Issuu

TECH & INNOVATION

Innovative Companies of 2022

PRODUCTIVITY APPS FOR BUSINESS LEADERS

How China is Revolutionizing the Tech Industry

SIMPLE

Strategies to Cope with Inflation

The Impact of Globalization on the Canadian Economy

DAVID BOONE FENNELLA BRUCE DAVID ONLEY

DARE TO SOAR How the Founder of Kingsdale Advisors

WESLEY J. HALL

Consistently Delivers Unparalleled Success for North America’s Gigantic Corporations Spring 2023

Canadian Pension Plans have 10% of their assets in Infrastructure Investments What are Infrastructure Assets? Infrastructure assets provide essential services in a supply-constrained manner to large portions of the population. Infrastructure businesses provide investors

• Transportation

• Financial technology

• Communication

• Information technology

• Power generation • Utilities

Predictable and Steady Income - Many infrastructure

assets operate as government-regulated monopolies and, as a result, enjoy high barriers to entry. These monopolies typically

- Historically, the performance of infrastructure securities has exhibited low correlation with other asset classes1,2 . This means that adding infrastructure

returns.

• Renewable energy

Why Invest in Infrastructure Assets?

• Cell towers • Data centres

• Midstream energy

result in the portfolio generating higher returns for the same amount of risk. - Revenues for many infrastructure and real long term returns. For other infrastructure assets, such as water and electricity utilities, the necessity of their services term as consumers absorb price increases.

Enhanced Risk-Adjusted Return Potential - Historically,

listed infrastructure has generated competitive performance relative to global equities with lower volatility3. The strong operational

with high barriers to entry produce sustainable, long-term returns in the form of attractive dividend income and capital appreciation. Correlation measures the extent to which two items move in the same direction. A correlation value of 1 means two items move closely in the same direction, while 0 means they do not move closely at all in either direction, and -1 means the items move in opposite directions.

Source: Infrastructure Investing: A Distinct Asset Class, InstarAGF, October 8, 2015.

Source: Cohen & Steers, Built to last: Investing in listed infrastructure, April 30, 2022.

Access global infrastructure assets with Starlight Capital Starlight Investments Capital LP (“Starlight Capital”) funds are actively-managed, concentrated portfolios of 25 to 45 global securities. Our portfolio managers have a long track record of delivering strong risk-adjusted returns with high active share and demonstrated downside protection. Starlight Capital is an independent Canadian asset funds and ETFs in October 2018. Since then, the team and its AUM have grown steadily reaching over $1B assets under management in 2022.

The Starlight Global Infrastructure Fund (NEO: SCGI) gives investors the opportunity to invest in large long-term assets that provide essential services. Globally listed infrastructure allows Starlight Capital to invest in sectors not available in Canada where we see value and we invite you to partner with us. Starlight Capital is a wholly-owned subsidiary of Starlight Investments.

Infrastructure Assets Starlight Global Infrastructure Fund – ETF (NEO: SCGI) Fund Overview:

Who is this fund for?

The Fund’s investment objective is to provide regular current income by investing in companies with either direct or indirect exposure to infrastructure.

Investors who:

ETF Facts Inception date: October 02, 2018 Distribution Frequency: Monthly Distribution Yield: 5.27% 2021 Tax Treatment 35% ROC 2021 30 Distribution Increases Averaging 8.1%

•

Are seeking a balance of current income and the potential for long-term capital appreciation

•

Are seeking to add global hard asset to your investment portfolio

•

Are planning to hold your investments for the long term

Asset Allocation

Sector Allocation

Geographical Allocation*

*Excludes cash and cash equivalents

Source: Starlight Capital. As of November 30, 2022.

Access your income with infrastructure assets through Starlight Capital today. Starlight Global Infrastructure Fund (NEO: SCGI) Visit starlightcapital.com or speak to your advisor Starlight Investments Capital LP (“Starlight Capital”) is the manager of the Starlight Capital Funds. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing. The content of this document (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it. Starlight Investments, Starlight Capital and all other related Starlight logos are trademarks of Starlight Group Property Holdings Inc. – December 2022

OVERVIEW SPRING 2023

FROM THE EDITOR 14 Entrepreneurship Insights for 2023

COVER STORY Wesley J. Hall: Amplifying the Call for Social Justice

19 20 22 23 25 26 29 30 32 34 37 38 4

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BUSINESS Best Business Cash Flow Practices 25 Most Innovative Companies of 2022 Ignacio Tartavull: Delivery Robots for Urban Areas Camille Dundas: Adding Diversity to the Online World

ECONOMICS How to Cope with Inflation What Cryptocurrencies Can Teach Us About Investing Celina Lee: Harnessing Data with Africa's Innovators Tefari Bailey: Revolutionizing Finance and Banking for Canadians

START-UP Is The Era of “Move Fast and Break Things” Over in the Tech Start-Up World? 7 Industries Destined for Start-Up Growth Kaaren Whitney-Vernon: Highlighting Gender Equality for Women in STEM Dr. Kamran Khan: Fighting Diseases with Machine Learning and AI

OVERVIEW WINNER'S CIRCLE Julie Nolke: Comedian and YouTube Personality Zainab Azim: Youngest Future Astronaut TECH & INNOVATION Global Space Economy: Comparing Three National Space Programs How China is Revolutionizing the Tech Industry Technologies Defining the Future of Customer Experience Rob Chang: Carbon-Neutral Bitcoin Samir Zabaneh: Pivoting Point-Of-Sale Through a Pandemic POLICIES Moving Your Business to the U.S. The Impact of Globalization on the Canadian Economy David Onley: 28th Lieutenant Governor of Ontario Elsa Marie Collins: Advocating for Social Impact and Community Engagement LEADERSHIP Influence of Tech on Education Productivity Apps for Business Leaders

SPRING 2023

40 41 44 46 48 50 51 53 54 56 57 60 62 64

Fennella Bruce (FKB Media Solutions)

David Boone (CEO Staples Canada)

D LE A

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SPRING 2023 F OUNDER & E DITOR - IN -C HIEF | J ENNIFER M. W ILLIAMS P RESIDENT C URTIS E LLIS P UBLISHER J ORGE M ARSHALL

C REATIVE D IRECTOR A RMIS N. G OODARZI

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A SSISTANT E DITOR R OSE H O

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GEORGE WILLIAMS | CHIEF OPERATING OFFICER TABITHA ROCK | OFFICE SUPERVISOR

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from the editor

14 Entrepreneurship Insights for 2023 With the emergence of 2023, business leaders face new challenges and must think outside the box while planning for a brighter economic future. As the economy teeters and inflation pinches budgets, you must be astute and laser-focused on every facet of your organization's day-to-day operations. Review overheads and cut any hidden costs that are counter-productive and have no value in improving operational efficiency. Evaluate projects, services, or products that create a financial burden or pose potential long-term debt or credit risks to the business. While this speaks to concerns about a potential recession, we must implement rational and strategic actions to navigate this period. But, we must be shrewd in our spending to help accelerate Canada's fiscal development to avert economic stagnation and instability. Financial growth and climate action are two of the most significant components in creating global stability, and thriving businesses are part of that driving force. So, here are some underlying tips for entrepreneurs to consider during the new year and beyond.

Launch Start-ups Although it may seem at odds with widespread concern over the global economic outlook, starting a new enterprise during economic turbulence will rouse your entrepreneurial adrenaline. It increases market share and helps transform business practices' efficiency. Ultimately, it drives macroeconomic growth and raises societal living standards. Partnerships Collaborate and create winning partnerships with like-minded entrepreneurs who share your values and impactful synergies. A global or national coalition can help diversify your operations geographically, build credibility, and develop a more vital infrastructure. At the same time, it provides critical resources to improve and strengthen struggling businesses and impoverished communities. Capital Whether you want to acquire assets or have surplus capital for cash flow, it's crucial to have money in the reserve to avoid depleting your financial resources. Ideally,

the EDGE Spring 2023

seek private capital markets to fund your acquisitions or organic growth — plan to secure your company's financial future and health. With this action, you don't have to give up equity in your business. Customize Experiences Improve the quality and value of your services and products — lower costs to meet the immediate needs of your existing and prospective consumers. Create new money-spinning incentives and make them accessible online and in person. Consistently strengthen your marketing campaigns to build customer retention for desirable results. Competition With many consumers hitting the pause button, you must conduct regular analysis and in-depth research to evaluate your main competitors' activities, prices, and marketing ideas. Identify areas in your business that you need to improve or overhaul. Then, break away from the average pack and rise above par as one of the best.

Innovation Turn your ideas into action. Delve deep into ingenuity and creativity, even with the current socio-political and economic environments. Explore new tools to streamline AI for future generations with the potential for scale. As a result, you can do things faster and more extensively, get more access to efficiency tools, and catalyze job growth. Sustainability The call for world leaders and heads of governments to become more compliant about sustainability has intensified. We must work with our allies, suppliers, brands, and customers to save energy, recycle, and reduce food waste. The bottom line is that people choose to do business with companies that advocate for environmental and climate change initiatives for the good of the planet and humanity. Inclusion There isn't any comparison to what's happening in the global economy, but inclusion should be part of your

from the editor

manual because it's a choice. Make concerted efforts to centre on the career ambitions of Canada's marginalized groups and communities and provide them with lucrative opportunities. Mentorship Create mentorship programs and engage with other entrepreneurs who may lack experience and need your guidance and expertise. Share your strategies and visions for handling significant issues confronting them, especially during market volatility. A mentor–mentee relationship can stimulate confidence and improve morale.

In this issue, we proudly salute Wesley J. Hall, one of Canada's influential thought leaders who has transitioned his most profound challenges into sheer opportunities. As a successful entrepreneur, Hall knows firsthand about defying the odds in his pursuit of greatness. We can also glean many essential lessons and inspiration from his new book, No Bootstraps When You're Barefoot, and apply them to our entrepreneurial journeys. Thanks for reading and for the ongoing opportunity to be of service.

Employee Interaction Assess and consider each team member's skill set and assign them projects to avoid burnout and being overwhelmed. Then, inspire your employees, retain their talents, and build high-achieving players for fresh perspectives to foster a more robust and impressive organizational structure.

Jennifer Williams jennifer@theedgeleaders.com

Disruption Businesses are not immune to adversity, so they must be resilient. Compile detailed and precise bulletproof contingency plans to combat unforeseen chaos throughout your organization. Equip yourself with the right tools to embrace any crisis and boldly lead your team amid upheavals or significant shifts. Troubleshoot and share your plan with department heads, consistently maintaining flexible and open communication channels.

"You must pass the baton to the next generation and a new breed of geniuses at some point. Don't be cavalier and oblivious about the future of your operations."

Charity Rise to the occasion and make philanthropy part of your operational cost. The global pandemic has spurred us to give back to our local communities, whether it be our time or money. Any act of goodwill helps achieve global impact, provides hope to others, and instigates change. Optimum Living Empower yourself and establish personal systems to optimize your vitality for performance prowess. Reflect in solitude and strengthen your inner and outer being. Take regular breaks. Travel to epic and historical places, and explore new world cultures. Release relationships and activities that no longer serve you. Succession You must pass the baton to the next generation and a new breed of geniuses at some point. Don't be cavalier and oblivious about the future of your operations. Develop leaders around you to continue fulfilling your organization's primary mission and legacy after you leave the stage. Build a solid and ethical foundation that operates by systems and processes.

S p e ci a l Fa ir s & F e s t i va l s I s s ue!

MANJIT MINHAS Beer Baroness, Entrepreneur and Dragon on CBC’s hit TV series, Dragons’ Den

Ways to Grow Your E-Commerce Enterprise

WINNERS’ CIRCLE

What a

Mentor

Can Do For You

SOCIALLY RESPONSIBLE COMPANIES TO EMULATE

DENNIS MITCHELL How

Podcasti ng Ca n Promote You r Business

Ways Customer Engagement Impacts Profits

WINNERS’ CIRCLE

Urbanization

and the Future of Business

Chief Executive Officer Chief Investment Officer Starlight Capital

Become

Tech Savvy with a Few Simple Tips

THE KEY TO HEALTHY RELATIONSHIPS

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The ﬁrst Black Dragon on CBC's Reality TV Series Dragons' Den.

Photo courtesy of Wesley J. Hall

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cover story

WESLEY J. HALL Amplifying The Call For Social Justice by Jennifer M. Williams

Born in Golden Grove, St. Thomas, Jamaica, Wes Hall has chronicled his journey from a Jamaican plantation shack to Canada's Bay Street boardrooms. He has established an exceptional reputation through outstanding accomplishments in the business community, in corporate governance, and in handling strategic transactions. In 2003, he founded Kingsdale Advisors to provide services for shareholders and manage investor relations communications. Hall made history in 2021 as the first Black Dragon on the CBC hit reality TV series Dragons' Den. Over the years, Hall has leveraged his business success to help various charitable organizations and communities. These include service on the boards of SickKids Foundation, Pathways to Education, Toronto International Film Festival (TIFF), The Black Academy, and more. In 2021, he was awarded an honorary doctorate by the University of Ottawa as an "established innovator, entrepreneur and philanthropist." The supporting rationale included: "Wes has become one of the faces, hope, and opportunity for millions of people who look like him." This recognition also points in the direction of being the founder and chairman of the Canadian Council of Business Leaders Against Anti-Black Racism and the BlackNorth Initiative — both organizations committed to combating anti-Black systemic barriers affecting the lives of Black Canadians.

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cover story

“I was never invited into the boardroom. So, I had to create my own. I also created my own company from the ground up. I was employee number one and built it to become one of the country's best and top ﬁrms.”

You're the proud recipient of the 2021 Ontario Business Leader of the Year and The Chamber of Commerce Lifetime Achievement Award for your outstanding work in philanthropy and entrepreneurship. How does this differ from your other awards? I'm very proud to receive these awards and glad they didn't say “Black Business Leader of the Year” but “Business Leader.” Someone took exception to that and said, “Aren't you proud to be Black? Why wouldn't you be happy if they said ‘Black Business Leader of the Year’?” That shows how limited some people can be in terms of their mindset. It doesn't limit the achievement when you're the business leader of the year or the lifetime achievement award winner. The award meant I'd accomplished something transcending my ethnicity and immigrant story, and they didn't put a caveat to that recognition.

You came from humble beginnings in Jamaica and are now the founder and chairman of various companies, including Kingsdale Advisors. How did your entrepreneurship journey begin, and what was the main deciding factor? For some time, I wanted to start my own business, but it did not come to fruition until after I met Tom Kusumoto, a good friend and client. One evening, we met at the corner of Cordova and Howe Street in Vancouver and engaged in deep conversations about my becoming an entrepreneur and the long-term benefits to our community. We stood at the street corner, analyzing a plan, and what I should do next. We didn't leave the street corner until Tom convinced me to take the first steps. He said, "You do this now and thank me forever when you do." So, I went back to Toronto, wrote a business plan, and did it.

What are the core services of Kingsdale Advisors? When I started the company 20 years ago, we didn't have shareholder activism in Canada. Shareholder activism refers 14

the EDGE Spring 2023

to an investor in a publicly listed company or trading on the stock exchange. A big part of what we do is, if you're unhappy with how management is running the business you invest in, you can approach other investors and replace the entire board and management team. We either advise activists on how to do that, or we defend companies to prevent it from happening to them. We also work with companies making takeover bids, referred to as mergers and acquisitions. Suppose you're taking over company A or company B, or you do a deal to take over your competitor or to expand your business. In that case, you go to the CEO and say, "Hey, I want to buy your company," and if the CEO says, "Yeah, let's do it,” that's a friendly takeover. But suppose you approach that competitor CEO to buy their business, and they say no, but it's a publicly listed company; you can still do so by going directly to its shareholders without the management's support. That's called a hostile takeover. So, I advise companies on hostile takeovers as well.

Can you give us a snapshot of Kingsdale's general organizational culture regarding diversity and inclusion? Does any area reflect your cultural heritage? People would come into my office and say it looked like the United Nations because I have employees from all ethnicities. In the company's initial stages, I put my photo on the website, and people came to me looking for jobs because they saw that a Black man ran the company on Bay Street. However, new immigrants faced many barriers because employers would tell them they had no Canadian experience or had problems with their accents. As a result, they weren't hiring Black people or people of colour in positions of authority on Bay Street. Fortunately, I was able to attract and retain many of those people who are still working in my company.

