounds; Series A start-ups are looking for their first serious influx of cash and Series C start-ups are already successful and looking to grow even more. The metric average age of start-ups at the time of their exits and IPOs looks at the average time it takes for startups to exit or go for an IPO, with shorter timespans being more favourable. The ratio of Series B to Series A start-ups looks at the number of Series A start-ups that have made the jump to become Series B to achieve early-stage growth.

Funding This factor, weighted at 25 per cent in the overall ranking, is built on the access for start-ups to funding in a given ecosystem and the quality and activity of investors in the ecosystem.

The availability of funding to start-ups is configured on the value in dollars of available early-stage funding and the growth in that funding from the previous years.

Investor quality and activity calculates the sum of venture capitalists (VCs) and corporate venture capitalists (CVCs) available at the start of a given year as well as the number of sizeable VCs and CVCs with assets under management (AUM) worth more than $100 million, where AUM represents the total market value of the investments handled for clients. The quality of the investors is also predicated on their experience in executing faster exits and their length of existence. The number of recently founded investors or those operating for fewer than five years is also considered, along with the number for those who have been active in recent years.

Market Reach Market reach, which weighed in at 15 per cent in the overall ranking, assesses the capacity for an early-stage start-up to acquire customers to scale and extend at a global level. This factor analyzes three sub-areas: leading companies at the global

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level in the ecosystem, size of domestic markets, and the friendliness of government policy in creating commercialized, tangible intellectual property (IP).

Leading companies at the global level is defined by three ratios: the aggregate of unicorns and billion-dollar exits to the country’s gross domestic product (GDP); billion-dollar exits to the country’s GDP independently; and the exits of over $50 million to Series A funding rounds. Size of domestic markets is seen in relation to the country’s GDP and the scores for policy impact on commercialized IP are calculated in comparison to global averages.

Connectedness With a weight of five per cent in the overall ecosystem ranking, connectedness is based on two aspects: the number of local, technology meetups and the infrastructure supporting research and development activities, particularly in life sciences.

To determine the number of meetups in the ecosystem, a record of tech-related meetups on meetups.com is made along with ratio calculations for the meetups in relation to the population.

Since Startup Genome added life sciences (health-related startups in medtech, biotech and pharma domains) and deep tech as sectors of analysis in 2020, it also looks at the number of research institutions, accelerators and incubators devoted to life sciences. The impact of the latter aspect is just 10 per cent in connectedness as a factor.

Talent & Experience Worth 20 per cent of the calculation, talent considers the available talent pool as defined by those having a minimum of two years of experience working in start-ups, the number of well-ranked software developers on GitHub, fluency in English, human resource with experience in exits, and a measure of team quality based on scaling experience. Cost also factors in with lower average software engineer salaries signalling a better ecosystem. The ranking also accounts for the availability of STEM students and graduates, particularly those in life sciences, and the quality of education in life sciences.

Knowledge With five per cent weight, the factor of knowledge is built on calculations for the number and quality of patents in the ecosystem and the quality of research in the life sciences as found in publications in a country.

Silicon Valley, New York, London, Beijing, and Boston are the top five ecosystems in the world ranking cumulatively the highest when all of the above factors are considered. If you happen to be in a start-up in any of these countries, consider yourself lucky.

However, technology start-ups are easy to initiate anywhere in the world given a good internet connection, access to a good team of software developers and the right sort of network. If your aim is to scale and benefit from the world-class opportunities available in these ecosystems, keeping your team in your home country while having an office in a high-ranked ecosystem can be your path to success in the long term. //

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start-up

SHELDON JAMES

T

by Arslan Ahmed

he transition of a bootstrapping entrepreneur in a non-tech business to the world of tech and venture capital funding is not common. But Sheldon James has it going for him with the support from his well-connected celebrity actor brothers Stephan James (If Beale Street Could Talk) and Shamier Anderson (Wynonna Earp), who also launched The Black Academy in 2020 after successfully running the non-profit B.L.A.C.K Canada (Building a Legacy in Acting, Cinema + Knowledge) since 2016. Together, they have what it takes to make it big in the space of venture capital by launching the largest and first ever Canadian Black-owned Bay Mills Diversity Fund created for underserved BIPOC (Black, Indigenous and people of colour) entrepreneurs.

The Edge spoke to James on his reasons for launching the fund, the biggest challenges he surmounted in entering a new space with his brothers, and his thoughts on leadership.

What was your motivation for starting Bay Mills Diversity Fund, a VC fund focused on BIPOC founders?

What were the biggest challenges faced by you and your brothers as you entered the funding space?

I think the motivation behind starting it was a personal need. I was an entrepreneur in the cannabis space—and it wasn't a tech business—but I was wanting to really get myself out there, and I felt like there were too many roadblocks. I felt like I should get some support and resources, and they weren't existent.

