SUMMER 2015
YOUR BUSINESSYOU YOUR CITY REGION
AttrActing toronto’s top tAlent: What it takes to compete for the best and brightest 7
tApping into globAl trAde: Strengthening the region’s trade ecosystem 19
NoMiNatioN applicatioNS aRE Now opEN foR thE 2015 BUSiNESS ExcEllENcE awaRdS hoNoURiNg thE achiEvEMENtS of SMall aNd MEdiUM-SizEd BUSiNESSES. lEaRN MoRE at www.Bot.coM/BEa
3ONBOARD SUMMER 2015
Summer 2015in tHis issUe
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VIEW ThE ONlINE EdITION Of ONBOaRd aT: BOT.COM/ONBOaRd
open For bUsiness
5 oUr newest MeMbers
12 At tHe podiUM A look at the influential thought
leaders and region builders who have joined us at our podium this past quarter.
16 coMing to tHe podiUM Leaders and newsmakers coming
soon to our podium.
news And notes32 Industry Prepares to Fly Higher
through Aviation Conference GTA
The Board’s Small Business Summit Gets Social
33 Nominations Open for 2015 Business Excellence Awards
policY in Action28 introdUcing to HeAltH! On May 6, Healthcare sector leaders
unveiled, TO Health!, the newly created brand representing a cooperative of business, healthcare and academic leaders working to strengthen and promote the Toronto region’s human health sciences ecosystem. Learn what this means for the cluster and the region’s economy.
coVer 7 AttrActing
toronto’s top tAlent How does a business attract the right
talent to stay competitive in times like these? OnBoard explores what Toronto companies are doing to woo the best and the brightest—and why it’s important for business to take note.
FeAtUre19 tApping into globAl trAde:
strengtHening tHe region’s trAde ecosYsteM
There has never been a better time for Toronto region companies to tap into global trade opportunities.
Learn about how the Board is working to strengthen and broaden our region’s trade ecosystem and build export capacity among businesses through its TAP GTA (Trade Accelerator Program).
21 speciAl FocUs, An interView witH tHe Hon. lAwrence cAnnon, cAnAdA’s AMbAssAdor to FrAnce
regionAl reView30 An interView witH tHe MAYor
oF brAMpton, lindA JeFFreY
sMArt coMpAnY11 Accompass: Why You Should Reveal
What Your Best Employees Earn
15 Clinical Trials Ontario (CTO): Attracting More Clinical Trial Investment to Ontario
17 SNC-Lavalin: The Canadian P3 Advantage
23 TELUS: The Future is Now: How the Internet of Things is Transforming Canadian Businesses
25 Neo Exchange Inc.: Challenging the Status Quo in the Canadian Capital Formation Process
27 Wells Fargo: 2015 International Business Outlook: U.S. and Canada Key Trading Partners
ONBOARD SUMMER 20154
sUMMer issUe, MArcH 2015
proUdlY sponsored bY
MessAge FroM tHe cHAir And ceo
It’s been an exciting quarter for the Board. As we launch the TAP GTA Trade
Accelerator Program, we are poised to begin helping more Toronto region
businesses export their goods and services.
As our 2015 Scorecard on Prosperity report points out, harnessing the
rich pool of international talent we possess is the next frontier of talent
management, and a key ingredient in cultivating ties and new relationships
with global business partners.
Our cover story focuses on the changing landscape of talent management. We
have an extraordinary talent base in the region, with much to offer the global
business community. We look at how companies are attracting and retaining
the best and the brightest, and why cultivating that human capital is crucial to
our economic prosperity (pg. 7).
We also share highlights from our May 12 TAP GTA Trade Summit, presented
by JPMorgan Chase. At the Summit, we were named the first international
member of the Global Cities Initiative, a network operated by JPMorgan Chase
Foundation and Brookings Institution that supports metro region export
strategies. All other 28 members are major U.S. metros. You can access more
information about TAP GTA at www.tapgta.com or by contacting any of our
team at the Board. The time to think globally is now. From the talent we
employ to the products we export, the GTA’s borders should not be a barrier
to increasing prosperity within the region.