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keep abreast of what is new in your organizations? Regarding innovation, the company I worked with before Kingsdale did not innovate or change how it did business. As a result, some of these companies went out of business within a few years because they did not see the market's direction and adapt their business. The assets I have have gone up and down the elevator daily, at least in Kingsdale's business model. I frequently review the complement of my people and analyze who and what will take us to that next level. That's where innovation and disrupting your business model come into play and help you remain relevant.

To what extent has the current labour shortage impacted your businesses, and do you think it's a result of the COVID-19 pandemic — or other factors? Labour shortages are wreaking havoc on all businesses and affecting every sector. It is a dichotomy between saying we're going into recession or in a recession. Usually, when you go into recession, it starts with massive unemployment. We don't have that today. You hire people, and they don't show up to work. That never happened in our economy previously, but it's happening today. That's not sustainable and escalates the problem that we're seeing with rising interest rates and inflation due to this massive shortage in unemployment.

We operate about six companies in Canada, and they are the most diverse in our sector and the number one firm by far. For example, one of our companies, QM Environmental, has 660 employees, and over 50 per cent of those employees identify as Black, Indigenous, persons of colour, and persons with disabilities. That statistic is right across the board, including upper management.

What strategies have you implemented to navigate your business operations amid the recent high-interest hikes? We're not susceptible to interest hikes because we generally don't borrow or rely on debt to build our businesses. But sometimes, when we want to grow a business, we look for additional capital from various financial institutions. At the end of the day, we're doing better in Canada than in some other countries. For example, in Canada, we stalled at 6.9 per cent in October. But if you look at the UK, they are at 11.9 per cent. They have a four- to five-year high in their inflation rate. However, many people overextended themselves when the interest rate was low and money was cheap over the last few years. Seeing the hikes we're having right now, they're in trouble in many ways and have to divest their assets to deal with the rising rates.

Innovation and technology are top-of-mind for many investors and manufacturers. How do you, personally,

We believe one factor is immigration; new immigrants are coming to Canada to fill these positions, but they're not getting hired. Doctors are driving taxi cabs; engineers are driving Ubers. You name it. There is a shortage of nurses and doctors, yet those people are walking the street and not practicing their trade. We must change how we handle immigration to help deal with the labour shortage.

You started the Black North Initiative in 2020 to help combat racism during a highly racialized period. What can you tell us about it? The purpose behind Black North was to assert our influence in different places. I am not a social activist. I help activist investors in terms of corporate activism. However, when they murdered George Floyd in 2020, I was personally affected. So, I decided to use my influence within corporate Canada to rally a group of executives and CEOs across the country. One of my goals is to encourage them to adjust within their organization so it's more friendly to people of colour. Doing this will give them more opportunities at higher levels in some companies. However, in some cases, they lack representation and are not visible in their positions. So, in politics, not-forprofits, or corporate Canada, in senior positions, the perception of Black people and their contribution to Canada is minimized.

Some major players are working with you on the Black North Initiative; how important is it to have this level of influence and support? Well, it's critical. The CEO of a company should determine who gets hired or fired in their organization. They must be intentional about who comes into the organization because it

Spring 2023

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cover story

reflects people you're comfortable with, and that's a problem, especially in a multicultural society. As the founder of Kingsdale Advisors and all the businesses I run, I determine who comes in. If I approach that responsibility with an inclusive lens, my businesses will be naturally inclusive.

Have you observed any industry shifts since the launch, and what are some of the challenges? Like anything, people jump on a situation that's top of mind or topical. Once that situation is no longer topical, some people move on. There's no question that people's enthusiasm for social justice related to the Black community in 2020 is very different today. That's what happens with the news. But for the Black community, it's not news. It's not our 15 minutes of fame; this is our lives. So, we must continue the conversation because unless other people are affected, we shouldn't expect them to keep talking about it. In 2020, many people were concerned about the Black community's injustice. Now we're dealing with inflation and recession. That's where the fire is today. We appreciate that we're fighting this fire, but we must deal with social justice issues.

There's an old saying that "timing is everything." How does this relate to your business ventures and planning for the future? When I started Kingsdale, it was the perfect timing. Had I done it ten years before, I wouldn't be successful. It would've taken a lot of money to keep the business going and to appreciate what I was bringing to the market. So I hit it almost perfectly; it was in perfect strides. Then mergers — hostile mergers, in particular — started to happen in the mining sector in Canada. The CEOs of mining companies wanted to grow their business, and they began acquiring different companies. There was a frenzy of mergers and acquisition opportunities, and I was in the middle. The perception wouldn't be the same, and the competition level would be very different. So, timing is critical in everything, whether starting a business or otherwise. You can't be too early because some people may not understand what you're doing, and you can't be too late because you could miss an opportunity.

You're the first Black Dragon on CBC's hit reality series, Dragons' Den. What is that experience like for you? It's fantastic, first of all, being the first Black Dragon on the show. There should be other Black entrepreneurs considered for the show, but they have not been until now. My time on the show will be partly due to my performance. It's about ratings; if we're not adding value, the hosts will move on. My responsibility is to open doors for other Black entrepreneurs and support diversity to ensure that Black entrepreneurs are coming to pitch and showcase their products. I also hope they look at other Black folks as alternatives or options in the future.

the EDGE Spring 2023

What lessons have you learned from your colleagues on the show that you could apply to your business? Everyone on the show is professional and operates different types of businesses. I've learnt some strategies from my colleagues because they've been doing the show for much longer. How they communicate partly demonstrates how it would be to work with and get mentored by them.

Can you take us back to the most significant landmark in your first year of business? What was your lowest point during that year? I worked on a colossal proxy fight that year. It was great, but I didn't win the proxy fight, so that was not fun, but working on it was exciting. It was my first. Within three weeks of my company starting, I got a mandate for $250,000. At the time, that was a significant figure. I worked on a deal, and it didn't pan out as planned. I was very disappointed because I didn't want to be collecting money and not winning. Winning means everything because you're defending someone from an activist investor, and if the activist wins, that's not a good thing. I was not in a good space when that happened, but over time I realized that if you do 110 per cent on a mandate, you're not going to win everything. So, it would help if you learned to take a loss graciously.

“Hang in there and stay strong! Find mentors and supporters that will help you ride out the tough times.”

How critical is having relevant knowledge about your investments? What is one secret to convincing a potential investor? You need to know what you own and how long to hold it. Some people watch their investments grow and get excited and emotional when things are up and may not dispose of the asset at its peak. Those same investors watch their investments go to zero instead of cutting their losses and moving on to another opportunity. Investors must choose their partners wisely. The opposite is also true.

In today's unpredictable business climate, how do you sustain growth and profitability through thick and thin? These are times when you must grow your business and remain opportunistic. Several businesses have overextended themselves because of access to cheap capital and investors throwing money at them. Now interest rates are up, capital is scarce, and it is time for well-funded companies to take advantage of these opportunities.

One of your most admirable qualities is your consistency in giving back to your communities and various groups across Canada. How rewarding is that? I learned the art of philanthropy from my grandmother. She didn't have much money but always found ways to give. I grew up and adopted the same principle. I'm more privileged than

my grandmother because I can write a cheque and provide mentorship and support to others. I can give speeches and encourage people to be their best selves. Giving should become part of your DNA.

Your book No Bootstraps When You're Barefoot gives us a look into your life while growing up in Jamaica. Which chapter is the most profound to you and why? There are a few shocking chapters. For example, chapter one describes how my mother abandoned me and left me in the house alone. I also talked about the physical abuse I experienced when I left my grandmother's house and went to live with my mom. Those were profound moments because I had to relive them, and I caution anyone going through similar situations to be careful while reading because those are triggering events. It continues to be traumatic, and I acknowledge the bad and good people in the world. Unfortunately, some of those same people are part of your family, but I've learned to deal with the trauma that I suffered during my childhood.

Do you have any words of wisdom for entrepreneurs who are struggling economically? Hang in there and stay strong! Find mentors and supporters that will help you ride out the tough times. //

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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

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business

BEST BUSINESS CASH FLOW PRACTICES by Sean Plummer

business’s cash flow is its lifeblood. Should it stop, so does the business. Effective cash flow management is about knowing when to invest in growth, how to predict shortfalls, and establish trust with bankers and suppliers. Common issues that mar this management include expanding too rapidly, poor accounts receivable tracking, and giving customers overly generous credit terms. Effective strategies for cash flow management allows you to cover payroll, vendor invoices, and interest on bank loans, all while leaving enough money for controlled growth. Fortunately, there are many practical ways to control cash flow that can help you weather both small daily storms and future financial tsunamis.

Brush Up on Your Accounting

Increase Sales and Cut Expenses

Yes, you have a CFO for a reason. But just as it helps to navigate Paris if you parlez français, you can better address cash flow concerns if you can read a balance sheet and know the differences between cash and accrual basis accounting. Similarly, knowing the importance of cash flow to your business can prevent you from getting into a financially poor position from which you may not recover.

Healthy cash flow is aided by a corporate culture that emphasizes bigger profits than spending. Promote a lean business ethic and work on marketing plans that bring more customers into your sales funnel. And, be sure to keep those customers happy once you have them as their referrals can generate additional business.

Make Frequent Projections Paying close attention to data and variables on a spreadsheet lets you make more accurate projections of future monies coming in and out. You can help forecast your sales and expenses (especially big-ticket purchases that might strain your cash reserves) by considering industry norms, averages, and trends. Be sure to compare your projections against your actual performance to gauge their accuracy.

Know When You Should Be Profitable No matter their size, many start-ups operate in the red for years before turning a profit. For example, it took Twitter 12 years to see its first profitable financial quarter. Eventually though, your business will have to start generating profits. Creating a profitability goal can help your staff develop healthy practices around expenditures and budgeting. It can also inspire your managers to work towards generating a certain level of business.

Spot Problems Early Nip money scarcity in the bud. Small financial problems like an unpaid customer invoice can become exponentially larger and more unmanageable if it goes unpaid for longer than was agreed upon. Such problems can, in turn, strain relationships with both your creditors and lenders.

Don’t Delay Getting Paid Invoice your clients as soon as you’ve completed work for them. Make getting paid easy by accepting electronic transfers and making it clear to customers upfront that they will be charged extra for late payments. Conversely, you can incentivize them to pay early by offering discounts. Getting paid faster can reduce the interest you pay on your lines of credit.

Establish Strong Relationships Payment flexibility works both ways. Loyal customers may be willing to pay early if you’ve offered them generous terms in the past, and your suppliers may extend your payment due dates if you have a history of settling your bills on time. This mutual respect can pay off when money gets tight.

Plan for Emergencies No boss wants to hear from employees on payday about where their money is — or have the rental of a new office denied due to lack of funds. That’s why it’s smart to always have reserve cash to get you through (hopefully temporary) crises. An accepted rule of thumb is to have four months’ worth of operating funds on hand at all times. Healthy cash flow is an indicator of a healthy business. Having enough money available to cover your day-to-day is as important as having it available for growth — arguably, even more so. While risk in the form of spending your working capital is at the heart of entrepreneurship, it’s still smart to use these practices to track funds. Remember: your cash flow is the life (of your business)! //

Spring 2023

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business

25 MOST INNOVATIVE

COMPANIES OF 2022 by Peter Campbell

nnovation — we all strive for it. Some even achieve it. The aim nowadays is towards sustainability, improving working processes, and harnessing Big Data. Below are 25 of the most innovative companies making waves today.

STRIPE CLIMATE

BLOCPOWER

Stripe Climate tackles the ongoing issue of climate change head-on by allowing customers of its online payments company, Stripe, to join its strategy to fund ambitious carbon-removal technology by contributing a percentage of their digital sales that flow through Stripe’s software.

BlocPower addresses the consumption of fossil fuels by residential buildings by removing boilers, furnaces, stoves, and other oil and gas-based products. The start-up is providing electricity to buildings — especially in low- and middleincome communities — by installing technologies such as heat pumps.

SOLUGEN

CLIMATE TRACE

Solugen has developed a process of turning corn syrup into industrial chemicals, using enzymes and metal catalysis. The company’s Houston bioforge creates none of the emissions of petrochemical processes and has yields of up to 90 per cent.

A coalition of organizations formed in 2020, Climate Trace — with access to 59 trillion bytes of data from more than 300 satellites and 11,000 sensors — updates and maintains greenhouse gas emissions estimates in order to give countries the insights they need to direct climate mitigation efforts more productively.

TWELVE This start-up has created a carbon transformation process that enables newly created chemicals to be used as a one-for-one replacement, thereby lowering the carbon footprint of Twelve’s customers without affecting product performance.

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WATERSHED Watershed uses software to help companies such as Airbnb, DoorDash, Shopify, Sweetgreen and Warby Parker to assess their CO2 emissions, develop a reduction strategy, and connect to carbon-removal solutions. By the end of Watershed’s first year, it helped customers

manage emissions equivalent to more than four times the carbon footprint of San Francisco.

DOCONOMY Once its users complete a detailed survey, Doconomy is able to estimate an individual’s annual emissions in categories such as transport, home, shopping, and diet. As well as their Lifestyle Calculator, Doconomy has created a 2030 Calculator that simplifies the process of calculating the carbon footprint of manufactured products across multiple product categories.

MICROSOFT Upon analyzing over a trillion data points from a multitude of resources over the past couple of years, Microsoft noticed patterns that are now being used to inform new product features, such as a scheduling option designed to ensure employees get breaks between meetings.

SPACEX By lowering the cost of launch and expanding the number of opportunities for space travel — along with a record

business

31 flights last year, including the first allcivilian crew sent into orbit — SpaceX has been able to usher in what has been called “the second Golden Age of space.”

CANVA Described as “a word processor for our modern video culture,” Canva’s easy-touse templated design allows people to create everything from business cards, sales presentations, social media ads, to yearbooks and more.

HYBE Consistently finding new ways to release content and cultivate fandom, Hybe recorded $1.04 billion in revenue in 2021, and acquired Ithaca Holdings in April of 2021 — giving Hybe even more star power as it continues to explore new technologies and content formats.

AB INBEV The largest brewer on Earth, AB InBev spent 2021 focussing on local impact. In Latin America, they debuted an app that allowed people to check the stock of any product in nearby stores. The company is also using barley straw to make sixpack boxes for Corona — which brings new income to farmers for a formerly unused by-product.

MIRO The new way of working has taken brainstorming and the “whiteboard” to a new level. Miro is here to help by adding such features as clustering every idea generated with one click, integrating its visual collaboration into everything from Zoom to Microsoft Teams, and introducing templates so anyone can run an effective goals meeting or design sprint.

FANATICS With a database of over 80 million fans around the world, Fanatics is a leader in enabling fans to purchase licensed team merchandise. In August 2021, they secured trading card rights with MLB, the NFL, and the NBA. Fanatics began 2022 by acquiring leading card brand Topps.

SNAP With over 200 million Snapchat users playing with more than 6 billion

augmented reality lenses every day, the company has made advancements in body tracking, cloth simulation, and object recognition — along with voice and gesture controls so users can set up their phones as virtual mirrors and then control their colour and style choices remotely.

FLEXPORT Flexport has built a software platform for companies to manage every aspect of their supply chain. With each node that Flexport digitizes, there’s more data to help customers resolve issues and inform new Flexport services — including order management, ocean freight procurement, and customs assistance.

DAPPER LABS Dapper Labs, which makes and markets nonfungible tokens, helped make 2021 the year of the NFT. Dapper even built its own blockchain, called Flow, to handle transactions speedily, and it also created its own crypto wallet to facilitate credit card payments, which had never been done before.

BACK MARKET An online marketplace for used electronics, Back Market began offering extended warranty repairs and launched a mobile app with a diagnostic tool that allows buyers to confirm that their refurbished gear is in top shape.

FARFETCH This luxury fashion marketplace — which works with high-end boutiques and labels — helped small businesses weather the pandemic by providing them with the tools to list their products online, as well as manage orders and shipping.