[The biggest challenges] we faced as many other new and emergent managers face [was] the problem of having this [proven] track record that would enable us to raise significant amounts of money. It's been very difficult proving to people that not only we are worth it or that we're capable, but that these entrepreneurs that we're investing in are entirely capable as well.

We look at the current situation right now for BIPOC—and I'll put it in the context of Black people because I'm Black—it's entirely difficult for us to network. Exactly what we're trying to dispel is [the] narrative that these networks don't exist within our community.

[In] BIPOC communities, these resources aren't [used in] ways as it has been in others. It came out of a personal need for [my] wanting to be able to get equitable access to these resources.

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Photos courtesy of Sheldon James

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Aside from that, the only other challenge that I'd say that we face is straight up discrimination. It was crazy really to see the amount of people who would kind of throw flack our way. [They thought] that we’re here to make a buck. It’s not about that. This fund is a 10-year-long fund. It's not about just impact, it's an offshoot. There's real economic value here that's being missed.

start-up

There's really a big problem of being misunderstood. [But] as Jeff Bezos always said, “You have to be willing to be misunderstood to innovate.” I'm willing to be misunderstood, and that's the same thing with my brothers. We [are] stronger because of it.

had mentors and leaders in the space come in and guide us along the right path. Our venture fund is organized in a market standard way. There's nothing different about this venture fund apart from any other venture fund here in our country.

As a leader, what qualities do you espouse?

It’s not necessarily a world that we've been in, but we are wellversed in a variety of different places and a variety of worlds.

Having studied things as odd as welding [and] aviation, and just broadening my perspectives and understanding sort of who I am and where I best fit in this world, I'm really able to add a lot of value to a team that comes to us with an idea to create a business or an opportunity to invest and open the door to several different opportunities.

I learned a lot of what I've learned from the military. I served in the military for about six years here in Canada. In my capacity, we were always taught to never pass a fault. At the end of the day, if there's a problem or there's something that we're not deciding to address because it's too difficult to address, we're going to run into further problems. We never went that far in the military. I follow that on a day-to-day basis. Everything I do, every decision that I make, whether [it’s] an investment, or hiring a new team member, or networking, I always make sure that I never pass a fault. I never ever miss an opportunity to vet a deal.

I never miss an opportunity to be a better person. I also never miss an opportunity to meet a person who might be important for me or my business.

How was it pivoting from cannabis production and entrepreneurship to VC-backing biological and mental health technology, private educational businesses, and financial and real estate technologies through the Fund?

I don't feel it's been very challenging. I think that the community that's around veteran innovation is very supportive of what we're doing. I do feel I did have a lapse of knowledge anyways, in terms of raising a fund and creating a fund. We definitely have

One of the investment criteria of the fund is “innovative business model solving an important problem.” Can you expand a little bit on the thinking behind that?

These innovative business problems that we're looking at, it could really be a simple problem, but [a] really innovative solution. We’re looking at really targeting companies that are doing things that haven't been done before, like we are. We're Canada's first and trying to be Canada's largest venture fund for BIPOC entrepreneurs. It's super near and dear to us to be first to market. We encourage the entrepreneurs that we work with to do the same thing and to be innovative in a variety of different ways. They may come to us with a pre-packaged deal, something that's great, or they may approach us with something that's really good and it's doing great numbers, but we can improve upon the model by doing a variety of different things. //

(Left to right) Shamier Anderson, Sheldon James, and Stephan James

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start-up

MONIQUE SIMAIR

D

by Stephanie Hawkins

r. Monique Simair, a leader who is keenly interested in technology, is fascinated by the intersection between science and business.

Her science background allows her to face business development the same way: organically building an ecosystem that she can support and grow. As the CEO and founder of Maven Water and Environment, she is continuing to blaze her own path forward.

The Edge spoke with Monique about her passion for problem solving and her path into entrepreneurship, among many other things.

With a PhD in microbiology, genomics, and bioinformatics, your path into entrepreneurship wasn’t necessarily a traditional one. How have your previous education and experiences helped shape your entrepreneurial path and success?

I'm lucky that my PhD supervisor encouraged me to learn how to learn because he knew I wouldn't necessarily be doing my PhD work for the rest of my life. He was honest in telling me that I wasn’t likely to get a job in [my field of study], so what were the skills I needed to learn? While I was writing my thesis, I also did a post-doc research fellowship, and I got a job with the Saskatchewan Research Council. That government job was a blend between consulting and various other things, and we also worked with clients. When I was let go from that role, one

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Photo courtesy of Monique Simair

of the clients reached out and asked me about opening a lab. I was surprised, as opening a lab isn’t something I had heard of anyone else trying, but as I started to run the numbers, I realized it could actually work. I did a lot of soul-searching and realized that we often define ourselves by the type of education we have or by our jobs. I started to think about why I liked science. I like problem-solving, helping find a solution, building teams, and creating new things. In business, I could do that.