Our region is on the precipice of a new dialogue as we foster a true culture
of trade; something you will hear more about in the coming months.
In the meantime, from all of us at the Board—have a wonderful summer!
Warm regards,
publisherCarol Davies
editorCarol Davies
contributorsRon Aitken
Christina BruceDarcy BrooksSusan MarlinSteven Osiel
Shawn SandersonJos SchmittRick Valade
design & productionCampbell Symons Design
Austin HeadleyAdvertek
Advertising [email protected]
416.862.4525
OnBoard is published quarterly by Toronto Region Board of Trade and is distributed to all Members. We
welcome your comments and ideas. Contact us at:
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Toronto Region Board of Trade does not endorse advertised products or
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AboUt tHis issUeAs part of our commitment to sustainability,
Toronto Region Board of Trade has made OnBoard a carbon neutral publication, printed
on stock with a high percentage of post consumer recycled content.
Janet De Silva President & CEO
Beth Wilson, FCPA, FCA Chair
5ONBOARD SUMMER 2015
MeMbers FeAtUred in tHis issUe
newest MeMberswelcoMe to oUr
since April 2015
Growth, Association and Connected MembersA.A. Varghese LawAGS Automotive SystemsApartment Number 2BrightworksBriple Investment ConsultingBXL DistributorsCandybox MarketingCaterpillar Tunneling Canada Corp.City Adult Learning Centre – TDSBCN TowerCondo Control CentralConnected in MotionCOSTI Immigrant ServicesDare InnovativeDDJ ConsultingEastbay I.T. ConsultingEighty Proof DigitalEnvironment and Resources ConsultingFleming Consulting & CoFocus ROI Inc.French@WorkGenova Private Management Inc.Goldman Sloan Nash & Haber LLP / Levitt GrosmanHard Rock Cafe, TorontoHR50 Inc.Ink Jet SalesInnowize Corp (IICIE)InSite CreationsInvestment Industry Regulatory Organization of CanadaiTeraTel Communications IncJVS Toronto
Lexmar HoldingsMarch of Dimes CanadaMarmac CNC Maching Ltd.Mars Venus CoachingModell PrintingNPower CanadaOTT Capital CorporationPowered By SearchPrimerica IncRelay Strategies Inc.Reneta KanovaRon SmithScotsdale PartnersShadowblastSouth African AirwaysSpice DNASt. Louis Bar and GrillStartupLegalsStudyingChinese.comSunmed HolidaysThe Search PartyThe Wheels GroupTrusted Advisor to Business & NFPsTurcsanyi Consulting IncVanek Whiskey EventsWestin Harbour CastleYour Planning PartnersZoba’s Kitchen
accENtURE 24
accoMpaSS 11
chaMBERS of coMMERcE gRoUp iNSURaNcE plaN 31
citizENShip aNd iMMigRatioN caNada 10
cliNical tRialS oNtaRio 14, 15
dEloittE 34
hRpa 6
MatRadE 31
NEo ExchaNgE iNc. 25
RBc 18
RogERS 36
ScotiaBaNk 2
SNc-lavaliN 16, 17
tEd RogERS School of MaNagEMENt, RyERSoN UNivERSity 16
tElUS 10, 23
thE aRt of 26
thE gloBE aNd Mail 35
wEllS faRgo 27
open fOR BUSINESS
Prestige: Champion:
The Toronto region currently ranks among the top five cities and business centres in North america.
As Canada’s largest metropolitan centre, the vast majority of national and multi-national companies are headquartered in the Toronto region. Our city-region boasts a strong financial services sector and a number of burgeoning industry clusters—all of which are significant talent attractors. The region is also a leader in human capital, possessing a large and diverse pool of highly educated, skilled and specialized talent.
It seems like a recipe for the perfect mix of talent supply and demand. Yet a rapidly changing and increasingly global economy, forever altered by disruptive technologies and demographic shifts, is making it challenging for talent management in every organization to connect talent with jobs and jobs with talent.