BYD BYD grew sales of its hybrid and allelectric passenger vehicles by more than 231 per cent last year — selling almost 60,000 “new energy” cars across the globe. BYD also sold approximately 85,000 EV buses, garbage trucks, forklifts, and other specialty vehicles. And, unlike Tesla, BYD produces its own batteries.

its success is that it refuses to be petty and, by constantly innovating, Shopify avoids the dangers of resting on its complacent laurels.

GREENHOUSE Initially, a single Toronto shop founded in 2014, Greenhouse has expanded to become a national, vertically integrated, omnichannel, beverage business. Along with its ongoing pursuit of better flavour combinations, operations, and ingredients, it marks as one of its primary innovations a novel processing method that increases the shelf-life of its products.

STUDIO AM AND RIVER A pair of Toronto-based studios make this list: Studio AM, which is a multidisciplinary creative studio and its offshoot; and River, a platform that allows for virtual filming. River emerged from Studio AM and as a result of consistent feedback from clients, staff, and endusers, is constantly being refined.

THE CANADIAN SHIELD InkSmith, the parent company of The Canadian Shield, did a major pivot when the pandemic hit. It went from selling such educational technology as laser cutters and 3-D printers to using that same technology to create medical face shields. It not only helped meet Canada’s pressing need for domestically-produced PPE, it also demonstrated how innovation can come from rapid responses to realworld crises.

EDESA BIOTECH, INC. A clinical-stage biopharmaceutical company, Edesa Biotech is working on developing a drug capable of treating those hospitalized with the most severe cases of COVID-19. Another of Edesa’s planned innovations is a monthly Journal Club for employees, partners, and interns to meet, evaluate, and exchange ideas on recent medical and scientific literature. //

SHOPIFY With thousands of employees, this multibillion-dollar corporation prides itself on its transparency. One of the keys to

Spring 2023

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business

IGNACIO TARTAVULL

CEO of Tiny Mile

Delivery Robots for Urban Areas Toronto and Ottawa residents have likely seen Tiny Mile robots, affectionately known as Geoffrey, in person or on social media. The robots are pink with adorable heart-shaped eyes. They’ve been used to deliver meals, medication, and even an engagement ring. However, that wasn’t enough to keep the bots on the street, as both Ottawa and Toronto’s councils voted to ban Tiny Mile from operating in those cities due to safety concerns. The ban nearly bankrupted the company. Now, Tiny Mile operates in Miami, Florida and Charlotte, North Carolina in the United States, and is looking to expand. CEO Ignacio Tartavull believes in the future of the company, thanks in part to changes in attitudes and behaviours around deliveries adopted during the pandemic. Photo courtesy of Ignacio Tartavull

by Marcus Medford How does Tiny Mile provide a solution that makes environmentally and economically sustainable local delivery possible? We’ve used technology to build delivery robots that cost a fraction of the normal price to operate, about 10 times less. So, we don't need to charge 30 per cent commission to a restaurant; just charging 3 per cent commission is enough to cover our costs. What we have is really good for businesses and the benefit of having an electric vehicle is that there are no emissions, so it’s great for both sides.

Is there a difference between how city governments approve things or what rules you have to abide by? Or is the American side more welcoming to businesses and innovation? I think it's both. There are 23 states that have regulations for delivery robots. They anticipated the benefit of the technology and set limits on the speed of the vehicles, the weight, and so on. So, it's a very safe place for us to operate. We can just go, comply with the regulations, and we know we start from a good point. On top of that, they’re incredibly welcoming, and we’ve built very strong relationships with them.

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In Canada, there isn’t anywhere with regulations. Ontario was supposed to be the first, but the person in charge of the proposal left, then there were elections, and so on. Also, for big cities like Toronto and Ottawa, it’s proven a lot harder to reach people in leadership, to speak face-to-face, and showcase the robot and its safety features.

What did you make of people’s reactions to Toronto’s and Ottawa’s decision to ban your company from operating? People's support was heartwarming. It was incredible, the number of votes the petition got. Because the robots are incredibly visible, there were millions of likes on these videos of all these cute pink robots with heart eyes circulating around, and people loved them. Every day, we’d get messages saying nice things about the robots. So, when people heard the argument that the robots might be unsafe, it was ridiculous to the people who actually saw them. There were people who commuted and worked where we operated, and they saw the robots every day, and they never saw any danger with them. There was a lot of outrage, and there still is.

Unlike Uber for example, the people operating the robots are employees, not gig workers. Why is that important? Well, I was the first pilot [for the robots], and then the engineers of the companies became pilots, and so on. When you're developing technology, you want to have the people driving in the same room so you can ask them how to improve it. So, it's natural to have most employees working full-time. You want these people to be overqualified so they can provide great feedback. The truth is, today, delivery costs like $10; that's how much it costs given the 30 per cent commission that you pay with the fees and whatnot. Our goal is to make it 10 cents, to make it 100 times cheaper. We're not there yet, but we've made progress. Today, we can make deliveries that are five to 10 times cheaper. But to get to 10 cents, we’ll need to make things fully autonomous, and that’s going to take a decade. Until then, the great feedback we get from pilots in the office and by asking questions is super helpful. //

business

CAMILLE DUNDAS

Founder and Editor-In-Chief of ByBlacks.com Adding Diversity to the Online World Legendary American poet, writer, memoirist, and civil rights activist Maya Angelou once said, “In diversity there is beauty and there is strength.” Propagating the true essence of these words is Camille Dundas, editor-inchief of the number one Black Canadian online magazine, ByBlacks.com. The former TV news producer for CTV now boasts a career like no other. Dundas went from failing half her classes in high school to being named one of the top 100 accomplished Black women in Canada.

Photo courtesy of Camille Dundas

by Staff Writer ByBlacks.com is ranked the #1 Black Canadian online magazine, having won three national press awards and recognition from Prime Minister Justin Trudeau. You started the magazine when diversity was not very rife among business organizations. What initiated the idea of an online magazine, targeting the Black community in Canada? The idea for the site actually started as a business directory. My husband Roger was meeting so many Black business owners who didn’t have a website, so he wanted to offer them all a space to promote their businesses for free or minimal cost. Then, we realized we have to give people a reason to come back to this site. That’s where the business profiles came in, and we quickly expanded to cover all kinds of topics, and it was natural for me to step in as editor-in-chief, given my journalistic background. It was clear to me that people, myself included, are hungry for content that speaks to them, reflects their lives, and is informative, yet entertaining. Black people, especially right now, are looking to have as much positivity as possible shown about their community. What really

motivated us to keep going is knowing that we were filling a need – there just are not enough media outlets focusing on positive Black Canadian stories.

What are your top three core principles for a successful business, and how would someone go about implementing them? Know your strengths, delegate everything else. You should learn as much as you can, but don’t try to become an expert in everything. Hire experts instead, and focus on what you’re good at. Patience is one of the most important principles in business. When you’re passionate about something, you want it all to materialize right away, but that leads to a lot of compromising and mistakes. Does anybody want what you’re offering? I learned a great and simple piece of marketing advice that will help you avoid investing lots of money building a business no one wants. Most people build something and then market it. But what if you reverse the order, market it first and test the demand?

for more info. That will give you a good indication of what the interest level is.

What advice do you have for other entrepreneurs to inculcate more diversity in their workplace? If you want to have a more diverse workforce, then focus on it the way you would [on] any other business issue. You have to be intentional and build out a strategy. If you don’t have the skills to create that strategy, hire an expert who does. There are also lots of things you can do to help amplify Black business voices. For example, there are many companies who are setting targets for themselves to ensure that a certain percentage of their vendors and suppliers are Black-owned. On the flip side, if you are a supplier or a service provider, offer to discount your services to Black-owned businesses. //

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economics

HOW YOUR BUSINESS CAN COPE WITH INFLATION by Nigel Taklalsingh

he current rate of inflation has mainly been driven by pent-up demand after COVID-19, which has overwhelmed supply and been made worse by unpredictable supply chains and low availability of labour. Businesses have had to reassess strategies for growth and operating in this new environment. These are four strategies businesses can pursue to cope with inflation:

Review Products and Pricing Over time, the number of products and services a business provides can increase with some products selling less frequently and generating lower profit. Managing inventory and measuring profitability at the unit level allows management to identify and reduce or remove slowselling, low-margin products, and focus the inventory on fast-selling, highermargin products, which helps generate operating cash flow. Creating product bundles is an approach to combine fast- and slow-moving products as a strategy to “sell-off” slowmoving products. Bundles can also be used to offset lower-margin products with higher-margin products, which is necessary in cases that require businesses to hold both types of goods to maintain customer relationships. Rationalizing products and services enables businesses to be much more efficient at managing inventories and effective at generating profits. Bulk or subscription pricing are also strategies to consider. While these pricing models result in lower margins, the difference is compensated with higher volumes and recurring sales. Eventually, it may be necessary to make the decision to charge more. Price increases can be moderate for faster-selling goods and higher for slower-selling goods. This approach can help businesses remain competitive and maintain customer and supplier relationships.

Deepen Customer and Supplier Relationships Maintaining strong relationships with customers and suppliers is a top priority of any business, regardless of the economic

environment. Businesses need to know which relationships generate the most revenue and profitability, including the length of time of the relationship. Also, they should keep track of the last point of contact and even personal details such as size of family, habits, etc. Owners, sales personnel, and support teams can use this information to proactively contact customers and suppliers, regardless of the last time a transaction has occurred. In cases where there has been historically minimal management of these relationships, there is still value in reaching out to these customers and suppliers to demonstrate recognition of their business. Asking how they are managing through the economic climate and sharing “best-practices” will be helpful. These conversations can be casual, over-the-phone, but ideally inperson, perhaps over a coffee.

Enhance Marketing Communications Marketing is sometimes seen as a discretionary expense, which can be reduced according to profitability. According to Harvard Business Review (HBR), businesses need to be more strategic and selective with their marketing spending during difficult economic times. Marketing communications can be used to describe how products and services provide value to other companies. This is especially effective when attracting new customers. Using marketing to share relevant economic, regional, and industry insights is another benefit to provide to customers and prospects. HBR also suggests that marketing messages show aspects of a business’ personality or culture and evoke some emotion from the reader. Forbes believes that establishing

personal connections and demonstrating authenticity develops a level of trust and brand recognition that can be differentiators in the market. Particularly in challenging times, marketing can be used increase the value of the brand.

Remove Operational Inefficiencies When the economy is thriving and businesses are growing, it can be easy to ignore gaps in policies and procedures. As revenue and profits start to decline, these inefficiencies start to have an impact, and they require valuable management attention to resolve the issues. Addressing the gaps can be as simple as using an iterative approach to documenting a sales process for new employees. It can also look like creating a policy to resolve common operational issues. Implementing automated or digital solutions can also help refine specific parts of the business. Technologies range from simple Microsoft Office tools to comprehensive customer relationship management (CRM) systems, and even applications that manage projects and manufacturing processes. These steps shift attention to time spent on more productive activities, allowing management to quickly identify actionable insights and establish routines and behaviours centered on critical aspects of the business. Business owners and leaders are facing an ever-changing range of unfamiliar elements. Pursuing these strategies can help businesses weather economic storms and potentially thrive despite them. Beyond the current post-pandemic situation, these strategies can also set the stage for future success. //

Spring 2023

the EDGE

economics

WHAT CRYPTOCURRENCIES CAN TEACH US ABOUT INVESTING

by Josephine Mwanvua anada may enter a recession soon. The quick, steep rise of inflation is something that hasn’t been seen since 1981. All major banks have predicted the country will enter a recession in early 2023. We aren’t the only ones experiencing an apocalyptic economic downturn; American economists predict the U.S. will also go into a recession next year. Cryptocurrencies, as well as other markets, have taken a huge hit, plummeting to more than half their value within months.

In the last few years, blockchain technology was a big topic. Crypto seemed a promising avenue for digital natives who believed decentralized (meaning not governed by a single entity, but rather distributed through a network) digital currency was an opportunity to get rich.

Even Spike Lee starred in a commercial for the crypto ATM Coin Cloud. In it, he claimed cryptocurrency was an inclusive, non-oppressive avenue towards “new money.” However, as people lost thousands of dollars to the summer 2022 crypto crash — some in retirement or house savings — there are certain lessons to gain about investing in general.

Don’t Invest More Than You Can Afford

Don’t Be Swayed by Social Media

Crypto is a high-risk investment, with values shifting by the minute. Examples of other high-risk assets include forex trades, single-stock ETFs, and high-yield bonds. If a huge dip occurs or a recession comes, investors lose large amounts; sometimes, all of it. High-risk investments can produce big results in a short amount of time, but if people aren’t equipped to handle the losses, they lose more than just money.

Calm and patience are needed virtues when riding out bearish waves. They tend not to last longer than bullish waves, so hang in there and don’t do anything. But, the sentiment to budge and act quick is understandable; people pull out their funds during crashes, which plummets values even more. On the other hand, when an asset’s doing really well, sometimes it’s because there’s hype around it online.

According to NextAdvisor, one man lost $20,000 after the Celsius Network shut down in March 2022. Celsius, a lending platform, went bankrupt due to founder Alex Mashinsky’s lack of proper risk management. As a result, users’ remaining funds were frozen in their accounts.

Influencers flood social channels with financial advice they aren’t qualified to give. They then rake in profits through memberships to private groups and online courses.

The Terra Luna coin crashed in May 2022, despite being one of the most popular coins and reaching its peak a month prior. Its second iteration, Luna 2.0, created to make up for holders’ lost funds, dropped by 60 per cent after launching. Simon Seojoon Kim, venture capitalist, reported losing over three billion dollars worth of Luna, yet he remained hopeful about cryptocurrency in an interview with Bloomberg. While Kim can afford to lose billions, most people can’t. It will be hard to manage emotions if that money can’t be recovered because of what you were planning to secure with those funds. Hence, it’s best to invest what you can emotionally afford, or nothing at all.

Millennials and Gen Z are reaching certain milestones slower than older generations because some can’t afford them. Here comes cryptocurrency, marketed to budding investors as a way to financial freedom; if we bought the right coins, learned to time the market, and followed the advice of experts, “we were all going to make it” — hence, the hashtag #wagmi.

the EDGE Spring 2023

Elon Musk himself is a huge influential figure on Twitter. He put $1.5 billion worth of Bitcoin into Tesla’s balance sheet so the company could accept Bitcoin payments. This raised the coin’s value significantly — not only because he bought, but others followed suit. However, two months after the fact, Musk stopped accepting the payments and pulled out most of Tesla’s Bitcoin, causing a 4 per cent drop in the coin’s value. People’s portfolios were hit. According to The Guardian, a young man lost $7,000. The reason for Musk’s decision? Bitcoin consumes too much energy during its mining process. Investors should wonder how informed Musk was prior to purchasing Bitcoin. Always question influencers. Regardless, this proves the power of influence. No matter what, stay committed to your professionally informed decisions.

Stay Balanced on A Tightrope We may be impressed by crypto millionaires and their cars and jets, but investing is a long-term endeavour for most people. High-risk investments can be considered gambles. Meme coins, which carry a lot of hype — Shiba Inu, Dogecoin, Dogelon Mars, etc. — are created as a joke. These fad coins circulate for a little while, potentially earning investors high yields. However, if you get in too late, you might lose your investment. In this current crash, many now feel that cryptocurrency itself is a gamble. Dr. Alex Koh, an early retirement YouTuber whose channel is now private, was so engrossed in cryptocurrency, he was ready to sell his house and car, according to The Guardian. But, the man lost his earnings and no longer believes crypto to be “a beacon of hope," he says. Highly volatile assets probably aren’t the best retirement plan. Instead, Wealthsimple advises that a well-balanced portfolio is most favourable, with low-risk assets and defensive stocks.