By being open to opportunities, I ended up becoming an entrepreneur, and it was certainly a learning curve for me. In science, you objectively see problems and work on solutions, so the link to entrepreneurship is a very natural extension [of those skills]. I also really love to travel and see the world, and as an entrepreneur I could choose to pursue projects globally.

start-up

You have successfully innovated in the biotech field and revolutionized the environmental sustainability space with Maven Water and Environment. How do you maintain a progressive mindset that allows you to be a constant innovator?

It’s really listening to our clients and not trying to sell them my solution, answer, or product, but working hard to understand what their actual challenges are. Try to better understand what is causing the challenges as then you can innovate and problemsolve from there. I think if you want to have a company where there’s innovation, everyone has to be involved. We can't have the same old structures of a business and do things the way that they were done fifty years ago, or even twenty years ago. The types of performance management—of incentive or feedback—with all of those things, you need a way within a company of both inspiring and rewarding innovation throughout. There’s not one way to do it; there are a million different ways. I view things from the perspective that if I want something accomplished, we need to evaluate the problem with fresh ideas so we can develop an original way to set things up [to achieve the most successful result].

What advice would you have for other women in business and leadership positions?

My view keeps changing. When I was younger, I was a bit blind to some of the challenges. As I get older, I now realize how many hurdles I had faced. To give advice is so hard, as it’s so person-specific and group-specific. My advice for anyone is to understand yourself and don't feel that you must have the same ambitions as everyone else. It’s okay to change your goals and

decide you want something different, and we should celebrate the choices of others in how they want to move forward. Also, knowing what you want and being adaptable is important too.

One other thing that is beneficial, especially if you have quieter people on your team, is when somebody speaks up with a good idea, echo it and acknowledge who it came from. Reaffirming who shares it has been something I’m actively working on to ensure that the individual gets credit and feels seen.

What have been some of the biggest challenges that you faced and how have you overcome them?

Every day is a challenge! I think it can be helpful to create a list of challenges or obstacles you are facing. This way you can look at what needs to be done and work towards it. I believe that navigating challenges can really build resiliency. When talking to others about this, I often mention building your “pain muscle.”

It’s no different from going to the gym. Just like exercise [and strengthening your body’s muscles], you also have to work on strengthening your resiliency. I really like working with people, but I’ve come to the understanding that each person has to do what’s good for them, even though this may include moving on from our team. Another challenge that has been a running theme for many years is finding people to talk to about the business and the growth side of things. There’s someone I can talk to about the business, but not the technology, another person I can talk to about human resources, but not other areas. I think it’s a work in progress, and it’s important to think of challenges as opportunities for growth. //

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tech & innovation

AIDING UNBANKED/ UNDERBANKED CLIENTS

by Peter Campbell

W

hether CERB or CRB, both were lifelines to Canadians who desperately required them in the spring and fall of 2020. Back then, several other financial assistance options were rolled out in the opening days of COVID. Now that the colours of autumn have arrived in 2021, new financial help can be found for low-income clients seeking assistance through unbanked/ underbanked services.

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To Bank or Not to Bank Not as easy a question to answer as you might think.

“Unbanked” simply refers to a person or household without a savings or chequing account at an insured FDIC institution.

Someone who is “underbanked”, however, is a person or household who does have one of the aforementioned accounts with an insured FDIC institution, but chooses to regularly use alternative financial services such as credit cards, cheque-cashing services, or short-term payday loans—all of which can be rather expensive.

According to an FDIC study, the primary reason people choose not to bank is that they believe they do not have sufficient funds to maintain an account or meet the minimum balance requirement. People choose to forego traditional bank accounts for reasons ranging from bank fees to inconvenience to distrust.

To aid low-income clients, a variety of steps need to be taken to reach the unbanked/ underbanked: •

Creating mobile banking apps

•

Decreasing the reliance on “brickand-mortar” branches

•

Eliminating obstacles (both physical and mental)

•

Expanding options for credit or loans

•

Offering prepaid contracts

•

Turning to local resources

•

Creating opportunities for financial literacy

Acknowledging the unbanked/underbanked opportunity before them, traditional banks are adapting their risk portfolios.

You might think this doesn’t affect your company. However, there are approximately 1.7 billion people around the world who fall into the category of unbanked or underbanked as of 2017. The World Bank estimates that about 225 million of those people are in China and 190 million in India. In the U.S. alone, it is estimated that there are 55 million adults who are unbanked or underbanked.

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The financial services company Accenture has indicated that banks could add $380 billion a year in revenue if they reached out to the unbanked or underbanked in emerging markets.

But banks and financial institutions are not the only businesses who could profit from reworking their business models to engage the unbanked or underbanked.

The Power of Fintech Simply put, fintech (financial technology) adds value to any company.

By adding value to organizations in a number of ways, fintech companies are not just disrupting financial institutions, they are altering business as we know it—making fintech a necessity in any company and any industry.