So how does a business attract the right talent to stay com-petitive in times like these? OnBoard explores what Toronto companies are doing to attract the best and brightest—and why it’s important for businesses and the economy.
the changing landscape of talent Management Attracting the best and brightest in this new economic landscape is something Carl Lovas, Canadian Chairman of Canada’s leading and largest executive search firm, Odgers Berndtson, knows well. The executive search industry
grew globally by 12 per cent last year; a notable statistic considering the relatively flat global economic growth. He believes this shift is due to a number of factors, the most significant being a new focus on the importance of good leadership to an organization. “The world has finally concluded that talent can have a huge impact, in fact, more of an impact than anything else in an organization, particularly when it comes to executive talent,” he explains. “Organizations focus on leadership more than ever before.”
Mr. Lovas also points to the imbalance of supply and demand as a factor. “People have been talking about demographics, and the war for talent and baby boomers retiring for over a decade, but now we are really seeing that have some traction,” he explains. Toronto is poised for a significant shift in the labour force over the next decade. A labour market demand forecast, published as part of the Toronto Region Board of Trade’s 2014 Closing the Prosperity Gap report, projected an expected 271,700 vacancies from retiring older workers; and that number does not include jobs created through economic growth.
“Imagine the next 10 years,” notes Mr. Lovas. “This situation is creating a genuine talent shortage that makes recruiting more challenging.” This, of course, is why executive search continues to grow as an industry. “Our clients turn to us when recruiting becomes difficult.”
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Attracting Toronto’s
TOP TALENTWhat it Takes Today to Compete
for the Best and Brightest
7ONBOARD SUMMER 2015
ONBOARD SUMMER 20158
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For executive talent, it is becoming a job seekers’ recruitment market. But increasingly this extends to other levels of employment. According to a Manpower survey conducted in Q1 of 2015, 34 per cent of employers across the Americas have difficulty filling jobs due to a lack of suitable applicants—up from 25 per cent in 2014.
reputation counts So how are companies today attracting the right talent? A recent study from LinkedIn found that 59 per cent of Canadians say a company’s reputation as a great place to work is the single most important factor when considering a new job. The increasing importance of employer brand is something many Toronto-based companies are now embracing. In the late 2000’s companies began developing completely fleshed out brand propositions, marketed with the same fervor and consistency as consumer branding.
The reality for businesses today is that the digital revolution not only changed business needs, it altered the ways in which information is shared. Social media, online industry hubs, and sites like Glassdoor give a new level of transparency to corporate culture. Quite simply, an unfavourable company reputation can do damage to a company’s recruiting efforts.
Equally, a positive company reputation can be a significant attractor for job seekers. Numerous awards throughout the GTA, such as the Greater Toronto Top Employers list, released annually, or the Board’s Business Excellence Awards - Employer of The Year Award, showcase organizations that offer a positive company culture and environment, and use it to better their business results.
employer branding Smart companies have embraced this shift, and employer branding is no longer the sole domain of the HR department. An integrated team of HR, marketing and communications professionals jointly manage employer
brand strategy. In fact, barely a third (36 per cent) of employer brand strategies are still managed by HR alone. This demonstrates an understanding that who you are and what you do as a company is only part of the puzzle. Effectively communicating that message is an essential part of ongoing talent recruitment and management.
Andrea Richardson, Director of Global Human Resources at Toronto-based company Infusion, has witnessed the industry shift over her decade long tenure with the company. “Social networking has transformed the way we make decisions about products and careers. Candidates are choosing which companies they want to work for based on employee testimonials and recommendations,” she explains. “Companies are investing in talent branding as a strategic priority to attract, engage and retain candidates and employees.”
That branding responsibility goes even further, according to some sources, stretching to the CEO. A 2015 report from the Harvard Business Review found that 60 per cent of CEOs surveyed believe employer brand responsibility lies with the CEO. This aligns with the continually evolving role of leaders or “the ever-higher bar being set for executives,” as Mr. Lovas calls it. In the digital media age, the public face of a company is in and of itself a powerful talent attractor.
Analyzing talent AttractionBranding is one thing. Successfully attracting key talent in a market that favours highly skilled job seekers means that companies need to be aggressively competitive in their recruitment offers. Market-competitive salaries are a must and still remain a key factor in attracting the right talent. Accurate compensation information is a critical tool, and can be discovered through resources, such as the Board’s Compensation Reports, an annual compensation benchmarking tool for companies in the Toronto region for more than 60 years.