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Digital Coins Are Here, Right Now Is it the end for cryptocurrency? Absolutely not. It's here to stay. Governments and banks are adopting digital currency. These government coins are CBDCs: Central Bank Digital Currencies. In 2019, there was talk about The Royal Bank of Canada (RBC) possibly opening a crypto trading platform. Meanwhile, Nigeria already launched the eNaira, Bahamas launched their Sand Dollar, and China issued the eYuan. In North America, JP Morgan launched Onyx, a blockchainbased transactional platform. Morgan Stanley offers wealth management clients with at least $2 million worth of assets the opportunity to hold Bitcoin. At the end of the day, we all want financial stability and the freedom to do what we want, when we want. But sometimes, it takes a little bit more patience than desired. //

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economics

CELINA LEE

Co-Founder and CEO of Zindi

Harnessing Data with Africa’s Innovators

by Dave Gordon

elina Lee once worked in a corporate setting in New York, where she quickly realized she wanted something more meaningful out of her career. In 2002, she turned her sights to becoming a Peace Corps volunteer in Panama and continued working in international development with non-profits and multi-lateral organizations.

She always wanted to enter the tech sector, given that she has a Bachelor's of Science in Applied Mathematics, with a minor in Computer Science from Columbia University, and a Master's of International Affairs.

Photo courtesy of Celina Lee

It wasn’t until 2018 that innovation and tech became the real centre of her efforts, as CEO and Co-Founder of Zindi, the leading professional network of data scientists in Africa. But it’s more than just an online platform with a community of 50,000 young data scientists — she says it’s equally about harnessing the power of data for social good. “How could we use data in more impactful ways? How could we borrow from other sectors — more tech driven sectors — to use those solutions to really drive the social impacts we were trying to get to?” she asked herself. In the first few days of launching, the platform crashed because Zindi had so many sign ups. “Immediately, people just took to this idea of an African data science community — the first of its kind. People took a lot of pride in being a part of this type of community.” It’s not uncommon for companies to house massive amounts of data, and Zindi wants to generate value out of it. Lee added, “But they don’t always know how to get access to the skills, the people, the solutions that they need.” Zindi provides that very pool of talent. “We are thinking of it like LinkedIn, but specialized for sciences,” she says. “For companies, it’s also a unique opportunity to tap into this previously unknown group of people all in one place … companies like Microsoft, Google, Invidia … recognize there are huge opportunities on the continent. Africa has the largest working-age population in the world. The people at Google told us they knew they had to talk to us if they wanted to reach the data scientists because they knew that Zindi hosts the ecosystem.”

Venture capitalists from Silicon Valley are starting to take note, she says, that certain markets in Africa are already making waves as tech hubs, such as Nairobi, Kenya; Lagos, Nigeria; and Cape Town, South Africa. “Part of it is that the innovation coming out of Africa is unique and has tremendous value to the entire global ecosystem. That’s one of the reasons we were driven to create Zindi. Personally, even I recognized that for AI or any tech to live up to its full potential, it’s to ensure everyone has a seat at the table — especially if the technology is going to end up impacting all of these people. What better way than to involve them in the process?” Africa, for example, could solve a challenge with current AI facial recognition software. She says it tends to be less accurate with people of colour. “It’s a problem when video camera imagery is being used as criminal evidence, and mistakes can be made,” she says. “The point is, that for AI to have a full positive impact, we need to make sure everyone has a chance to contribute.” Recently, Zindi was featured by Google Deep Mind — one of the leading AI companies in the world. Deep Mind recently sponsored a challenge on Zindi to crowd source algorithms that would perform facial recognition on sea turtles, which would eliminate the need for tagging sea turtles. “So it really benefits conservation efforts,” she says. “The solutions were really cool. We made those publicly available to the field. Deep Mind recently did a whole write up of the experience.” Whether it’s weeks, months, or years, there are bound to be major disruptions from the collective minds of 50,000 young data scientists in Africa. And we have Celina Lee, her colleagues, and Zindi to thank for it. // Spring 2023

the EDGE

economics

TEFARI BAILEY

Founder and CEO of Hutsy Financial Revolutionizing Finance and Banking for Canadians by David Messiha

efari Bailey is on a mission to make financial wellness attainable for everyone, regardless of their financial situation or background. The CEO and founder of Hutsy Financial wants people to build and establish their credit history. After a life-changing experience on CBC’s Dragons’ Den, Bailey intends to lend a helping hand to individuals abandoned by big banks. Bailey speaks below about what inspired him, and how Hutsy provides a smart alternative to how Canadians save and spend.

Photo courtesy of Elle White Studios

What made you interested in business development? Before touching base on what inspired me to do this, I think it's important to note my experience in this industry. My experience in the finance industry saw me working at TD Canada Trust, doing everything from the entry-level teller position, all the way to a financial and investment advisor, working in lower-income areas. I had a ton of people coming to see me on a daily, weekly, and monthly basis to get a short-term loan for an emergency that may have happened. Like a car tire popping, the need to put food on the table, or getting an emergency surgery. It wasn't me approving or declining these people, it was an algorithm. The majority of people that were declined would go to the payday lender in the same plaza to get an insanely high-priced interest loan. Over time, as their financial advisor, I noticed their financial health deteriorate. It got to a point where they were getting payday loans from institution number one to pay off institution number two and getting paid from institution number three to pay off institution number two. They were just trapped in that cycle of debt that they couldn't get out of. I always knew I wanted to do better. I wanted to build a bank for marginalized communities and lower-income Canadians.

What was your experience like on CBC’s Dragons’ Den? I was on CBC’s Dragons’ Den where I was able to pitch my idea to all the Dragons. It was a great experience. Normally, I don't have an issue when it comes to pitching my ideas to anybody, but this time, it was a bit overwhelming because of all the Dragons that I was able to see on TV for many years. All the “lights, camera, and action” was overwhelming. Fortunately, we were looking for $500,000, and we were able to get the $500,000 from the partners that we wanted.

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Hutsy is a neo-bank. What is neo-banking and what are the benefits of neo-banking compared to other traditional financial institutions? The term neo-bank means it's all online and digital. We don't have any physical locations like other financial institutions, like one of the big five banks, for example. They have thousands of employees, and tons of office space across Canada and the United States. They have all this overhead cost. Since we are online and digital, we don't have to pay those marginal expenses that they do. We're playing in a giant category in banking where the five banks control 95 per cent of assets under management. We are able to reward the end-user with a better user interface with lower costs, or even no cost in some instances. We are also able to add on subscriptionbased products to make our offering profitable.

How many have signed up for the Hutsy card? What are its advantages? We currently have about 35,000 people that have signed up and are ready to go, once we launch our product in February 2023. With the Hutsy Card, we are providing the first debit card in Canadian history that builds credit with every purchase you make. Secondly, it provides early access to payroll, which means individuals never have to use a payday loan again, as long as they have direct deposit set up with us. Thirdly, there is a no-fee banking solution. Instead of paying a monthly fee for your bank account or your checking account, it's completely free with us. Fourthly, you get cash back on all purchases instead of having to use a credit card to get cashback; you couldn’t do that with a debit card before. //

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Spring 2023

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start-up

IS THE ERA OF “MOVE FAST AND BREAK THINGS” OVER IN THE TECH START-UP WORLD? by Peter Campbell

acebook’s Mark Zuckerberg famously once said, “Move fast and break things,” in 2009. As we all know, much has changed since then. Even Meta, the company formerly known as Facebook, is attempting to distance itself from that now-famous motto by changing or updating it to “Meta, Metamates, Me”.

Have those appetizingly attractive “moving fast and breaking things” times drawn to a close, particularly in the tech start-up world? Certainly, it’s a very useful way of looking at things, but one that’s not always in the customer’s best interest. With the rise of so-called “Conscious Capitalism,” shifting focus away

from the shareholder and bottom line — and placing an increased emphasis on the customer and employee — was a business model not always met with euphoric applause. It did, however, cause many companies to grow — and grow successfully. Whole Foods Market is a perfect example. In 1980, Whole Foods was a tiny store in Austin, Texas, that next to no one had heard of. Doubling down on its desire to serve the customer, it has grown into a world leader in organic and natural foods, with over 500 retail and nonretail stores in the U.S., Canada, and United Kingdom.

Is the Clock Ticking on Tech Start-ups? Don’t be seduced by a quick fix; they’re called schemes for a reason. Though speed and efficiency may be useful for start-ups, going through the necessary regulations — dotting the i’s and crossing the t’s, as the expression goes — is not just necessary; it’s both beneficial and often integral to success. Aside from avoiding the obvious broken test tubes scenario, taking your time is especially important when it comes to start-ups focused on healthcare. Though Zuckerberg’s motto had (and in some cases, still has) its uses, entrepreneurs in the healthcare industry have a legal and ethical responsibility to the patients who use their products and services. Whether it be healthcare or otherwise, the core of start-ups should be centred on their value, not simply to the board but to the user. Buzzwords like “transparency,” “fun,” “innovative,” and “accountability” are certainly attractive, but in the same way that word-of-mouth is arguably the most effective form of advertising, it’s when people see your company as something special and tell others that you’ve truly accomplished something. In other words: show, don’t tell.

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start-up

Move Slower & Keep Things Intact Aside from creating a greater risk of error, moving too fast can cause you to miss important issues that might adversely affect your company or start-up. On the surface, Meta’s look and slogan seem more about, as Zuckerberg said, “Being good stewards for our company and mission.” However, this so-to-speak “rebranded window dressing” doesn’t fully erase the memory of Facebook’s numerous privacy, misinformation, and harmful content scandals. Other potentially harmful issues for fast-moving and quickbreaking start-ups include less direction as well as “tech debt.” When less direction is applied, it creates a scenario whereby projects can derail much easier than they might have if there had been a clear plan of action or sense of direction. So-called “tech debt” arises when what initially seemed a great idea — moving quickly and finishing several small projects, thereby giving everyone a boost in energy — goes south. Not only can this rapidly lead to employee burnout, if enough small victories aren’t achieved during the process, then employee morale can suffer greatly. As the “tech debt” accumulates or compounds, friction can be created between teams due to the frustration of those who have to go back and deal with all the issues that now exist.

At What Cost? Shortcuts are often the quickest way to reach a goal. However, shortcuts can also be the quickest way to catastrophe. The difference is in how you approach them, thereby turning best intentions into best practices.

Many experts feel that the era of “moving fast and breaking things” is now over. Out of necessity, “minimum viable products” are being replaced by what have been termed “minimum virtuous products.” These new offerings are products that not only test for the effect on stakeholders (not shareholders), but also built-in guards against potential harms. Perhaps it’s time to slow down a little and direct our cumulative attention on what we already have. Hemant Taneja of General Catalyst said, “In the wake of the Facebook scandal, the public is less tolerant of tech start-ups that ignore the societal ramifications of their innovations; and that venture capitalists should analyze not only for market size and product liability, but for whether founders show sufficient foresight and concern about the unintended consequences of the ideas they are pursuing.”

Faster Isn’t Always Better Look no further than the timeless fable of the tortoise and the hare. Rushing in order to get ahead of your competition is certainly admirable and potentially useful, but (to use another oft-cited expression) “measure twice, cut once.” Don’t speed up procedures thinking it will increase productivity. Zuckerberg’s expression was a wonderful mantra back in the aughts. But nowadays, successful start-ups concentrate on improving how they deal with and can better help or service the evolving needs of the public — as opposed to simply getting what they want from the public, regardless. //

Spring 2023

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start-up

7 INDUSTRIES DESTINED FOR START-UP GROWTH by Rob Shapiro

he world has really changed in the last few years. The pandemic has been the biggest driving force, but the economy and environmental concerns have also acted as catalysts. These factors have produced a change in consumers, many of whom are no longer eager to wait in line at a store, aren’t comfortable in packed event spaces, and are concerned with online security for the first time ever.

The industrial leaderboard has also changed, thanks to the immense growth of start-ups within some industries. Healthcare and artificial intelligence (AI), for instance, are viewed as more prosperous than ever, and even retail is having something of a resurgence. But which industries are poised for the biggest start-up growth in the near future? Here are seven that are making a convincing argument, not only about their start-up growth, but also about how start-ups are setting them up for an age of prosperity.

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start-up

Artificial Intelligence AI as an industry is growing and changing society in incalculable ways. That said, it’s also contributing to the growth of other start-ups, especially in the retail and customer service space. AI brings together many different technologies to enable a machine to understand, sense, and act on its own. Essentially, it imbues a machine with a human level of intelligence. While movies like The Terminator have made this idea terrifying, AI is considered by some to be a technological necessity, revolutionizing some future-thinking industries and catapulting start-ups along the way. Some AI companies making waves include Observe.AI, which applies AI to call centres to help them provide real-time feedback and improved customer service, and Viz.AI, a platform that employs AI to coordinate and reduce inefficiencies for healthcare workers.

Fintech Fintech start-ups are forcing banks to change their ways or risk becoming obsolete. fintech stands for financial tech, and its goal is to compete with traditional financial institutions. They use AI, blockchain, cloud computing, and big data to keep banks on their toes. Some examples of fintech companies on the precipice of exceptional growth include Shopify, Quandl, Mogo, and Payfirma — all of whom provide digital and modern financial solutions to their customers.

Telemedicine Telemedicine was one industry that used the pandemic to grow in prominence. The bedrock of this industry is the remote diagnosis and treatment of patients. AlayaCare is a strong example of a telemedicine start-up in Canada. It delivers both software and hardware solutions for homecare agencies. Their method is to enhance both telehealth and in-home healthcare while lowering costs across the board.

Elder Care The state of elder care in Canada has come under a lot of fire since 2020. Start-

ups have stepped up to the challenge of providing necessary and efficient elder care in big ways, while attempting to remove the archaic systems currently in place. PointClickCare has developed a suite of web-based products and services to manage resident care for long-term care providers. There’s also CareGuide, a digital hub that aims to connect families and caregivers with vital care services. These start-ups should continue to provide access to programs and services for seniors and create a higher level of accountability — something that is desperately needed.

Retail Many thought the combination of a pandemic and online shopping would be the end of in-store shopping. However, recent events have allowed new brands to thrive and forced established ones to evolve. Many former start-ups like mattress seller Endy, clothing store Frank And Oak, and jewelry brand Mejuri have paved the way. Not far behind is furniture retail start-up Article, and non-permanent tattoo retailer Inkbox. Start-ups have breathed new life into the old retail industry by using technology and app-based software to sell products and services. Online retail start-ups have garnered a positive reputation, thanks to their ease of shopping and excellent customer service — all with only a few swipes of a thumb.

Customer Service Customer service as an industry has experienced a recent spike in importance. Now, entire start-ups are devoted to helping businesses up their customer service game. Staflo, Wysdom.AI, and Green Story are three companies that provide software solutions that can improve consumer engagement and help businesses create better experiences for their customers. Staflo is particularly interesting as it provides text messaging functionality for front-line workers to engage with customers. The messages can even be personalized, allowing a business to create deeper, more meaningful relationships.

Cyber Security Millions of people are working from home, and just about every household uses apps to fill their fridge shelves, book tickets to an event, or make sure they never run out of shampoo. Most users put their personal data (including credit card information) online without thinking twice. This is where cyber security comes into play. It safeguards personal data and ensures that hackers and spammers are kept at bay. It is also what prevents Zoom meetings from being invaded by strangers. 1Password is a password manager for credit card info, documents, and more. It’s safe, secure, and growing in popularity. Some of the other notable start-ups in the cyber security space are eSentire, a company that protects against advanced cyber threats, and Feroot Security, a platform that safeguards client-side JavaScript code against attacks and violations. There’s also Purilock, Cmd, and several others. This is one industry that’s about to experience another boom, and the sky’s the limit.

Forward-Thinking Industries Will Continue to Bloom Industries with start-up growth seem to be unfazed by ongoing social and global issues. What start-ups are adept at doing is using technology to fill gaps in the market, many of which have made the lives of consumers more challenging. These young companies see opportunity where more traditional companies only view challenges. Many industries have put themselves in a position for continued growth by focusing on lingering pain points and making process and solutions that are intuitive and useful. Most importantly, they’ve created an ecosystem where start-ups can thrive and reap the benefits in both the short and long term. //

Spring 2023

the EDGE

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Physiotherapists assess level of mobility, strength, endurance and other physical abilities. Treatment plans focus on promoting wellness, mobility, and function.

start-up

KAAREN WHITNEY-VERNON Founder of happy hive Highlighting Gender Equality for Women in STEM by Stephanie Hawkins Kaaren Whitney-Vernon is all about helping others — specifically helping women thrive in the field of technology by encouraging transparency and inclusivity, while also emphasizing the importance of creating opportunities for women in STEM (science, technology, engineering and math). Below, she shares more about her entrepreneurial path, supporting others, and the importance of leadership.