As Angela Strange of Andreessen Horowitz (a16z), a Silicon Valley venture capital firm, puts it, “In the not-too-distant future, I believe nearly every company will derive a significant portion of its revenue from financial services.”

Some of the non-financial services companies that have benefitted from adopting fintech are: •

Amazon Pay: Having acquired the SMS payment service, TextPayMe, Amazon Pay has gone on to report over 300 million customers in 170 countries and, in recent years, has issued over $3 billion in merchant cash advances.

•

Wayfair: By partnering with Klarna, Wayfair enabled its UK customers more flexible payment options such as paying immediately, paying later, or paying in three no-interest/ no-fees equal installments. By partnering with Comenity, Wayfair was able to offer its customers a credit card with rewards for products purchased through Wayfair. In 2016, Wayfair’s online sales saw an increase of 60 per cent.

•

Uber Money: A program that offers real-time payments so drivers have instant access to their money; debit & credit cards allowing Uber customers to get cashback on the Uber platform; and Uber Wallet, which allows Uber earners to manage all their money from one place. All this helps Uber capitalize on the vast gig economy, as well as on the emergence of “headless banking” (banking applications embedded into consumer-facing or internal banking systems).

Not Reinventing the Fiscal Wheel The issues and potential solutions are nothing new. Nearly 20 years ago, John P. Caskey laid them out in an article entitled “Bringing Unbanked Households into The Banking System.”

He explained that other than the conventional products in consumer banking, the “outlets” (special bank branch offices conveniently located for lower-income households) should focus on five unconventional services: •

Fee-based cheque cashing services

•

A basic savings account that has low minimum-balance requirements that cannot be overdrawn and includes access to low-cost money orders for making long-distance payments

•

Deposit accounts designed to help people accumulate savings

•

Deposit-secured emergency loans to individuals whose credit histories would make them ineligible for mainstream credit

•

Budget-management and credit-repair seminars that could be provided by community-based organizations with which the outlets can partner

“Such an outreach strategy,” Caskey stated, “is likely to be far superior to traditional bank outreach efforts.”

Bank on It You might think that adjusting your company’s model to engage the unbanked/underbanked does not affect your company— you may be right. But are you willing to take that chance and allow your competitor, who has proved their forward-thinking flexibility by making those adjustments, to reap the rewards?

Be the first mover and gain the advantage. //

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www.experiencepei.ca Fall 2021 the EDGE

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tech & innovation

HOW DISCRIMINATION IS BUILT INTO ARTIFICIAL INTELLIGENCE AND FACIAL RECOGNITION TECHNOLOGY

I

by Rose Ho

n 2018, MIT grad student Joy Buolamwini discovered that face recognition technology failed to register faces that weren’t, in her words, “pale males,” leading her to conduct research on this gender and racial gap in artificial intelligence technologies. Her thesis project, titled “Gender Shades," found that facial recognition technologies from Microsoft, IBM, and China-based Megvii (aka FACE++) struggled with accurately identifying dark-skinned women compared to light-skinned men. Although those tools have been improved since then, they still have many inherent technological flaws, and their implementation begs consideration.

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But first, how did this bias come to be? The flaws in the code are imbedded in the very roots of human society. Machines learn facial recognition through data sets. Those data sets come from a vast majority of white programmers who select from existing information in the world that is riddled with inequalities and biases. (Just think of the top names in tech for the last several decades—Bill Gates, Steve Jobs, Mark Zuckerberg, Elon Musk, Jeff Bezos. See a trend?) Given that historical data can be biased, one can understand how the algorithms fed into artificial intelligence tools perpetuate inequalities and discrimination.

tech & innovation

In her TED Talk, The Era of Blind Faith in Big Data Must End, data scientist and author Cathy O'Neil stated: “Algorithms don't make things fair if you just blithely, blindly apply algorithms. They don't make things fair. They repeat our past practices, our patterns. They automate the status quo.

That would be great if we had a perfect world, but we don't.”

We must remember that machines make mathematical judgments—not ethical ones—and even then, the math is often faulty.

The in-built challenges of machine learning mean that facial recognition is still inaccurate today, often with a high percentage of false positives (wrong matches) and false negatives (missed matches) in identifying people. Other factors—like the quality of the images, facial expressions, lighting, pose, and more—can affect accuracy.

Imagine trying to figure out the identity of someone wearing a hat, moving quickly on a grainy CCTV screen.

Harrowingly, African American Michigan resident Robert Julian-Borchak Williams was misidentified as a robber by police facial recognition software and falsely arrested in 2020. The computer (and the police officers) could not accurately differentiate among Black faces, and pointed a proverbial finger at an innocent man.

Another thing to remember about artificial intelligence and facial recognition tools is that the main drivers of the technology in the West are corporations. A majority of AI technologies are being developed by companies like Amazon, Microsoft, and IBM, whose goals are for their own financial benefit and rarely for social good. For lack of other sources, governments often buy these flawed and biased technologies and implement them in the public sphere without the informed consent of citizens.