“according to a Manpower survey conducted in Q1 of 2015, 34 per cent of employers across the americas have difficulty filling jobs due to a lack of suitable applicants— up from 25 per cent in 2014.”
9ONBOARD SUMMER 2015
This is only the tip of the iceberg; Toronto region companies today must ensure they offer a great place to work. How you treat your employees and support them to grow professionally is essential to retaining high achieving talent.
Employees today have an expectation beyond compensation; they expect recognition, support, and yes—perks. Accenture offers top-up for maternity and paternity leave, and subsidies for employees requiring IVF treatments. Rogers Communications offers a share purchase plan and flex hours. Scotiabank has an onsite daycare, a rare and attractive perk that sets it apart from the competition. Small businesses frequently sell themselves through their workplace culture, which could be anything from offering a games room to blow off steam, unlimited vacation time, or a flat organisational structure.
A positive workplace generates higher productivity and revenues, but the focus on workplace culture is also important because the average career trajectory has changed significantly in the Toronto region. Twenty-eight per cent of Canadians have held between 5 and 10 jobs throughout their career, and another 16 per cent have held more than 10, according to a report from Workopolis. The evolution of work continues to shift towards more jobs, for less time, across all demographics.
Mr. Lovas notes this shift in the executive market as well. “You’ve gone from an environment where people joined an organization and stayed there for life, to one where people move frequently...between industries, and between companies.”
thinking globally about talent Mr. Lovas also indicates that the Toronto region’s talent opportunities and challenges are increasingly global in scale. On a broad economic level the region has concentrated industry clusters that drive growth and, as such, require highly specialized talent. Particularly as many of our region’s businesses expand their international footprint, that global knowledge and experience becomes
increasingly important. The financial services sector, arguably the backbone of Toronto’s economy, continually shifts towards more foreign investment. For example, more than 70 per cent of Canadian Pension assets are invested internationally. Canada Pension Plan Investment Board (CPPIB) President and CEO, Mark Wiseman stresses the importance of international knowledge, noting that nearly 75 per cent of senior employees at CPPIB have international experience.
The 2015 edition of the Board’s Scorecard on Prosperity report highlights the value of our diverse, multicultural population, noting the untapped potential of our vast immigrant population. More than half of our population is foreign-born. These professionals have connections and specialized knowledge in their countries of origin, but businesses are not taking full advantage of these talented individuals. Cultivating these relationships offers a strategic advantage for businesses looking to open up new revenue streams in high-growth markets.
coVer
“ accenture offers top-up for maternity and paternity leave, and subsidies for employees requiring ivf treatments. Rogers communications offers a share purchase plan and flex hours. Scotiabank has an onsite daycare, a rare and attractive perk that sets it apart from the competition.”
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COMPENSATION REPORTSAT T R A C T A N D R E TA I N G O O D TA L E N T
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continued on page 10
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Growth in those markets is essential for the prosperity of our region, but they also influence our own talent pool. “What’s happening in places like Singapore and Hong Kong is that these emerging markets are drawing talent in… resulting in an outflow of talent being drawn to these places,” explains Mr. Lovas. While this does extract from the talent pool, there is a value to those connections made around the globe.
Toronto talent working abroad should be encouraged to eventually return to the region, and bring with them the highly valuable global experience that businesses continue to seek. Toronto Homecoming is an initiative that connects Canadians working abroad (and those with ties to Canada) to professional opportunities in the Toronto region. High calibre candidates working in competitive markets such as, Hong Kong, London and Singapore, apply to attend a weekend networking event with many of the region’s top employers, including KPMG, Rogers, RBC, and TD. This collaborative effort is an example of the ‘out of the box’ methods many companies are using to connect with top talent as competition becomes more fierce for attracting the right people.