Photo courtesy of Kaaren Whitney-Versnon

You are a serial entrepreneur. Can you share a bit about your previous endeavours? What challenges have you faced, and how did you overcome obstacles in your career? Back in 1998, I was co-owner of Youth Culture Inc., a youth media and research company. We were publishing print magazines that were going into high schools. We also launched a study called Trendscan that studied all aspects of youth culture and looked at the effects of the internet on teenagers. The goal was to educate companies on the best way to communicate to teens — a hard to reach market for many brands. A lot of what I learned in my career is the need for research, and that brands and advertisers need to be continually talking and learning from their target audience. In 2012, YouTube was starting [to trend with teens], so I pivoted my business into creating video content. I teamed up with Shaftesbury, which is the largest independent production company in Canada. We wanted to show brands the value of creating branded entertainment versus just creating an ad. Our first series we created in partnership with U by Kotex, called Carmilla, took off. It's had millions of views. It went on to become a movie and book deal, and paved the way for other brands to get involved.

Your company, happy hive, is highlighting gender equality for women. How did your vision for this materialize? At Shaftesbury, we created a digital series for youth and young girls to understand the value of STEM. We were seeing that girls were very good at math, but somewhere along the path, they’re excluded and persuaded that it's not really the place for them.

Part of entrepreneurship is seeing a problem and wanting to solve it. If women are not at the table, we're not part of solving major problems of our society. We're not getting fairly treated, so what can we do to change that? One of the things I learned is that there's a fundamental problem in a lot of the technology that we're building, including the hiring process, which is completely broken. That’s how happy hive started.

Through happy hive, you created a browser extension for job seekers to see if potential employers have an inclusive workforce. How has this approach impacted both employees and future employers? Where an individual actually works matters so deeply for that person, not only for their well-being, but also the profound effect it has on their future success. We’re using data and AI to predict the success of women in technology. Fifty per cent of women in technology will actually quit the industry after the first or second job because of the toxic environment, because they're not being heard, or they feel left out. These are women with master’s degrees and PhDs. That's why we think by giving them the tools, they can make good decisions about the best companies to work for and support their future career growth. Women want to know if they're getting into a company that's going to support them rather than hinder their career growth. We know it takes a lot of time to get a job, and you want to make sure it's right. //

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start-up

DR. KAMRAN KHAN Founder and CEO of BlueDot Inc. Fighting Diseases with Machine Learning and AI by Helen Jacob Dr. Kamran Khan is a leading expert in outbreaks as an infectious disease physician, a public health physician, and a professor at the University of Toronto. He’s treated patients from all around the world. This ultimately led him to the work that he’s been doing over the last 20 years in emerging infectious diseases. As founder of BlueDot, he leads a company that seeks to protect people from infectious diseases using human and artificial intelligence technology. Photo courtesy of Kamran Khan

Can you tell me a little bit about your background, and what sparked your interest in the field of infectious diseases? I really got interested in the field of emerging infectious diseases in 1999 when I was doing my training in New York. West Nile virus showed up in North America, which was a virus that didn't exist here before 1999. I watched it establish itself and spread across the continent. Two years later in 2001, anthrax is weaponized and sent through the U.S. Postal System, and that was a reminder that infectious disease outbreaks and threats don't necessarily have to come from Mother Nature, that they can come from deliberate acts. Then I moved to Toronto, which is home, back in 2003, and we had the SARS outbreak, which lasted four months. It really was a bit of an eye-opening experience for me at the very beginning of my career. It was a recognition, having experienced three infectious disease emergencies in the span of four years, that there were going to be more of these to come.

Let’s turn to BlueDot. What is BlueDot and how does it work? I was seeing other sectors using data, machine learning, and advanced analytics in ways that we weren't necessarily using in public health or in healthcare. So, I founded BlueDot as a company in 2013, and we’ve been building a global infectious disease intelligence platform for the last nine years. The platform has three key pillars, all founded on diverse global data and advanced analytics on that data. The first pillar is

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focused on early detection of infectious disease threats around the world. The second pillar is focused on understanding those threats: which threats require our immediate attention, and which ones do not. The third pillar is about taking that intelligence and integrating it into the workflows of our clients, which are both in government as well as in the private sector, so that they can have this immediate situational awareness around the clock so that they can take timely actions to protect the health and well-being of citizens in a country.

What are some hurdles you had to face while figuring out the logistics for BlueDot? We are tackling a very complex problem. Infectious diseases sound like one thing, but it's actually a very diverse mix of many things. COVID is very different than Ebola, which is different from Zika. They're all quite distinct. This requires a very diverse set of skills, including subject matter expertise, understanding infectious diseases, and immunology, epidemiology, and biology. Then, you need to be able to integrate those skills and expertise with those who have advanced knowledge of machine learning, engineering, and software development and technology. Maybe one of the hardest aspects of this is integrating intelligence into people's workflows in terms of how they make decisions, especially when not everyone is an expert in the field of infectious diseases. There are many different types of hurdles, but we're not tackling this problem because it's easy. We're doing it because it's hard. I'm paraphrasing JFK here, but this is ultimately why we're tackling this problem, because it is extremely important. //

Spring 2023

the EDGE

winners' circle

JULIE NOLKE

Comedian and Youtube Personality Behind the Scenes with Viral Internet Star

by Dave Gordon

T The pandemic, as rough as it was, had a silver lining for Julie Nolke. The comedian, writer, video creator, and sketch artist came to national consciousness in April 2020 when she produced a satirical YouTube video that went viral with over 21 million views. The video, dubbed “Explaining The Pandemic to My Past Self,” showed her going back in time and talking to herself about the chaos of the pandemic, which led to three Webby Awards — the most prestigious accolade for online video content makers.

Photo courtesy of Sam Larson

You’ve had some theatrical training — a Bachelor of Fine Arts at York University. Do you recall some of those skills and pieces of information and do you use them? Oh my gosh, I use my classical training all the time. I think it is imperative to have a really strong foundation as an actor or creator before you can play. I’m not comparing myself to Jackson Pollock, but he could do an incredible still life. He had all of that formal training under his belt and then decided to go his own way. I think it’s the same with acting. When I do a character with an accent, I like my accents to be very precise and accurate. That’s something I work on with tools I use from university. I use a lot of different tools to protect my voice if I’m yelling or singing in a sketch. On top of that, you get to be silly and play. But if you don’t have the foundation, longevity in the career is going to be difficult, and you’re going to be limited by your own crutches if you aren’t an open canvas, ready to play.

You have corporate sponsorship and your channel is monetized. Elaborate on how this became an entrepreneurial venture and what's your advice to other content creators? Before 2020, before my channel blew up, I had been on YouTube for five years. I’d been on YouTube [and] made

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original content for other production companies. I’d always have a lot of irons in the fire because I think that’s necessary in this industry. I think those skills were crucial when I, ultimately, went viral. I’ve always had different pillars of income so as not to be reliant on one stream. Since I went viral, yes, the channel is monetized, [and] it brings in AdSense revenue. Several of my YouTube videos are branded. I do branded posts on Instagram. I have a Patreon. Sometimes I’ll sell merch. That allows me as a creative artist to have the financial freedom to create whatever I want because I’m not under the pressure of hitting those AdSense views. Make sure you have lots of different irons in the fire, different income streams, and that will give you some relief.

At what point, during the channel’s creativity, did you feel like you bumped yourself up a level? I purchased some new camera equipment and new lights. That was a game changer for us. We had sort of a mess of a set up before. To have the better-quality gear, [be] more efficient, and have it look better, for me, even visually, that was a step up. I also have an editor now. He’s worked with us for about a year and a half. That was a scary thing to do because I like to control my videos. He’s phenomenal. All of his videos now have his creative touch. I get pleasantly surprised. That was a good move on my part. //

winners' circle

ZAINAB AZIM Founder of Global Initiative & Vision for Education Youngest Future Astronaut by Marcus Medford

z Zainab Azim dreams of becoming the next famous astronaut to come from Milton, Ontario, like Chris Hadfield. The 20-year-old is the founder of Global Initiative & Vision for Education (GIVE), which promotes STEM and access to education. Azim is best known for receiving a ticket to a Virgin Galactic space flight as a gift for her 11th birthday. While she’s incredibly excited and grateful for the opportunity to go to space, Azim says she hopes the experience doesn’t only benefit her. She’s using her position to advocate for more people of colour and women to get involved in STEM. Photo courtesy of Zainab Azim

What was it like to get a ticket to a space flight as an 11-year-old? I didn’t fully comprehend it. It didn't feel real — even now. Reflecting on that these last few years, I think there was guilt. I was very grateful, of course, but there was guilt because that’s a lot of money, and I don't know if I’m worthy. Nor did I feel like this was something I needed to do. Eventually, I thought, “This is an opportunity you've been given, deserved or not. It’s an extraordinary privilege.” I began to turn that guilt into, “I have this. What can I do with it?” I didn’t want to use it to benefit myself. One of the ways was advocating to make space tourism more accessible.

What have you heard from members of GIVE about what that opportunity means to them? The whole point of GIVE is to equip people within the education system with the skills to advocate for the policies they want in their communities. There are policymakers creating educational reforms that don't work because they're not evidence-based or research-informed, and they try to impose them on communities they don’t understand. In the University of Arkansas chapter, for instance, they were going through one of the modules we’d developed on STEM and standardized testing. We know from research that people

from different backgrounds perform differently on these tests because of the way that they're designed and what they're really measuring. Feeling empowered, instead of disheartened, when it comes to creating quality education and more accessibility — is giving that power to young people and having them know that they can be a part of the solution if they care enough. One of the fundamental pillars of change is to start where you are. If we all worked in our local communities, things would be a lot better.

Why do you advocate for more women to get involved in STEM careers? A lot of the developments and advancements in society come from STEM innovations. It shapes the policies, programs, practices, and institutions we have. It’s imperative that, as we move forward, STEM plays an even greater role in our world when we have diverse groups represented. When we don't have diverse groups at the table, then blind spots and biases come in, and the things that we make aren’t designed for the people they serve. In a global context, these groups are not minority communities; they are the majority of the world. //

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Spring 2023

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tech & innovation

GLOBAL SPACE ECONOMY: COMPARING THREE NATIONAL OUTER SPACE PROGRAMS by Rob Shapiro and Rose Ho

FOUNDED

Canadian space agency (CSA) was founded in 1989 national aeronautics and space administration (NASA) was founded in 1958

China national space administration (CNSA) was founded in 1993

NUMBER OF ASTRONAUTS SENT TO SPACE

FIRST NATIONAL SENT TO SPACE

USA: Alan Shepard in 1961 CANADA: Marc Garneau in 1984

339 44

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CHINA: Yang Liwei in 2003

tech & innovation

RECENT MAJOR ACCOMPLISHMENTS

James Webb Space Telescope (which replaces the old beloved Hubble)

Chang’e 4 and 5 unmanned missions to the Moon; Tiangong space station

Newly NASA-graduated astronauts Jenni Sidey-Gibbons and Joshua Kutryk (both Canadians)

2021 EXPENDITURES

UPCOMING AND PENDING PROJECTS Artemis II manned Moon mission (which will include one woman, one person of colour, and one Canadian)

$54 billion

$10.26 billion

Chang’e 6, 7, and 8 manned Moon missions

$403.6 million

C anadar m3 robotic s sys tems for the International Space Station

SOURCES Council on Foreign Relations, 2021. https://www.cfr.org/backgrounder/space-exploration-and-us-competitiveness Global Times, 2022. https://www.globaltimes.cn/page/202206/1269329.shtml The Globe and Mail, 2018. https://www.theglobeandmail.com/canada/article-lost-in-space-why-canadas-diminishingrole-in-the-heavens-is-a/ Government of Canada, 2020. https://www.asc-csa.gc.ca/eng/publications/2020-state-canadian-space-sector-factsfigures-2019.asp ; https://www.asc-csa.gc.ca/eng/astronomy/moon-exploration/artemis-missions.asp Space.com, 2022. https://www.space.com/topics/china-space-program ; https://www.space.com/china-probes-jupiteruranus-same-launch ; https://www.space.com/china-rocket-launch-doubleheader-september-2022 ; https://spacenews. com/china-plans-more-than-50-space-launches-in-2022/ Statista, 2022. https://www.statista.com/statistics/745717/global-governmental-spending-on-space-programs-leadingcountries/ The White House, 2021. https://www.whitehouse.gov/wp-content/uploads/2021/12/united-states-space-prioritiesframework-_-december-1-2021.pdf World Politics Review, 2020. https://www.worldpoliticsreview.com/the-u-s-space-program-is-back-but-it-can-t-go-italone/

Spring 2023

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tech & innovation

HOW CHINA IS REVOLUTIONIZING THE TECH INDUSTRY by David Messiha

hina’s economy is burgeoning and so is its tech industry, which is in healthy competition with the United States. Just think — some of the biggest names in tech are headquartered in China, such as the national big four companies: Baidu, Alibaba, Tencent, and Xiaomi. Other American businesses like Microsoft, Apple, and Tesla also manufacture chips and parts there. China’s largest tech companies cater to its massive population. Baidu, for example, provides search enginerelated services; Alibaba focuses on e-commerce; Tencent is the creator of WeChat, a messaging, gaming, and social media app. Xiaomi manufactures phones, consumer electronics, and home appliances. It is also one of the largest local manufacturer of smartphones in China.

China’s big four tech companies are like their Silicon Valley counterparts (Amazon, Microsoft, Facebook, and Apple) in that they completely dominate the market. Each of these companies made huge investment leaps, yet China is always striving for more and not resting on its laurels. Even though these tech companies face increased pressure and scrutiny from the government, that is not deterring them from achieving their goals in any shape or form. The COVID-19 pandemic has also slowed down the production of tech products because of China’s Zero-COVID policy. Nevertheless, all that hasn’t hindered China’s resilience. The country still boasts some of the biggest minds in the tech industry while producing countless new software and tech engineers each year.

An In-Depth Look at China’s Largest Tech Companies China’s big four tech companies, Baidu, Alibaba, Tencent, and Xiaomi, are often collectively referred to as BATX. Together, they generate billions of dollars in revenue and have revolutionized the way people shop, browse, and communicate.

Baidu Initially competing with Google, Baidu gained momentum locally in 2010 when Google ceased operating in China. Following Google’s model, Baidu is an online search engine that generates revenue using pay-per-click (PPC) advertisements from businesses that want to increase their website’s visibility on the search engine results page (SERP). Baidu’s estimated revenue is over 19 billion USD, according to macrotrends. net. Recently, however, the increase of social media apps impacted Baidu’s ad-centric model as many began skipping the search engine in favour of searching on other apps like Alibaba and Bytedance.

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Alibaba Alibaba was founded in 1999 by Jack Ma, a business tycoon, investor, and philanthropist. The e-commerce platform is China’s version of Amazon. With more than 22,000 employees, Alibaba continues to dominate the Chinese market, thanks to the optimization of online payments with the introduction of its Alipay app. It is estimated that for every ten online purchases in China, eight are made through Alibaba. Just as Amazon dominates the U.S. market, Alibaba controls China’s, making it the largest retailer in the world with a market cap of more than $400 billion, according to Exactimo, a digital platform for business students. After going public in 2014, Alibaba’s revenue skyrocketed; however, a series of scandals and controversies over counterfeit products saw its CEO Jack Ma step down in 2019. The top role was given to businessman Daniel Zhang.

Tencent Tencent was founded in 1998 by four entrepreneurs: Pony Ma, Zhang Zhidong, Xu Chenye, and Charles Chen. Initially starting as an internet service provider, the company released a messaging app in 1999, which generated its first capital. Tencent began to take shape in 2008 by investing in smaller entertainment companies. With major stakes in the video gaming industry, it is currently the largest video game company in the world. According to TechCrunch, Tencent is the first Chinese tech firm to be valued at $500 billion, surpassing Facebook’s net worth. With stakes in video games like Call of Duty and Fortnight, and as being the creator of WeChat (China’s version of WhatsApp), Tencent is China’s fastest growing company.