Since 2017, the South Wales Police department in the UK began using automated face recognition surveillance cameras to scan

streets and make arrests based on matches in their criminal database. In the process, they were gathering biometric data of passersby without their knowledge. This breach in privacy led to a landmark ruling in 2020 over the use of such technology without proper legal oversight. In Buolamwini’s TED Talk How I'm Fighting Bias in Algorithms, she points to the fact that half of the adults in the US are logged in facial recognition networks, saying “Police departments can currently look at these networks unregulated, using algorithms that have not been audited for accuracy. Yet, we know facial recognition is not fail-proof, and labeling faces consistently remains a challenge.”

However, governments are not the only ones using flawed technologies. Many institutions utilize artificial intelligence to make decisions rife with hidden biases.

Discrimination in college admissions, job submissions, employee performance reports, mortgage applications, prison sentencing, recidivism assessments, and access to healthcare are only some of the examples. If left unchecked, flawed AI will continue to uphold systems of exclusion and oppression.

What can be done? Referring again to her TED Talk, Buolamwini presents three

considerations: “Who codes matters, how we code matters and why we code matters."

It is important to have representative groups of programmers writing inclusive code. Having diverse teams means that one person’s biases and blind spots can be uncovered by another. Different voices and perspectives make for a richer and more complex AI capable of portraying real-world variances more accurately.

Ethical algorithm auditing is also a burgeoning field that can make a huge difference in managing the “black box” problem of artificial intelligence. Programmers themselves acknowledge that they don’t really understand the behind-the-scenes processing that an AI program performs to generate outputs from given inputs. As a result, since machines can’t be expected to be ethical, they may provide results that are faulty or exclusionary. The solution can be found in programmers mindful of the aspects of ethicality auditing for any biases in data sets and results. Prioritizing diversity, equality, and inclusion at the foundations of artificial intelligence is vital and examining the past and present will help us write a better future. //

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THE STATUS OF DIVERSITY AT FACEBOOK, GOOGLE, AND APPLE

by Rob Shapiro

I

n 2014, several globally leading tech companies started publishing annual diversity reports, including Google, Facebook, and Apple. Now having released their 2020 Diversity Reports, these companies again provide insights into their commitment and efforts to hire women, people of colour and other individuals from underrepresented communities. The statistics were telling and sparked some controversy. Based on the recent data, the consensus is that Google, Facebook, and Apple haven’t advanced much with respect to diversity.

Here is a breakdown of some of the more notable facts and data that were presented as part of these reports.

“Every year they put out the same diversity report, check the box, then send out the same report the next year,” —Freada Kapor Klein, founding partner at Kapor Capital.

Source: CNBC, June 12, 2020

Facebook spearheaded a supplier diversity program in 2016 and has now spent a cumulative total of $1.1 billion with businesses in the U.S. that are certified as owned by: Minority

Women

Veteran

LGBTQ

2013

Facebook had no executives who identified as Black.

2018

less than 3% of tech workers identified as Black at Facebook.

Facebook employs 485 Black women in the U.S., which is only 1.75% of its workforce, and 714 Hispanic women, which is less than 2.6% of its workforce.

White

Disabled Facebook is committed to spending $1 billion with diverse vendors in 2021. $100 million of this amount will be spent with Black-owned businesses.

Asian

2014

2020

57%

41%

34%

Hispanic

10%

of $1 Billion

For Black-owned businesses

4% Source: Facebook Diversity 2020 Source: Vox.com, May 4, 2018 Source: USA Today, July 15, 2020

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6.3%

44.4% Black

2%

Source: CNBC.com, February 10, 2020 Source: Facebook Diversity 2020 Source: USA Today, July 15, 2020

3.9%

tech & innovation

Overall Hires in 2014

Race/Ethnicity for U.S. Hires for 2020 For the second year in a row, Google has continued to see an increase in the representation of Black+ and Latinx+ in the U.S. Google now recruits in over diverse 800 colleges and universities, up from only 15 historically Black colleges and universities, 39 Hispanic-serving institutions, and 9 women’s colleges two years ago.

Source: Google Diversity Annual Report 2018 Source: Google Diversity Annual Report 2020

62% of global employees self-identified, resulting in the following:

6.1%

self-identified as having a disability

Overall Workforce in 2014

Overall Workforce in 2020

(including tech, non-tech, leadership, and retail roles)

(including tech, non-tech, leadership, and retail roles)

<1%

self-identified as non-binary

Apple appears to have the least comprehensive breakdown of stats in their report when compared to Google, preferring to group all minorities under the heading “underrepresented communities” when referring to Black, Hispanic/Latinx, multiracial, and Indigenous individuals.

The number of employees from underrepresented communities (female, Black, Hispanic/Latinx, multiracial, and Indigenous) makes up nearly 50% of Apple’s U.S. workforce.