As Toronto continues to build its position as a globally competitive, world-class city-region, our human capital will continue to be a driving force. To be ready to fill the high skill, high quality jobs that will open up in the next decade, companies will need to find new ways to attract, develop and importantly retain the next generation of talent, so that we can continue to evolve our global competitive edge.
continued from page 9
ONBOARD SUMMER 2015 11
SMART COMPANY
“Competitive salaries attract stronger and more qualified candidates. Research continually proves that a superior talent base is far more productive, yields better business outcomes and, in the right environment, can actually lower labour costs.”
How MUcH do YoU MAke?
Many of us have so much of ourselves wrapped up in this question that on those rare occasions when someone dares to ask this simple question, you can’t help but feel really uncomfortable.
And yet, for many of us, it’s tough not to be curious about what other people are making. It can be interesting to think about what our neighbours make, what our boss makes, and what every sports figure that ever lived makes. While there is a distinct sense of curiosity related to what people make, there is a far more pragmatic reason to ask this question from an employer’s perspective.
Competitive salaries attract stronger and more qualified candidates. Research continually proves that a superior talent base is far more productive, yields better business outcomes and, in the right environment, can actually lower labour costs. But with so many variables, how can a company know what is truly market competitive? To figure out the optimal pay for any role in your organization, we need to be open with sharing that sensitive information.
The good news is that, under the veil of anonymity, companies are more willing to share the details of salary rates and compensation packages. To find out what everybody else is paying for a particular job, talent management departments rely on reports that are created through extensive, verified surveys of similar companies, such as the Toronto Region Board of Trade’s annual Compensation Survey. This survey asks all the right questions to a broad cross-section of Toronto region companies, and gets the right data. Ask “How much do you pay your Payroll Manager?” and get an answer like “$73,253”. Collect enough of those answers and we accumulate a store of information that otherwise would not have been available. The other advantage to this extensive data collection is the ability to look at overall trends as they pertain to your industry.
We tell our clients that completing a survey is truly the one opportunity to influence the market. I would encourage you to be part of the select ‘sample’ that sets the pay rate. Spend the time to complete a survey and do your part to support data-driven, fact-based compensation strategies, so your organization, among others, can make informed decisions.
Revealing what your company pays employees may seem counterintuitive, but it can actually help your business remain more competitive. The more data we have on Toronto region businesses today, the better we can all plan for tomorrow.
Accompass is a full-service Benefits, Investment, and Compensation Firm. Please contact Steven Osiel at [email protected] to learn more.
By Steven Osiel Vice President, Compensation & Incentives, Accompass
Why You Should Reveal What Your Best Employees Earn
ONBOARD SUMMER 201512
open fOR BUSINESS
transforming ontario’s Healthcare Dr. Bob Bell, deputy Minister of health and long-Term CareMarch 9, 2015
The Board was delighted to have Dr. Bob Bell deliver an inspirational address about transforming the healthcare delivery system in Ontario. He spoke about decreasing the cost of providing care by focusing on sustainability and performance management, He noted that primary care models now need to be producing an ROI, and accountability is a key underpinning of that. Dr. Bell also emphasized innovation in healthcare, outlining the need for experts in evidence-based implementation to translate that innovation into better healthcare for Ontarians.
innovating for sustainability: Unlocking canada’s Healthcare potential Dr. Danielle Martin, Vice-President, Medical affairs and health System Solutions, Women’s College hospital and Paul Lepage, President, TElUS healthMarch 20, 2015
Dr. Danielle Martin and Paul Lepage addressed Members at a discussion on the cultural shifts needed to embrace innovation in the healthcare sector and make real change. According to Dr. Martin, healthcare has much to learn from the private sector when it comes to innovation. As an example, she noted how centralized intake has dramatically reduced wait times. Lepage pointed out that technology has also driven considerable healthcare innovation, and will continue to do so.
“ It’s time we talk about doing more with less and change the culture of Healthcare.” – Dr. Danielle Martin
How the ‘internet of everything’ is changing the business landscape Bernadette Wightman, President, Cisco Canada March 24, 2015
The ‘Internet of Everything’ (IoE) is revolutionizing and changing our lives in ways we could never have imagined. Bernadette Wightman spoke at our podium in March about how smart technology is disrupting and transforming business value and process, and the imperative for companies in the Toronto region to adapt along with these changes. Showcasing how Cisco is at the forefront of this “digitized world”, Wightman noted that despite the competitive threats and challenges IoE presents, extraordinary opportunity exists for Canadian companies to become more efficient and improve people’s lives. Estimating the opportunity to be worth a half trillion dollars in Canada, she called on local businesses to accelerate engagement with the digital revolution.