Xiaomi According to Asia’s Nikkei.com, Xiaomi is China’s third-largest smartphone producer, behind Samsung and Huawei. The company generates revenue by producing smartphones, TVs, and other consumer electronics. It is also one of the largest local internet service providers. Its estimated revenue is $47.52 billion, according to marketcap.com. Xiaomi’s smartphones dominate the market in China, and its internet services have expanded its reach to nearly 130 million users domestically.

What China’s Growing Tech Industry Means to The World While Silicon Valley has conquered the world of tech in the United States, the growth of the Chinese tech industry created new and challenging career and economic development opportunities. Its major advances in mobile tech and innovation is integral to the country achieving its vision to compete with other technology hubs globally.

While many might argue that China has followed Silicon Valley’s footsteps, China was ahead of the game on mobile technology. People in China are increasingly using digitally automated ordering and payment methods. A New York Times story highlighted that many do not own a personal computer, which means mobile phones are the main device for more than 600 million users who own them. For global business investors, China is a major source and supplier of manufactured products. Value for money and cost of labour have allowed American and international companies to source and manufacture supplies in China. Apple, for example, gets 18 per cent of its revenue and 85 per cent of manufacturing from China, according to Axios. The robot-driven tech revolution has also taken China by storm. To mitigate the cost of labour and market demand, factories in China are beginning to replace humans with robots. According to the Financial Times, China is poised to overtake Japan to become the world’s biggest operator of industrial robots. That on its own is revolutionizing the face of the tech manufacturing industry. More companies are switching to manufacturing their tech products in China because it provides fertile ground for budding entrepreneurs to develop their skills. Chinese leaders are looking to young entrepreneurs to spearhead the tech revolution and catapult China’s tech strategy on the world stage in league with Silicon Valley. With its numerous contributions, China’s tech strategy has convinced the world that it is capable of achieving remarkable feats locally and globally. //

Spring 2023

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tech & innovation

TECHNOLOGIES DEFINING THE

FUTURE OF CUSTOMER EXPERIENCE

A 48

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by Sean Plummer

good customer experience used to mean finding what you needed at a fair price in a store and buying it from a competent and polite salesperson. Maybe they were even able to make you feel good by making an add-on sale because, sure, it makes sense to buy tennis socks with new tennis shoes. Those qualities — good pricing, product availability, and personal attentiveness — continue to be important when purchasing a good or service. But the rise of the online economy, accelerated by COVID-19, means that investment in new hardware and software is just as important to the customer experience (CX) as stocking the right products and hiring the best employees. Of course, consumer-facing companies appreciate impulse purchases made by passers-by at their brick-and-mortar stores. But in a COVID-era economy, their survival — never mind their prosperity — is tied to using technology to deepen customer loyalty and engagement. The expected result is repeat visits and purchases in-store and online.

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COVID-19 devastated physical retailers. With pandemic restrictions leading to reduced staffing and limited hours of operation, many businesses simply shuttered. One aspect of retail likely to persist after the end of pandemic restrictions is contactless payment. Physical point of sale (POS) systems offer a multitude of contactless payment solutions, including debit and credit cards, e-transfers, Google, and Apple Pay. This became especially important when businesses were forced to do curbside pickup during the height of the pandemic. This trend should ease the minds of anyone worried about handling cash or coins, although touch is reportedly a lowrisk method of viral transmission. Retailers in the online space are facing the challenge of offering a smooth and unified CX that makes buying simple and easy across PCs, smartphones, and tablets. This is vital as many consumers became accustomed to shopping exclusively online during the pandemic and continue to do so. Witness, for example, Amazon’s amazing pandemic growth as consumers quarantined at home and had their purchases, no matter how minor, delivered. That is why so many physical retailers are developing mobile apps to capitalize on the increasing consumer desire to shop anywhere at any time. Think about the exponential pandemic growth of grocery delivery services like Sobey’s Voilà app, or Instacart, the app responsible for Walmart Canada’s grocery deliveries. Similarly, shares in German meal kit delivery service HelloFresh, which delivers measured ingredients and recipes right to your door, hit an all-time high in October 2020. Much of that growth was no doubt due to the ease of ordering (and cancelling) through its mobile app and website – a boon to those unable or unwilling to grocery shop – at any time of the day. Indeed, a company’s obligation to provide quality CX is no longer restricted to traditional business hours. Developments in machine learning and artificial intelligence (AI) mean that consumers can have their questions answered at any time by chatbots or virtual assistants. Toronto-Dominion Bank, for instance, announced their chatbot Clari in 2018. “She” is available 24/7, 365 days a year to interact with TD customers. And consumers are increasingly comfortable with chatbots, especially millennials, with 70 per cent reporting favourable interactions according to a 2018 Forbes report. Of course, AI-powered chatbots are just one aspect of what is being called the omnichannel consumer experience. Systems are being created to allow customers to message a company

through one of its many consumer channels – think websites, Facebook pages, Instagram profiles, Twitter feeds, or TikTok accounts – and receive immediate feedback. This may involve the connection of a help desk to all customer service channels and an increase in real-time messaging. Customer loyalty is also being built by AI and machine learning (ML) to identify and address behavioural patterns and push consumers further into the sales funnel. For instance, AI and ML can be used to analyze website wish lists and even determine when customers are close to purchasing, in hopes of offering them discounts to help finalize purchases. The expected outcomes of doing so are deepened customer relationships with the businesses and improved chances of future sales. Finally, although most closely tied to videogames, virtual reality (VR) and augmented reality (AR) are transforming CX by allowing customers to interact in digital environments, almost as if they were in the real world. (VR refers to physically interacting in a 3D computer-generated world through electronic devices; AR refers to being able to see and interact with computergenerated objects layered onto real-life locations). Such immersive experiences push emotional brand attachment. Scandinavian furniture giant IKEA, for instance, launched IKEA Place in 2017. Using AR technology, this smartphone app allows customers to use their phone to virtually place hundreds of items from the IKEA catalogue into their homes. IKEA claimed that the app was 98 per cent accurate in terms of scale and shadow, so that it was easy to see how a chair on display in the showroom would actually fit in your living room. Outdoor apparel and gear company The North Face’s Korean branch tested out a VR app back in 2015 when launching their McMurdo jacket line that placed customers in a Nepalese landscape. Such immersive VR environments and experiences can create a strong emotional attachment to a brand that can translate into lifelong brand loyalty and increased revenues. It seems unlikely that the in-person customer experience will ever completely die. There is still room for great salespeople selling good products to customers in an inviting and welldesigned retail space. But the exponential rise of online shopping means that sellers of products and services will need to leverage technology to create superior customer experiences as competition increases. If sellers can make buying easier from anywhere at any time, the future truly is theirs. //

Spring 2023

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tech & innovation

ROB CHANG

CEO and Director of Gryphon Digital Mining Carbon-Neutral Bitcoin by Rose Ho

Bitcoin mining is a notoriously highenergy-cost process that has a major environmental toll just by running the required computations on dedicated machines. But at Gryphon Digital Mining, the process has reached carbonneutral levels. In fact, with carbon offsets, they can even claim to be carbon-negative! CEO and director Rob Chang shares in more detail below and discusses how decentralized finance holds even more potential around the world.

How did you get into the field of cryptocurrency? Did you have a related background or experience? I got into the field of cryptocurrency because I decided to leave the investment banking research world in 2018. It just so happened that I had a few contacts who were connected to people at Riot Blockchain, which was the first publicly traded, Nasdaq-listed Bitcoin miner, and they were looking for a CFO. I was in the investment banking research world for 15 some odd years. Most recently at that point, I was at Cantor Fitzgerald as its managing director and head of metals and mining research there. So, I came in from a financial standpoint — understanding capital markets, understanding investor relations — and I slid into a role with the blockchain miner that way, and through my experience there, learned about Bitcoin mining.

What are the challenges you currently face in making digital mining environmentally sound? What innovative approaches are you having to take to address those challenges? I think it's just a smart use of capital and deploying in the right places. The number one impact, as everyone knows, is energy. We made the decision a few years ago — before Elon Musk made it popular, really — in terms of focusing our operations on 100% carbon-free sources. Our locations are using hydro-power primarily, and it's carbon-free. On top of that, to be innovative and to lead the way, we also own carbon offset credits, which we don't really need to use because our operations are carbon-free. However, we have that in our back pocket. So, I guess you could say, we’re a carbon-negative miner from that perspective. We can use

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Photo courtesy of Rob Chang

those carbon credits to offset the carbon emissions from the machine deliveries, for example, or when we travel to go to conferences.

As of November 2022, cryptocurrency and the global economy is at a downturn. When you look into the long term, are you optimistic about the future of digital mining? Absolutely. I'm actually extremely comfortable and it's amusing. I was talking to someone about this the other day — we were at 60-something-thousand, we're now around 20 [thousand] right now, and many people are panicking. But when you look at [Bitcoin] a couple of years ago, when we were at three to seven [thousand], this is great. We're way better than those periods. We have out of control money printing with the US dollar and every other currency. By comparison, there is always going to only be a set amount of Bitcoin. There is a lot of global adoption taking place, and it's still happening. I think there's a lot of opportunity for even just a fraction of [regular] people to start using Bitcoin, and that global adoption is going to be a catalyst for a big lift in the price of Bitcoin. [In third-world countries], being able to have a bank account might be difficult, but pretty much everyone has a cell phone. It's easy. Once you have a cell phone that's effectively a small computer, you can have a trading account for Bitcoin, which means that you have access to a financial system that does not have the difficulties that the normal financial systems do. It's also cheaper and faster to transact that way. I can see a lot more adoption from those areas as opposed to the firstworld countries. //

tech & innovation

SAMIR ZABANEH CEO of TouchBistro

Pivoting Point-Of-Sale Through a Pandemic by Kenny Hedges

Samir Zabaneh is a veteran of the payments industry who truly believes in improving customer service. It’s no surprise that TouchBistro, the allin-one POS (Point-of-Sale) restaurant management system that Zabaneh joined as CEO in 2021, has been top-rated for guest experience. Photo courtesy of Samir Zabaneh

How did you get started with TouchBistro? Did you come from the restaurant, technology, or another industry? My history with the company is long. I got to know the company early on. I came into this industry initially from the payments world. I was at Moneris Solutions and quickly realized that payment processing on a stand-alone basis is a good business, but it could become much better when you provide vertical-specific software to the SMB [small-to-midsize business] segment. That’s when I met Alex Barotti, who was a founder at the time. The company had just completed the product…so we started a partnership with Alex where we pre-paid for a number of licenses and had exclusivity to distribute TouchBistro products here in Canada. I stayed close to the company since then. I joined the board in 2017, and in April of 2021, I joined as CEO. But, in 2020, I left the job that I had before and started helping Alex manage the business through the pandemic.

The introduction of POS hardware in restaurants was a major breakthrough. What do you think is next for TouchBistro and the restaurant industry?

We are working with partners and investing in areas to extend our product reach — not just in the front of the house but also to the back of the house — to make the way to operate the business so much easier and get our customers to focus on what they wanted to focus on when they opened the restaurant: to make great meals and delight their guests.

Since 2013, you’ve held a number of prestigious positions. Currently, you’re CEO while sitting on two separate boards. What’s the key to balancing that level of work? First of all, you have to like it. If you’re going to spend that much time in the business world, you have to like it, and I really enjoy it. The companies I sit on the boards of are great companies where I contribute and learn from my fellow board members. All of the learning I take from all the companies, I usually take that knowledge and apply that across any company I’m actually involved in. I’m at the stage in life where I do have time and actually enjoy it a lot. I’m learning a lot, and it’s nice to work with smart people and have different point of views. So, I’m actually having fun. Working hard but having fun! //

The pandemic, while it was terrible for many industries — including ours — it reminded everybody, all the stakeholders, that adopting technology is the best way to weather storms like the one we have seen. Technology adoption is important, and we are true to our belief to stay focused on delivering the best technology to our customers. Not only to help them run their business in the most efficient way, but also increase their sales.

Spring 2023

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TELECOMMUNICATIONS & INFORMATION TECHNOLOGY SERVICES

ENGINEERING SOLUTIONS THAT ADD VALUE TO YOUR ORGANIZATION

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MOVING YOUR BUSINESS TO THE U.S. by Nick Dauk

rowing a company beyond Canada’s borders is a goal for many business owners and entrepreneurs. Whether you’re considering expanding your operations into new markets or relocating the company altogether, it’s critical that you choose a country that can foster your business growth.

The United States of America is certainly an attractive option for Canadian business owners. With 13 states lining the Canadian border, many companies already residing in the southernmost part of their provinces may already have suppliers, clients, or partners residing across the border. For companies based farther north, the thought of engaging the approximately 330 million citizens of the United States is tempting — and profitable, if successful.

Steps to Move Your Business from Canada to the U.S. Determine the type of business you wish to register by investigating the tax responsibilities associated with each. Keep in mind that certain factors (like the number of employees you hire and whether or not you choose to offer stock options) will impact your decision. Choose where your business will be established in the United States. Regardless if you’re launching a virtual company or investing in a physical location, you’ll need to familiarize yourself with all local and state laws. This includes unique tax laws (like state tax, for example) that aren’t required in all states. Identify which visas you’ll need in order to work while in the United States. Though Canadian business owners likely don’t need a visa for most business-oriented visits, you’ll need to make sure that you’re permitted to conduct business in the United States prior to your arrival. In the event that you do need a visa, you will need to secure it in advance of your visit. Consider what requirements you’ll have to fulfill if you’re interested in obtaining citizenship. The pathway to citizenship can be a long process during which you must meet specific

requirements. Thankfully, there are multiple ways for business owners to earn permanent residence. For example, visas and employment-based green cards are available for Canadians who are immigrating to the United States specifically to start a business, or to those who start a business and are willing to invest a high-dollar amount in a specific area of the country.

Frequently Asked Questions

Do I need a visa to conduct business in the United States? It depends. The U.S. Department of State states that most Canadians do not need visas to conduct temporary business in the United States. You do not need a visa to manage a business in the United States from abroad. There are a variety of visas available that are applicable for other situations, such as the EB-5 Visa if you’re hoping to become a permanent resident, or an E-2 Visa if you’re starting a new business in the US without intending to reside there.

Do I need to be a US citizen to own a business in the United States? No. In fact, it’s legal for non-residents to start, own, and operate a business in the United States without being a citizen or holding a green card. For example, most types of businesses can be opened as LLCs and operate from outside of the country, provided that the owner follows all applicable laws and tax regulations. Although options like starting an LLC are relatively accessible for a number of small businesses and entrepreneurs, you must weigh your options with the same serious consideration that you apply to all other elements of your business. Tax burdens aren’t the only responsibility that comes with business ownership. You must also be aware of all federal, state, and local laws impacting the way you conduct your business, how you hire or terminate employees, and the products that you import, export, and sell within the country. //

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HOW GLOBALIZATION IS IMPACTING CANADIAN BUSINESSES by Nigel Taklalsingh

Background & Context

Globalization 4.0

Globalization can be defined as the increasing integration of economic, cultural, political, and social systems across countries (Oxford Reference). The import and export of goods or trade across borders has been happening for thousands of years. The Silk Road in 130 B.C.E. was the first recorded existence of globalization, where goods moved from China to the Middle East and Europe.

According to the World Economic Forum, we have entered a new era of globalization: Globalization 4.0. This phase of globalization is centered on digital capabilities, automation, and artificial intelligence. These forces are projected to lead to a global GDP of 200 trillion USD by 2050 (OECD). This would represent approximately 40 trillion USD in global trade in fewer than 30 years, a 110 per cent increase since 2019.

Since that time, globalization has evolved exponentially. Trade agreements, reduced tariffs, and advancements in the movement of money have played a role in supporting and promoting globalization. According to Statista, the total value of goods exported globally in 2019 was approximately 19 trillion USD, which is almost 20 per cent of the 2019 global gross domestic product (GDP), based on Organisation for Economic Co-operation & Development (OECD) data.