29% of open R&D leadership role were filled by people from underrepresented communities across the U.S. More than 60% of Apple’s retail team members and more than 50% of retail leadership in the U.S. hail from underrepresented communities.

Source: Apple Diversity, December 2020

7.1%

self-identified as LGBQ and/or Trans

The status of diversity in these three companies, and indeed many other major companies within and beyond the tech sector, still has a long way to go. These incremental changes in the last six years have been disappointing to many. With renewed commitment and an awareness that change must be implemented at multiple levels throughout the hiring pipeline, however, diversity can be achieved. //

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leadership

MULTICULTURAL LEADERSHIP STARTS FROM WITHIN

by Dave Gordon

I 62

n our globalized marketplace, and ever-increasing multicultural population, it’s imperative to be aware of how different people from different cultures interact, in order to avoid potential conflict and succeed. On a microlevel, leading effectively must include managing and understanding differences to create the optimal work environment for all.

the EDGE Fall 2021

leadership

Take the case of Loren Shifrin, who runs Canada's largest, privately held factoring company Revolution Capital, and more recently, Lovekind. As a successful entrepreneur, who owns several other companies as well, Shifrin came to realize that his background laid the groundwork for how he runs his business.

Communication—what to say and what not to say—is another example.

His family were Russian Jews who had faced adversity during World War II, and discrimination subsequently under communist rule. Ironically, it was this hardship that made him instil the principles of respect, honesty, and hard work into his work ethic.

Moreover, it is advisable to not pigeonhole someone based on their multicultural background. You aren’t just your race, ethnicity or religion, but a combination of life skills and experiences that create the mosaic of any individual. You still have to treat everyone with respect.

“As immigrants to Canada, with just a few dollars in our pockets, I was living by these values that enabled my family to build a new life, one which realized their ultimate goal of freedom and independence. These are the same principles that I rely on to build my businesses.”

The question is whether culture impacts the relationship of a leader and their subordinates, and a boss and their employees. One topic of analysis could be: how are people of a different cultural background inclined to take orders, criticism, or advice?

Not every leader calls on socio-ethnic pain to propel them forward, but this is valuable information to know. For example, situations may arise wherein employees don’t want to let the boss down, because they understand they strive to overcome a history of oppression.

For example, those in a religious faith community may have high respect and reverence for leadership figures—imams, rabbis, and priests, those in venerated positions—and therefore may be more deferential when it comes to working for individuals who are highly regarded in their community. It might also imply, by extension, that they are reticent to offer unsolicited and constructive feedback, presuming that for the higher-ups, all decisions are sacred.

On the flip side, a boss might subconsciously place more pressure on employees to perform, if there are still family members who desperately need financial assistance in their home country.

While Shifrin was influenced by past harsh political realities, there are many other cultural values (as well as cultural baggage) that may come into play. Identifying how these values arise in workplace conduct, and thought process, can influence development and results.

Some women from Islamic cultures—more recognizably those who have religious head coverings—may not converse at length with male co-workers. A good workplace leader should learn religious customs to alleviate any awkwardness.

For instance, avoid using idioms that might not be clearly understood by a first-generation immigrant, or pop culture references that they haven’t necessarily been exposed to.

Similarly, Dr. Richard T. Alpert from Diversity Resources notes: “People from some Asian cultures are reluctant to give supervisors bad news.”

Again, a good leader should recognize and address possible hurdles ahead of time to ensure that they don’t get in the way of productivity.

Talaal Rshaidat, an entrepreneur, has faced particular challenges, because of his ethnic tradition, and authority figures from his homeland.

Rshaidat is the chief science officer for FUME, a cannabis extracts company based in Brantford, Ontario. He’s a 28-year-old protégé, renowned and respected for his expertise, but when he shared the news of his success with his parents in Jordan, they didn’t speak to him for months. Their response, according to Rshaidat, was, “we didn’t send you to school to become a drug dealer.”

“The stigma around cannabis may still exist here, but it’s even more real in the Middle East,” he says. So Rshaidat had to work harder to impress his family.

Despite creating the number one selling Pax Pod in Canada (Signature Orange Cookies) and holding three degrees (Chemistry, Economics, MBA), his parents only spoke to him again after seeing the plant in Brantford and understanding the massive undertaking that was FUME. When Rshaidat landed his first job in the cannabis industry, the executives around the table often joked with him saying, “send in Talaal to talk to him; you know what happens when you send in Middle Eastern chemists.” They, being white men in their 50s, teased him often—but that stereotype was all too real for Rshaidat.

Rshaidat attributes these comments to “Cannabis 1.0, when the men around the table were mostly financiers; but now that Cannabis 2.0 is here, those men have left, and so too have those jokes.”

As a budding entrepreneur, you may lack awareness until it’s too late, that there are potential cultural conflicts both within your workplace (between your employees) and surrounding the business itself. Increasing your awareness of cultural and ethnic traditions may help you understand certain challenges they face as an employee.