Montreal, the other canadian Metropolis Mayor Denis Coderre, City of Montreal March 25, 2015
On March 25, Mayor of Montreal, Denis Coderre made the case for greater cooperation between governments and business in the Toronto region and Montreal as essential to boosting the country’s economic success. He suggested, forming a “new alliance” between Canada’s major metropolitan centres, which share common challenges, such as securing federal funding for transit. He proposed that this important collaboration could mark the beginning of a new era for Canadian politics and cities.
At tHe podiUMEvery month, the Board showcases sought-after thought leaders and newsmakers from the Toronto region business and political arena to speak at our podium. To view upcoming events, please visit www.bot.com/events.
13ONBOARD SUMMER 2015
open fOR BUSINESS
building ontario Up: our Fiscal plan and investing for tomorrow Charles Sousa, Ontario’s Minister of finance March 31, 2015
The Board was pleased to welcome the Honourable Charles Sousa, Ontario’s Minister of Finance, for a pre-budget address where he announced that the Province is on track to balance the budget by 2017. Sousa discussed the Province’s plan to boost economic growth through investing in talent and providing a secure retirement for all Ontarians. He also talked about the goal of creating a more competitive business environment through the Going Global Strategy to encourage trade and export, and investment in the infrastructure that supports business productivity.
“ Ontario is well-positioned to lead in the modern global economy, but we have to be willing to adapt, and to change.” – Charles Sousa
Modernizing city Hall to support business innovation Mayor John Tory, City of TorontoMay 4, 2015
On May 4 the Board was honoured to host Mayor John Tory for a discussion on the City’s plans for modernizing services. He pointed out that despite the meteoric growth of Toronto in recent years, it lags some other major metros with regard to embracing innovation. This much needed modernization begins, he said, with enabling innovative companies to enter the market, citing Uber as an example. He also announced a priority for the city to speed and streamline processes for businesses by implementing a one-stop shop for business and licensing needs through a new entity called “Service Toronto”.
“ Innovative companies and disruptive technologies like Uber need to work with us to establish regulations that allow them to grow while we do the responsible thing to ensure public safety.” – Mayor John Tory
is the toronto region ready to lead in the new global economy? 2015 SCORECaRd ON PROSPERITY PaNEl Kevin G. Lynch , P.C., O.C., Vice Chairman, BMO financial Group; Pedro Antunes, Executive director, Economic Outlook and analysis, and deputy Chief Economist, The Conference Board of Canada; Michael Andrade, President, diversified Markets, Celestica; Michael Williams, General Manager, Economic development and Culture, City of Toronto; The hon. Michael Chan, Minister of Citizenship, Immigration and International Tradeapril 9, 2015
To launch the Board’s 2015 Toronto as a Global City: Scorecard on Prosperity, sponsored by CPA Ontario, the Board hosted a panel of leaders for an insightful discussion on the impact of recent shifts in the global economy. As consumer spending declines domestically, businesses and governments are increasingly encouraging a global outlook. Minister Chan encouraged businesses to diversify from the U.S. market into high-growth markets, such as China and India. Panelists discussed the barriers faced by Canadian businesses regarding productivity, innovation, and trade access, stressing the need for continued international investment.
Download the speeches at www.bot.com.
ONBOARD SUMMER 2015 15
SMART COMPANY
“We are helping Ontario to capitalize on its clinical research strengths and attract more clinical trials – with all the benefits they bring.”
Q. wHY is it iMportAnt to bring clinicAl triAls to ontArio?
A. Clinical trials provide information about the effectiveness and safety of new treatments and approaches. Successful clinical trials lead to new drugs, devices and other interventions that can save lives, enhance our quality of life, and reduce healthcare costs. Clinical trials attract top clinicians and scientists, create high-quality jobs and stimulate Ontario’s economy through job creation and investment in research facilities.