In a Canadian context, the 2019 trade in goods and services totalled $1.5 trillion (Canada’s State of Trade 2020, Government of Canada). This represents approximately eight per cent of the total value of goods exported globally in 2019. This suggests that, as Canada enters this new phase of globalization, it has the potential to more than double the value of its trade in goods and services to $3.2 trillion by 2050.

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To help accomplish this objective, there are three critical aspects of Canadian businesses that need attention: climate change, access to human resources, and regulation.

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Climate Change As the volume of traded goods and services increases, the level of emissions also increases. These higher levels contribute to rising global temperatures, which, according to Bloomberg Businessweek, could reduce the 2050 projected global GDP by 20 per cent. The potential impact to Canada is $640 billion in lost opportunity. While Canada’s contribution to greenhouse gases (GHG) globally is 1.5 per cent, from 2016 to 2019, Canada’s total GHGs reported an increasing trend in conjunction to increasing GDP (National Inventory Report 1990 –2019, Greenhouse Gas, Government of Canada). Primary sources for GHGs in Canada were the oil and gas (26 per cent) and transportation (25 per cent) industries. While these industries have started to reduce their emissions, there are opportunities for Canadian businesses to help advance these strategies, which can serve as models for the global community.

Considerations: • Targeting corporate, entrepreneurial, and higher-education research and development in a collaborative effort to develop innovative approaches that reduce GHG emissions in highemitting industries. • Establishing policies to prioritize working with suppliers and partners (nationally and internationally) who have implemented sustainable and measurable strategies to reduce their environmental impact. • Building adaptable, long-term incentive programs to promote the reduction of GHG in cooperation with the government and small business, national, and multi-national organizations.

Access to Human Resources While advanced technologies are the drivers for this next phase of globalization, people — or human resources — will remain a critical requirement. The demand for expertise in engineering, data analysis, and other technical skills is at an all-time high. TD and RBC banks have stated there is a “war for talent” to acquire these specializations. With a heightened global demand for these skills, the Canadian government and businesses need to consider how they will attract and keep these resources. Failure to develop a strategy could impact Canada’s position on The Global Competitiveness Index — we experienced a two-place drop from 2018. Furthermore, the ability to realize $3.2 trillion in global trade could be hindered without the needed resources.

Considerations: • With location flexibility now a minimum expectation, businesses need to invest in innovating work environments to maximize remote-working capabilities, while establishing the appropriate process and policies to enable managerial routines, safeguard company information, and promote employee well-being.

• Businesses need to revise their accounting practices to provide greater flexibility and enable employees to work remotely and/or abroad to widen their access to talent. • The government and businesses need to jointly develop competitive recruitment strategies that offer tailored compensation packages, which include a mix of health, family, education, and financial benefits, plus short- and long-term incentives.

Regulation Domestic and international entrants to the Canadian market — particularly in financial services and telecommunications industries — continue to face regulatory barriers. These barriers have protected Canadian businesses and employees in the past. Most notably, the regulations in the financial services sector shielded Canada from the full impact of the 2008 financial crisis. At the same time, these regulations have limited innovation and restricted Canada’s contribution to global markets. According to the National Bureau of Economic Research, innovation is reduced in a more regulated economy. The OECD specifically identifies regulation as a barrier to entry in Canada and the cause for low levels of innovation and adoption of new technologies. With this new wave of globalization underpinned by technological forces, Canadian businesses need to impact and influence regulatory advancement to promote innovation and ensure its share of the 40 trillion USD in global trade by 2050.

Considerations: • Establishing a partnership between government and industry with the primary objective of modernizing regulation and achieving mutually agreed-upon goals and growth. • Focusing regulatory changes on critical aspects of Canadian business — like reducing GHG in the transportation industry or securing highly demanded human resources — which will produce compounded benefits. • Piloting the easing of regulatory restrictions in select industries through controlled scenarios that identify risks and assess the effectiveness of controls to mitigate those risks. Globalization 4.0 can provide a multi-trillion-dollar opportunity for Canadian business. The probability to maximize the opportunity depends on effectively addressing specific areas of the business environment: strategically concentrating efforts to reduce GHG in select industries, innovating the approach to attract and retain global talent, and accelerating the easing of regulation through a risk-based approach. //

Spring 2023

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DAVID C. ONLEY

Former Lieutenant Governor of Ontario On Destigmatizing Disabilities When The Honourable David C. Onley took his position as Lieutenant Governor of Ontario in 2007, it was a significant moment for Canadians and especially those with disabilities. Onley was the first Lieutenant Governor to have a visible disability, and from the outset, he sought to bring more awareness to the 1.8 million Ontarians like him.

Photo courtesy of David C. Onley

One of the ﬁnal interviews with The Edge Magazine

by Kenny Hedges Partially paralyzed since childhood after a battle with polio, Onley wanted to dispel the myths that have made visible disabilities a social stigma and highlight the positive aspects. Onley used his mandate of overarching accessibility to extend to all Canadians, including equal access to computer literacy for Indigenous youths. He left his position in 2014, knowing there would always be more work to be done to improve the lives of people with disabilities — but no one could have predicted the COVID-19 pandemic. Onley’s cause has never been more critical. In June of 2020, he offered a statement urging all Canadians to embrace a more accessible country, rather than return to a “new normal.” If social norms are truly being reorganized, it’s time to finally rid them of this stigma. Onley offered his thoughts on the state of employment for Canadians with disabilities and how businesses can improve them.

You've dedicated a large part of your Lieutenant Governorship to removing barriers that people with disabilities face. COVID-19 proved to be a hurdle for those with disabilities, with some employers and employment agencies unable to make contact in traditional ways. Have any improvements been made in the last few years? That's a very good question and on the whole, I would have to say improvements have been marginal at best. With the alleged employee shortage, one would think employers would seek out the hundreds of thousands of disabled persons who are able to work to fill the gap, but not so. I blame both the federal and provincial governments for not taking the lead by making the private sector know that there are qualified people available who just happen to have a disability.

You've spoken before about how hiring people with disabilities can increase productivity in the workplace. 56

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In the days of quiet quitting and a labour shortage, the unemployment rate for people with disabilities is 47 per cent, while for women it’s 65 per cent. What can businesses do? They can choose to become fully staffed by contacting the various organizations that assist disabled people or connect with www.magnet.today. Every company that has engaged in hiring disabled persons has increased their profits, reduced absenteeism, and improved morale. All studies have verified this to be true. Not one single study has ever demonstrated otherwise.

Having served in the position of Lieutenant Governor of Ontario for seven years, what personal life lessons have you taken from the role that you’d like to pass on to others? Service to others beyond work responsibilities is in and of itself a great reward.

In 2015, just after you left your position, a study by the Canadian government found that although youths are less likely to vote, they are more likely to be civically engaged. What do you feel accounts for that and how do you get young people involved today? Youths are tired of the inherent cynicism played out in the political system, yet they understand the rewards of helping in their communities, something I see all the time in my role as Associate Professor in Political Science at the U of T Scarborough. //

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ELSA MARIE COLLINS

Co-Founder of The Ideateur and Co-Founder of Poderistas Advocating for Social Impact and Community Engagement Elsa Marie Collins started her own social impact and political consultancy company, The Ideateur, in 2016 to “be a part of projects and campaigns that resonated with me as a person and as a mother.” Collins is also one of the co-founders of the Poderistas, a digital community for Latinas, along with screen stars and activists Eva Longoria and America Ferrera.

by Rose Ho

Photo courtesy of Elsa Marie Collins

Some of the people you work with are stars like Eva Longoria and America Ferrera, who are among the cofounders with you in Poderistas. You also work with people in the realm of professional sports. So, how do you bring people in different industries and activism together to work in tandem? I've been really fortunate to work with people like America and Eva, who themselves are activists and advocates in so many spheres. Throughout the years — through our friendship and through our collaboration — you’ll always find yourself in the same spaces and around the same people advocating or speaking up for the same issues. That's kind of how my relationship with America and Eva was — based on engaging Latinas, making sure that we were parts of the conversation, civically and politically.

you might be doing, you have to put in the time and the effort to earn that.” Helping people understand that that's what it takes — that you can't just show up and expect an instant response, but there has to be meaningful investment in the relationship — I think is one of the more difficult things to communicate and have be a reality. But we're working hard to do that every day.

Lastly, what are some of the exciting programs or events coming up? We launched Poderistas in the middle of the pandemic. The original idea was to have all these things be in-person, but we had to do everything virtually at the beginning — which actually was great and served us really well — but now, we're transitioning to more of a hybrid or more in-person situation.

That's true for so many people who are humans, first and foremost, and care about the same things that everybody else cares about, which is their family and the well-being of their community. It's actually been a natural connection because we're really just working on the issues that affect our community most and in a deeper way. To me, it's really just providing an opportunity for individuals to get involved and get engaged and find different ways to plug in and elevate those issues and amplify them.

So, instead of having our Salud y Poder Summit be completely virtual and online, we will be doing it in-person, as well as our Latinas Make a Difference tour. We want to bring it in real life and bring together entrepreneurs, women in civic engagement, activists, and changemakers to have interesting conversations and elevate the women in our community who are doing the work. Women who people should know about and should be talked about in households and have all of the amazing things that women are doing be highlighted.

Can you speak about some of the challenges you and other Latina women have faced in making an impact both inside and outside the community?

We just did an event where we had Poderistas at the White House, which was amazing. As we start to do more in-person events, you'll be able to see more and more of us in different places. //

There's a lot of conversation around Latinas and wanting to have us as consumers of information or of goods and whatnot. And so, I think one of the challenges is really finding that investment into the community. To say, “If you want us to be your audience, if you want us to be engaged with whatever

Spring 2023

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INDONESIAN IRON AND STEEL PRODUCTS ARE SUITABLE FOR CANADIAN CLIMATES

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Spring 2023

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leadership

INFLUENCE OF TECHNOLOGY ON EDUCATION by Nick Dauk

echnology has long influenced the world of academia, and its most important impact has arguably been the increase in accessibility and availability of information. However, technology has now transitioned from simply being a tool for education to becoming a medium for it. Institutions at every level of education are integrating technology into their classrooms — from interactive media for storytelling in preschools to AI adaptive course delivery in universities. Let’s dive deeper into the effects of new technologies on education.

Global Connectivity In any conversation about the intersection of technology and education, the widespread availability of the internet cannot be understated. The internet has changed the fabric of society, impacting business, commerce, and entertainment on an exponential level. Academia has benefitted substantially from the rise of the internet, as fluid communication

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now enables the instant delivery of information, such as coursework and tests. People For Education, an independent organization based in Toronto, conducts an Annual Ontario School Survey regarding the use of technology within schools. Their latest report cites that 100 per cent of secondary schools and 97 per cent of elementary schools employ at least some form of internet-based

technology to communicate with their students. One statistic that is especially telling is that between 33 and 66 per cent of schools, ranging from elementary to post-secondary institutions, encourage students to bring their own devices into the classroom. With many schools already providing students with laptops,

leadership

tablets, or other devices to complete their schoolwork, we can assume that there will be an increase in either required or optional devices for student learning in the future.

Social Media A study by the National Library of Medicine reports that there is a rapid increase in the uptake and use of social media among young Canadians. There’s no doubt that the nature of social media has spectacular potential for students: many of these platforms are used daily, promote fluid interaction, and deliver multimedia content in creative ways. However, it’s also important to note that social media is a tool that can be used incorrectly as well. A post, image, or video can deliver information that is inaccurate. Because this content is often substantially smaller than content delivered in a textbook or on an academic website, it presents the possibility for students to take the information as truth without any verification. Thankfully, academic institutions can combat this by encouraging students to follow their verified accounts and ensure that all content posted is educational and appropriate for their followers.

VR/AR Virtual reality (VR) and augmented reality (AR) are rising in popularity, thanks in part to the rise in entertainment employing the same technology. VR and AR can assist teachers in bringing abstract concepts to life. These methods of visualization can help students understand challenging subjects that are somewhat intangible beyond their written form. For instance, mathematical equations can take on an interactive form, allowing students to “physically” work their way to a solution.

Perhaps more importantly, VR and AR can be used to gamify education (that is, to introduce the typical elements of game-playing into the lesson.) Simply by completing the same coursework they’d perform on paper, students can earn points, compete against one another, and see their avatars or profiles advance with unlockable content. AR and VR are highly sensory, which means that their benefits could also be seen as drawbacks for some students. These technologies could be an unnecessary distraction for students on independent education plans; for others, they might be challenged to learn in contexts that don’t include gamification tactics. As with many resources introduced into academia, educators will likely need to use these applications to enhance, not replace, the learning experience.

AI & Machine Learning Artificial intelligence (AI) and machine learning present multiple solutions for educators. AI is already used in broad contexts within the school system, such as through enterprise software that automates functions like record keeping. AI integrated into the school system on a more personalized level can assist individual teachers as well. For instance, multiple choice tests can be automatically graded by AI, and students can find answers to commonly asked questions by “conversing” with an AI bot. Machine learning also has the potential to help teachers curate their curriculum to the hyper-specific needs of their students. It’s especially helpful in generating data regarding students who are enrolled in online coursework: it can assist in tracking student performance and highlight areas where individual students are struggling. While AI and machine learning are no substitute for physical, live teachers, they can be greatly utilized as a resource for

better connecting with their individual students in a remote setting.

Metaverse As the metaverse aims to break into the mainstream, we shouldn’t be surprised to see live classes taking place in this virtual space. Dallas Hybrid Preparatory, a Texasbased school offering hybrid remote and in-person learning schedules for grades 3 through 8, is already incorporating the multiverse into their fifth-grade curriculum. Using other tech tools like AR and VR, the metaverse presents perhaps one of the largest interactive and customizable opportunities in academia. For instance, first graders and medical students alike can learn about the human body within the metaverse by virtually exploring internal organs as if they were walking through a physical museum. In the same context, other perspectives that are unrealistically inaccessible on a micro or macro level — such as outer space or microorganisms — can also be examined in virtual classrooms. These pseudo-physical spaces also promote inclusivity, particularly for students facing health, economic, or spatial obstacles that prevent them from attending inperson lessons. Debatably, technology doesn’t merely influence education — it is education. While physical books and human lectures will not disappear, they will be constantly enhanced with every form of technology available. The act of learning and the transfer of knowledge relies on technology more than ever before. As it evolves, it’s up to society to leverage these systems to provide as much accurate and accessible information as possible to both students and teachers around the world. //

Spring 2023

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leadership

PRODUCTIVITY APPS FOR BUSINESS LEADERS by Helen Jacob

imes have changed, and people have evolved from a “work hard” mentality to a “work smart” mindset. Time is money, and efficiency is key. Thanks to technology, we can automate boring tasks and make more effective use of our time. As an industry leader, it’s not enough for you to just “get things done” anymore. You must connect with employees and attach tasks with a sense of purpose, so employees are inspired, thus encouraging excellent performance. Productivity apps can also help unite employees because they can visually see that they’re part of a team, striving for the same goals.

These apps serve a broad range of functions, but the main purpose of a productivity app is to help users become more productive and finish their tasks promptly. They are used to increase effective leadership and to help organize the work so everything is done efficiently, saving both time and money. Accomplish more while doing less with these productivity apps at your fingertips.

SMARTSHEET Whether it’s a department-wide or company-wide project, keep schedules on track and improve collaboration with Smartsheet. Over 90 per cent of Fortune 100 companies use this app to get work done. It’s the only platform that can scale from a single project to end-to-end work management, connecting business on a no-code, cloud-based platform where everyone can come together and create solutions. No need to worry about security as Smartsheet is enterprise-grade, so access to policies and data is safe.

CLICKUP Combine personal tasks and your team’s agenda with ClickUp, an easy-to-use project management tool built for teams of all sizes. Work, collaborate, and communicate smoothly in one place. You’re able to prioritize and track projects, integrate with other apps, chat in real-time, and set goals, among many other features. This free mobile app also allows you to assign tasks to multiple people. Tasks can also be automated to be repeated at specific intervals to save time.

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leadership

TRELLO Trello has all the essential workspace features — and then some. The visual setup supports boards, lists, and cards, so you can always see upcoming due dates, checklists, attachments, and conversations. Customizing and rearranging elements is also easy to do. Trello lets you add labels to easily sort and find certain tasks, and the checklist makes it easy to see your progress visually. For those who have sporadic service or are working remotely from their phones, Trello allows you to add and mark off tasks without an internet connection, and everything will sync up the next time it’s connected.

well as groups. Your clients or co-workers simply choose a time slot that works for them, and the rest is automated.