As for Rshaidat—of course he came out on top—and despite the bumps along the way, today he even helps competitors when they have an issue with equipment or have a question. //

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leadership

KELLY J. LENDSAY CHAMPIONING INDIGENOUS INCLUSION THROUGH SOCIAL ENTREPRENEURSHIP

by Arslan Ahmed

Kelly J. Lendsay learned to straddle entrepreneurship and social impact from the early days of his career.

Launching and running lifesaving and rescue ventures—businesses aimed at helping people—paved the way for him to become a key figure in the space of Indigenous inclusion. His Indigenous ancestry has also fuelled the passion for this cause.

The Edge caught up with Lendsay to learn

about his move into the social enterprise space, the measures of success for social enterprises, what it takes to be a voice for social impact, the challenges faced by him, his leadership style, and his advice to others in this space.

Photo courtesy of Kelly J. Lendsay

You had numerous entrepreneurial experiences in the past before launching a social enterprise. What compelled you into social entrepreneurship? How do you think your past experiences have helped you in your present role?

First of all, I'm speaking to you from Treaty 6 in the Métis homeland of Saskatchewan in Saskatoon today, and [I’m] Kelly Lendsay, President and CEO of Indigenous Works. What's interesting is [in] the early work I did, I was very influenced by lifesaving and lifeguarding. I was on the Royal Lifesaving Society Board of Directors. That's what led to my starting a lifeguard training company. Then there was Rescue 3, a swift water rescue company.

Again, it's about how do you help people going through disasters, floods, swift water rescue scenarios? You can sort of see that was the link to social enterprise.

Going into the MBA program in 1990, [the Oka Crisis] had broken out in Montreal, and that really bothered me. That's when I first started really getting engaged in Indigenous issues. We started the first Aboriginal Business Education Program at the University of Saskatchewan in 1994-95. It is what today [is the] Edwards Business School.

Then, the Royal Commission report came out in 1996, and [Indigenous Works] was one of those recommendations. They were headhunting for a national president and CEO. That's when I stepped onto the national stage.

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Monetary outcomes are often a benchmark for success in commercial enterprises. How do you define success in a social enterprise?

Creating revenue streams is challenging. I think that people have to become more creative, even more business-like. I'd say that's an ongoing challenge.

There is a monetary factor that definitely has to be captured, but there is a fellow—James C. Collins—who wrote a great book [titled] Good to Great, and he talked about three key principles of effective or really strong social enterprises: What are you passionate about? What can you be the best of the world at? And three, what's going to drive your economic engine? I think one of the key measures in social enterprises is this area of impact.

I think that with COVID, the writing is on the wall that donations are down overall to foundations. I think people have to hang on and sort of get ready for even more disruption. I think [we as] social enterprises, again, are on the positive side. They definitely are more nimble. They can see emerging blue oceans and opportunities. That is, again, an opportunity to address and overcome some of these challenges.

You have other performance indicators and measures around social impact indicators. For us, there are a number [of indicators]. We looked at, obviously, jobs. We wanted to increase employment of Indigenous people. Two, you have to increase the education and knowledge of businesses if they're going to develop effective workplaces. Thirdly, you actually have to create strategies and models that will help benchmark an employer's knowledge and strategy know-how.

As a leader, what qualities do you embody? What qualities do you advise others to own?

What are some of the assets that are needed to be a voice in the social influence space?

Number one: passion. You have to be passionate about what you do. That comes through. People know it sort of instantly if you have passion. I think a second one is expertise. You need to have knowledge [in order] to be able to speak to issues. And I think the third thing is, as a leader in this space, you need to be a bridge builder.

What are the challenges that come with being a changemaker in the diversity and inclusivity space? How do you deal with these challenges?

At a 30,000-foot level, the challenge that we face in Canada with the Indigenous issue is still a huge attitudinal gap. There is this friction and this challenge that we need to address between Indigenous and non-Indigenous people, [which is] very similar to the African American movement in the US, and the friction there, that needs to be addressed. So that's one.

But I think the thing about a social enterprise is you're operating a business. You're generally a non-profit registered corporation. You have to do the same audits and financial performance meausures.

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Well, I think you have to take the passion that I mentioned earlier.

You have to combine passion with vision, and from vision to being able to design and implement [it] in actions so that, at the end of the day, you find people who are passionate, but [they can] really mobilize an action plan. And part of that plan is pulling together the right partners, the players, preparing everybody to engage and work together.

I think you have to be a very strong relationship builder. But now the real work begins in terms of what is the strategy, what is the plan? You have to be able to articulate this into very meaningful programs, services, and tools.

What work in learning and self-development is needed for someone like you to be at the forefront of thought leadership in your industry?

To me, you got to pay attention. I read through journals and leading-edge articles, listening to the news, picking up themes and ideas from the news, and then talking and listening to people in terms of where [are] the pressure points and where are the issues? And where are the evolving opportunities? I think that's some of the things that you need to do to take the temperature and the climate of the environment.