Q. is ontArio well-positioned to tAke on More clinicAl triAls?
A. Toronto and Ontario have tremendous clinical research strengths. These include world-class researchers, established networks, and high-quality research infrastructure. Ontario has a rich history of innovation. It is where insulin was discovered and where the first pacemaker was developed. Ontario was home to the first successful lung transplant. It is where L-DOPA for the treatment of Parkinson’s disease originated. The Government of Ontario has made a significant investment in the clinical trials environment, and there is an amazing level of collaboration across industry and the research community in support of clinical trials.
Q. How is cto enHAncing tHe clinicAl triAls cliMAte in ontArio?
A. Clinical Trials Ontario (CTO) has recently launched a major ‘streamlining’ initiative that will help bring more clinical trials to Ontario. The new CTO Streamlined Research Ethics Review System allows any single ‘CTO Qualified’ research ethics board in Ontario to provide ethical review and oversight on behalf of multiple research
sites involved in the same clinical trial. It is a more nimble, efficient approach that will improve the speed and reduce the costs of doing multi-centre clinical trials, while maintaining the highest ethical standards. A stakeholder-led organization, CTO has worked with the clinical trials community in Ontario to build the streamlined system. And it is going to work.
Q. How else cAn we boost clinicAl triAl inVestMent?
A. We need to increase awareness of Ontario’s clinical trial capabilities. That’s why CTO has created new resources to promote Ontario as an excellent location for multi-centre clinical trials and to assist companies looking to start trials here. Our introductory guide, Getting Started: Conducting Clinical Trials in Ontario, points to key topics such as regulatory approval, tax incentives and regional economic development. We’re also building a ‘registry’ of information about clinical trials in Ontario that can be leveraged to help capture more trials. Advancing participant engagement and recruitment is another focus. Through these and other initiatives, we are helping Ontario to capitalize on its clinical research strengths and attract more clinical trials—with all the benefits they bring.
Susan Marlin is President and CEO of Clinical Trials Ontario (CTO). Established with support from the Government of Ontario, CTO is an independent not-for-profit organization with a mandate to provide a streamlined approach to conducting multi-centre clinical trials in Ontario. The vision of CTO is to make Ontario a preferred location for global clinical trials, while maintaining the highest ethical standards for participant protection. For more information, please visit www.ctontario.ca.
By Susan Marlin MSc., President and CEO, Clinical Trials Ontario (CTO)
attracting More Clinical Trial Investment to Ontario
Coming to the Podiumdetails available at www.bot.com/events
tuesday, July 14Pan american Business Club Seminar
tuesday, July 21Toronto Region Board of Trade Networking Boat Cruise
thursday, August 13RBC Networking Series - Mega Networking
thursday, september 10Ray Boisvert, President, I-Sec Integrated Strategies
open fOR BUSINESS
Monday, september 21Small Business Summit
tuesday, september 29Gregg Saretsky, President and CEO, WestJet
Friday, october 16Stephen Rigby, President and CEO, Ontario lottery and Gaming Corporation (OlG)
SMART COMPANY
17ONBOARD SUMMER 2015
Q. do YoU tHink tHe bUsiness coMMUnitY sees cAnAdA As A world leAder in p3s?
A. If you were to poll business and government leaders around the world who have been involved in Public-Private Partnership (P3) projects, they would certainly rank Canada as a leading market. From a public sector perspective, Canada has provincial agencies with refined expertise to deliver P3 projects and a federal government commitment through P3 Canada. In the private sector, Canadian companies have evolved to meet the risk transfer challenges of P3 projects, and companies from around the world have established new footprints because the steady flow of projects makes Canada a very attractive marketplace to invest capital.
Another key indicator of Canada’s P3 leadership position is reflected in the interest that other jurisdictions have taken in how projects get delivered here. For instance the National Governor’s Association, one of the most influential public policy bodies in the United States, has brought aboard Infrastructure Ontario (Ontario Government Crown Agency) as an advisor for establishing best practices for state governments looking to utilize the P3 model for complex projects.