JOSTLE Company intranets are meant to keep employees connected and informed. However, they often become confusing and overwhelming, leading to failure. Jostle takes a different approach and is designed to help employees plug in and quickly find what they need. With an emphasis on simplicity and user experience, the app makes it easy for everyone to connect, communicate, and celebrate success across all locations and departments.

POST-IT® PLUS

ZAPIER

This one is for the creatives, for those who love brainstorming sessions and can’t be bothered with stopping the momentum to organize their thoughts. This app allows you to capture your notes after a work session, rearrange and refine them however you like, and then share the organized board with everyone on the team so they can build on these ideas.

Zapier connects more than 5,000 apps so they can talk to each other and makes automated processes between them possible. It is used to chain together commands in a simple “if x, then y” formula. For example, if you get a lead on Facebook, then they will receive an email. To set up the automation or “Zap”, simply choose the trigger, which in this case is the lead on Facebook. Then choose the action, which is the email. So now, every time you get a lead on Facebook, they will automatically receive an email instead of having to do it manually. The best part is that you can combine any number of services together. Zapier helps to streamline customer communication and team projects, so you save time and energy to put into growing.

HOOTSUITE Anyone with a business knows how important marketing is, and social media is key to reaching customers and building brand loyalty. However, if you are still going to each individual platform to post, you’re wasting time. Hootsuite lets you manage and schedule posts on multiple social media platforms. You can track how your posts are doing, monitor trends, and stay up to date with customers and competitors.

APPOINTLET Tired of wasting time going back and forth manually scheduling meetings? Save time and streamline your scheduling method with Appointlet. As a leading scheduling tool for small- and mediumsized businesses, this app allows you to configure what type of meeting you want to host and provide available time slots that your clients can choose from. It also allows one-on-one bookings, as

TOGGL TRACK Reliable time tracking software allows you to understand how long projects really take, thus improving productivity. If you are selling a product or service, it’s easy to undercharge if you have no sense of how much time you’re putting into it. With Toggl Track, you can quote projects with data-backed precision. Users reported up to 25 per cent increase in billable hours with accurate time tracking. You can figure out what your least and most profitable projects are, and it also helps you stay accountable. In the end, you’ll know the value of your work and you will understand where you can save time for maximum productivity. //

Spring 2023

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leadership

Nicola Hamilton Owner of Issues Magazine Shop Championing Canadian Independent Publications by Jericho Tadeo

Nicola Hamilton, an awardwinning editorial designer and art director, got her start in the magazine industry at The Grid, a weekly Toronto newspaper that ran from 2011 to 2014. It was here that she was exposed to the international magazine industry in a way that ultimately inspired her to open up Issues Magazine Shop. Located in Little Portugal in Toronto, Issues boasts a curated collection of independent magazines, covering an array of topics. Though it just opened in summer 2022, it is already taking on the singular challenge of reminding Canadian consumers that print is not, in fact, dead. Photo courtesy of Shlomi Amiga

How did the idea for Issues Magazine Shop come to you? [After The Grid,] I went on to do other things, still designing magazines and magazine-like objects. Whenever I travelled, I would seek out independent retailers because getting your hands on magazines can be challenging, especially the more interesting start-up publications. Here, in Canada, getting the first issues of something from Europe is really hard. Seeking out those magazine stores in other cities in the world was always fun: to see what’s new, to flip through something you’d only seen on the Internet, to have conversations with people who are more entrenched in those global communities. I always thought Toronto should have one of these, and no one else [had done] it.

Can you tell us the process of choosing your location and designing the overall look of the store? My guiding principle is that [Issues] was something that I wanted to see in the city as a consumer of magazines, so “Where would I want to go to buy magazines?” was a question I would ask myself. Little Portugal was without a doubt the place. There’s a couple of interesting newsstands there already [Soop Soop and Blue Button], so knowing those were places that people were already making pilgrimages to for publications was really interesting. I worked in collaboration with Company Company, which is run by Rachelle LeBlanc. They’ve actually designed a ton of the businesses along Dundas West. The goal was to make [the space] look like an art gallery. I wanted the magazines to be presented with the same love, care, and attention that goes into making them, but I didn’t want it to feel like you couldn’t pick a magazine off the shelf and flip through it. I wanted it to feel like a record store, full and accessible.

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What do you think makes your store different from others? This kind of general independent magazine shop doesn’t exist in Canada. We’re topic-agnostic: food, environment sustainability, fashion — we’ve got it. Writing, literature, design, a magazine for redheads, a magazine all about sandwiches — the more niche, the better. I think that makes us different. And then, for a lot of the publications that we’re bringing in, we’re their first Canadian stockist, which is a pretty big deal. We’re bringing in a lot that you couldn’t actually get in Canada without paying the shipping fees to import them from where they’re made.

How are you hoping Issues Magazine Shop will evolve in the future? My big overarching hope is that I want there to be more well-made Canadian independent publications. I want to see this part of our publishing landscape triple [or] quadruple. We’re seeing growth in Europe and the U.S., and we haven’t seen that here in Canada. There’s a whole bunch of reasons for that, but one of the things that Issues has struck on is exposure. The idea that print is dying was assumed true. Since that’s not true in other parts of the world, I think being exposed to a lot of these interesting publications that are doing really cool and important work helps inspire people to do and make more. [I want Issues to] support that community. I want it to feel like a clubhouse. I want it to be a space where people run into each other, can share ideas or nerd out about mutual favourites, or give each other suggestions. We’re already seeing that in the shop all the time, and that’s really cool to see. Hopefully, that sparks some interesting projects, too. //

leadership

Fennella Bruce

Media Consultant and Founder of FKB Media

On Reputation, Reliability, and Respect by Stephanie Hawkins

Fennella Bruce is an accomplished television producer and writer. With over 20 years of journalism experience, she founded a busy media consulting business, FKB Media Solutions, and a media production house, FKB Media Productions Inc. Bruce took time out of her busy schedule to speak about overcoming challenges, what inspires her, and the next exciting chapter of her career. Photo courtesy of Fennella Bruce

As a leader and entrepreneur, what advice would you give to others wanting to build their business and become successful?

There can often be barriers and obstacles within any industry. What challenges have you faced and how do you overcome them?

Reputation is everything. I always say Toronto is a “big city, small town.” You want to make sure that your reputation is intact, and people say good things about you. Since starting my business four and a half years ago, I have done no paid advertising. Everything has come through my reputation and referrals.

I think one of the challenges that I face as a producer, or when I'm doing a story, is people saying no. There are a lot of people that have turned me down, not wanting to do an interview, or tell their story. There’s a need for tenacity in how you overcome that, not taking it personally, and just persevering. I was once pitching to a morning show, and the producer said no. Every time he came back with that answer, I came back with another option. I don't want to pester people, but it's also understanding when to walk away and that a “no” doesn't mean “never.”

It’s important to prioritize reliability. If you say you’re going to do something, do it. This comes back to reputation for delivering results and outcomes. The last thing is respect. I treat people as I want to be treated. If you want to be respected, then you have to show respect to others. That means listening, communicating, and talking to people respectfully. It can be very hard, particularly when you're an entrepreneur, to outsource things or to delegate to others. I tell people, “Don't try to do everything. Figure out what it is that you can outsource. What is your time worth? Really put a value on it, and then you will see how much more you can accomplish.” Also, schedule time to relax. If you don't take a minute to take a breath, you're going to burn out, and you're not going to be any good to anybody. Reflection is also valuable. I always take the last two months to reflect on the year: see what was working, throw out what wasn't, and keep what was good. Look ahead to the year that's coming. Examine your business plan and understand the direction of your business.

You have received many accolades including being recognized as one of 2020’s 100 Accomplished Black Canadian Women, as well as 2022’s Business Woman of the Year by the Women Empowerment Awards. Can you speak about what this means to you? Both of those awards are very meaningful to me. For the 100 Accomplished Black Canadian Women, that came from my community. To be recognized by my peers, by my elders — Dr. Jean Augustine, Dauna Jones-Simmonds, Dr. Denise O’Neil Green — they're a part of the founders of this award. There's also a committee, and I’m thrilled to be nominated and recognized by them. It really touched me tremendously to be part of that sisterhood and see how we uplift each other. At the gala, it was a wonderful feeling to see so many accomplished Black women doing such great things. It was amazing. //

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AHEAD OF THE PACK

Photo courtesy of David Boone

DAVID BOONE CEO of Staples Canada by JM Williams

avid Boone, CEO of Staples Canada, is transforming the Staples brand with tech, innovation, and a vibrant in-store experience. Staples is revolutionalizing how it serves customers and is expanding its network of services to a community-based audience with new technology, various products, strategic delivery, and added-value programs. As Boone looks ahead, he plans for future growth to scale development and meet consumer needs across Canada.

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special feature

How has the shift to work-at-home during the pandemic affected Staples’ business strategy?

The second big trend is providing programs for large companies to help manage the hybrid workforce.

We’re a company where half of what we do is B2C and the other half is B2B. We supply governments, hospitals, large corporations, and financial institutions with all their business and office products. In addition, we supply many technologies and office supplies, janitorial facilities, and sanitation products.

Do internet reviews affect sales the way they do with online-only sellers? How do you stay ahead in the age of highly competitive online shopping?

For instance, we have a store network and deliver a lot; we do next-day delivery across Canada. Over the past year, we’ve seen a significant shift from B2B to B2C. So, we dramatically phased our assortment, added a lot more style and design to our products, and fostered our home delivery. Many companies and corporations have returned to the office, and we’re now seeing a shift back to B2B. We’re helping our business customers manage a hybrid workforce [with] needs at home, in the office, in office design, and meeting rooms. People are bringing equipment back and forth from their homes to the work office, so that’s been a big part of our business. Technology and services are also a big part of our business, so we have accelerated both. As businesses reopen, we provide tech services to people who have home-based businesses if they have network problems.

How will future automation affect your company? I would say there’s been two trends: one huge macro trend and one new macro trend. First, for 25 or 30 years, digitization of the workplace and technology in schools has been growing, so we adapt our business to electronics and the services we offer. We’re one of Canada’s largest Chromebook sellers and work with school boards and students by providing technologies. We’ve been on the digitization of the office, both products and services, for a long time.

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Our business model is omnichannel, so that is a fusion of three incredible experiences. We have our stores, online channel, and sales force. In addition, we have a professional sales force of about 500 people across Canada who work outside our stores. To benefit our customers, we’ve been getting those channels to work more seamlessly and interconnectedly. We are rolling out pricing programs, including a preferred small business program in-store that previously was only accessible online. If you order something we stock, we will deliver it the next day for free. That’s a very competitive proposition in the market, and we’ve had that for a long time. Quite honestly, businesses demand it, and it benefits our consumers.

What carryover skills did you bring to the current job from your previous position at TD Bank in New Jersey or even, from before that, at Loblaws? Loblaws and TD are two terrific organizations. They’re both vast corporations, incredibly well run, so you learn the basics of working in an organization like that, which can help us shape the future here at Staples Canada. What’s helped me in this role is learning to operate in different companies in different markets with different go-tomarket strategies.

What does it mean that Staples has transformed into “the working and learning environment” you referenced in a BNN interview? There are three or four touch points around that, and it’s much more than just rebranding the company. It’s about who we are. Our job is to help people

work and learn. We have been rolling out a co-working space called Staples Studio in several stores across Canada to help our consumers become more successful. For example, we have been introducing hybrid work programs for our significant customers in Canada to help them manage their associates and have a good experience. In addition, we’ve done a lot in style and design in our assortment. If you think about the office or business products, they don’t have a heritage of a lot of style and design. We partnered with an industry leader named Joe Mimran, the founder of Club Monaco, and he and his organization have helped us introduce over 1,500 new products: everything from static mats and disinfectant-type things for your office to backpacks and carrying bags for your laptops. Our customers were looking for something more than just functional. They wanted something with a little authenticity to help them take more pleasure and love in their work and learning.

How are you staying relevant to the new generation of entrepreneurs? I think staying relevant to the new generation of entrepreneurs is something that we put our focus on. One is introducing new services that can help them grow their businesses. We have partnerships with companies; we have a whole digital marketing program. We also print, market, communicate, and register their business. We want to be their partner. We can help them with their technology as they set things up. We also have our Staples Studio program, which helps many small businesses that don’t want to work alone when starting be part of a team that works from one of our coworking locations. Something I think has been compelling and beneficial in the pandemic is we have Spotlight series at Staples. There were

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in-person and virtual sessions to share knowledge and get people to network. We have a calendar of events, such as how to improve your LinkedIn profile, manage difficult employees, and market your business digitally. We use our partners and content networking to sponsor many programs to help entrepreneurs in small businesses, and we’d like more of them to take advantage of it.

How have Staples’ 300-plus stores across Canada intersected with how communities grow together? That’s a great question. Our heritage is community-focused. We’re very much into sustainability. We’re a major electronic waste recycler. We have recycled over 13 million kilograms of electronic waste since 2020, including 6 million ink and toner units. We’re the only company that recycles writing instruments — over 2 million since we launched that program. We recycled 500 million metric tons of batteries in the last five years. You’ll see that many of our products are FSC certified; that’s how we’re introducing sustainable products and product integrity. In addition, we’re launching a whole new line of cleaning products with an eco standard. Our printing business operates on renewable energy, so we’ve made a difference of which we are very proud. Early last year, we introduced an Even The Odds program that came out of the pandemic. The reality is there are a lot of economic and health inequities in Canada and our communities, and we can play a role in helping build these vibrant communities across Canada. For the Even The Odds campaign we launched last year, we partnered with an organization called MAP. MAP has 120 scientists trying to research and raise awareness of inequity in Canada to find sustainable, street-level solutions.

We spend a lot of time raising money for the Staples School Supply Drive that helps kids who may not have access to supplies to return to school. We are a purposedriven, community-based organization helping people thrive through education and small business.

In October 2021, Staples introduced the “new elevated experience at Staples Corktown.” What was new about the location? It is a fantastic store representing the best of what Staples has brought to the market. What you see in that store is our sixth Staples Studio, which is a continued investment in co-working spaces. We have a second-floor outdoor patio, and it is the only Staples in the country that I know has an outdoor patio with a stage, which can book events. Again, that’s built around the community, allowing them to use the space.

Why were these upgrades made, and will that be the new norm for Staples? In the last few years, we upgraded about 27 stores across Canada. You can walk into any Staples and see a new product you would not have seen three years ago. At least 50 per cent of our merchandise is new. It’s a much bolder experience. What we do is every time we want to improve our store network, we tend to go after a store or two and dramatically improve it. Figure out what works with customers and then roll the rest out across the network. That’s what we’re doing with the Corktown store.

Describe your leadership style. I’m passionate about creating something great for our customers and collaborating with our associates.

We partnered with a company called Mos Mos Coffee. It’s an organization with several stores in Toronto, but they’re focused on high-quality products. So, we brought a cafe into the store. Our solution shop is the experience of our service, and you’ll see enhanced tech services, graphic design, marketing, and shipping, brought to market.

What’s the biggest strength of the franchise?

We have a fascinating learning and creativity section with great new products. We invited local artists to paint murals and create a community experience in the store. You’ll see how we go to markets, the products we’re selling, the most modern technology experience anybody can need to run their business or home office, and going back to school. We’re incredibly excited about this store, the opportunity it creates, and what it is doing for the community.

What’s your biggest strength?

It’s our people; it’s our team, our associates. Our associates care deeply about customers and care about delivering for them. All of the work we’re doing to improve the experience is for the benefit of our customers.

Resilience. Every business leader needs it. //

Spring 2023

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Committed to carbon neutral operations by 2025. At Bell, we’re working to advance how Canadians connect with each other and the world. And while we’re in the business of communications, we’ve got our sights set on much more. From our pledge of carbon neutrality to creating a diverse and family-friendly workplace to giving back to local communities, we’re committed to making our world more prosperous, more sustainable, and more connected every day.

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