I also think that you need to look beyond your own community.

I don't just look at Indigenous [communities]; I look at what's happening at Black Lives Matter. I look at things globally—what's happening to other immigrants around the world? If you take that approach, you tend to come up with better approaches and models. //

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leadership

NICOLE WALDRON ON VISION, ENTREPRENEURSHIP AND ADVOCACY

by Stephanie Hawkins

From her early years in Trinidad and Tobago, to volunteering with the YMCA, to serving on numerous boards and committees, Nicole Waldron is all about giving back to others. Her previous experiences set the stage for creating her own path, while encouraging others to do the same. Through her drive as event specialist, advocate, entrepreneur, volunteer, host, mother, and friend, Nicole not only approaches obstacles that come her way with positivity and passion, she thrives and rises through it all.

The Edge was lucky to be able to speak with

Nicole about helping others, entrepreneurship, mental health and advocacy.

Photo courtesy of Nicole Waldron

In 2018, you were recognized as a part of “100 Accomplished Black Canadian Women" and have worked as an event planning specialist. Can you speak about your experience as a Black female entrepreneur in Canada?

I never really saw myself as an entrepreneur; I just saw myself doing something that I loved in my community. [Early in my career] I didn't always see the full value of what I was bringing to the table. Through experience, I’ve gained a different level of

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confidence and boldness. I've met and worked with really amazing individuals on many different projects. In events, you have to think quickly and pay attention; my line is “love is in the details,” and as an entrepreneur you have to know how to stay humble, even though you're trying to fight for yourself. Being a Black entrepreneur, you hold a different level of excellence, a different level of expectation. For me, it’s about evolving and continuing to learn.

leadership

You are a strong supporter of many important causes, including mental health. Can you speak more about your involvement in destigmatizing mental health?

I have many loved ones who are navigating mental health challenges. I was going through this experience [of trying to help others] and encountering roadblocks. The mental health system felt like Mount Everest, especially within the Black community, and I wanted to find solutions. I found people didn’t know where to go for help or what to do. It just shows how much work needs to be done. I wanted to learn more about the challenges and barriers [and I became involved in different advisory committees with CAMH (Centre for Addictions and Mental Health) to make sure everyone had a voice and was represented]. It’s important to recognize our journey and challenges, to keep going, keep fighting, have faith and believe that change is possible.

You have other performance indicators and measures around social impact indicators. For us, there are a number [of indicators]. We looked at, obviously, jobs. We wanted to increase employment of Indigenous people. Two, you have to increase the education and knowledge of businesses if they're going to develop effective workplaces. Thirdly, you actually have to create strategies and models that will help benchmark an employer's knowledge and strategy know-how.

In addition, you are a fierce advocate regarding anti-Black racism and broader systemic racism that impacts many groups and communities. Can you speak more about this work?

When I first moved here [at 19], I wasn’t aware of racism to the degree I am now. I really understood more when I started getting into leadership roles. I started to see the disparities in housing, in leadership and who was at the table. Going to meetings, I'd be the only Black person there. I love history, but I didn't really understand Canadian history and how deeply embedded systemic racism was. There can be this subtle racism, and that's what makes it so dangerous. When dealing with racism, we need to see how big it is. It affects our education, our children and our healthcare

system. It’s so deeply embedded. With Canada’s history, we need to teach our children not just stories of slavery, but showing our champions and celebrating them. In advocacy, when you can educate, that’s when you equip people to be better.

In your Victory Speaks show and podcast, you discuss many topics and guide listeners to lead a life with vision, intention, and creativity. How did this come about and what do you hope it will bring to your listeners?

The podcast started out of my natural desire around advocacy.

When George Floyd was murdered, I couldn’t stop thinking about it and I couldn’t shut up. I wanted to really check in with people, and encouraging others is what propelled me into it. I have met so many individuals who motivated me and this led to my interviewing people. [On the] Victory Speaks Show, Mondays became about celebrating leaders and icons in our community.

Wellness Wednesday is for mental health and physical wellness.

The people I interviewed are willing to be vulnerable and authentic, equipping the listeners with the tools to live a life of victory. I don't claim to know everything, but together we learn and we can become the best parts of ourselves.

What challenges have you faced, and what advice would you give to others to overcome barriers and build resilience?

The biggest barrier was fear. The fear of other people's opinions, the fear of comparisons. I suffered from the feeling of impostor syndrome and I talked myself out of a lot of things. I’m lucky that I have a very small inner circle of friends who have helped me along the way; I refer to them as “iron sharpeners.” When I didn't recognize my voice was powerful, they saw it in me and encouraged me. I’m very inspired by my son and want to do better for him. I think self-care and therapy can be valuable for everyone and doing tough work and self-reflection is important for a productive life. Sometimes you have to shift your perspective and have a chance to reset in order to propel yourself forward.

It’s so important to have a vision for your life and to really look at the big picture. //

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