Q. so iF cAnAdA is A p3 leAder, How do oUr bUsinesses stAnd to gAin?
A. Taking into account the example of state jurisdictions in the United States adopting similar P3 approaches, Canadian companies who’ve been competing for projects at home will have the expertise required to successfully bid on projects abroad. This opens up new markets where we have a leg-up in understanding and managing project and transaction costs, and pulling together joint ventures with other companies that are often required to win P3 projects.
Also, Canadian governments are more likely to have confidence in utilizing the P3 model when they see their approach being replicated in other jurisdictions. This will positively impact the development of the domestic marketplace and the evolution of Canadian companies.
Q. AnY Views AboUt tHe ApproAcH reQUired to MAintAin cAnAdA’s p3 leAdersHip position in An increAsinglY globAllY coMpetitiVe world?
A. Success in Canada has been largely anchored in constant communication between the public and private sectors. Public sector leaders have committed to a steady and predictable flow of infrastructure projects so that private sector companies are willing to invest here and compete for projects.
Government infrastructure leaders have also been willing to change and improve their procurement approaches to strengthen design innovation and ensure that projects reach financial close despite the sometimes very challenging turbulence we’ve seen in financial markets.
The steady flow of large complex projects—and the strength of the procurement process—have driven investments and competition from foreign companies like never before; driving the kind of pricing, competition and local economic benefits that meet government objectives.
These are the positive elements of the leadership position of Canada’s P3 market place, and I think we’ll continue to reap the benefits if we’re all committed to the partnership element of P3 delivery.
Q. wHAt plAns does snc-lAVAlin HAVe to Help deVelopMent oF p3s in cAnAdA And internAtionAllY?
A. Our aim is to think like our clients, and focus on quality and innovation in P3. Having played a dynamic role in shaping the P3 sector at home we will continue maximizing synergies between our asset management, engineering and construction, and operations and maintenance capabilities to explore P3 opportunities in international markets.
SNC-Lavalin is a leading global engineering and construction group and a major player in the ownership of infrastructure.
By Ron Aitken Vice President, Pre Construction and Transit Systems, SNC-Lavalin
ASK THE EXPERT
The Canadian P3 advantage
19ONBOARD SUMMER 2015
FeAtUre
tApping into globAl trAde strengthening the region’s trade ecosystem
There has never been a better time for Toronto region companies to tap into global trade opportunities. A lower Canadian dollar, limited domestic growth, dropping commodity prices and a resurgent U.S. economy have created the right climate for businesses to be successful in exploring global market opportunities. On May 12, the Board kicked off its multi-year TAP GTA Trade Accelerator Program with a one-day Trade Summit, sponsored by JPMorgan Chase, focused on the importance
of strengthening and broadening our region’s trade ecosystem. Large and small business leaders provided Toronto region small and medium enterprises (SMEs) with valuable insights into trade with foreign markets, and government leaders discussed their role in helping local businesses to take advantage of global trade opportunities. At the event, the Toronto region was named the first
international member of the Global Cities Initiative, a project operated by JPMorgan Chase Foundation and Brookings Institution that supports metro region export strategies. All other 28 members are major U.S. metro regions. On hand for the official signing were Mayor Bonnie Crombie, Mayor Linda Jeffrey, Mayor Steve Parish and Deputy Mayor, Denzil Minnan-Wong.
export strategy report In advance of the Trade Summit, the Board produced an Export Strategy Report (available at: www.tapgta.com) in consultation with the Brookings Institution, who has helped 28 U.S. city-regions map plans to expand their export activity. The report assesses the region’s readiness to compete internationally and makes recommendations for how we can achieve greater export capacity among the region’s businesses. Through a survey of our Members and stakeholders, the report also identifies some key barriers to exporting experienced by both non-exporters and current exporters.
Lack of company resources for market research, difficulty finding overseas customers, agents or distributors, and insufficient allocation of company resources and personnel, were named by both groups as barriers. Many of these themes were discussed in depth at the May 12 TAP GTA Trade Summit.
“ the toronto region was named the first international member of the global cities initiative, a project operated by JpMorgan chase foundation and Brookings institution that supports metro region export strategies. all other 28 members are major U.S. metro regions.”
ONBOARD SUMMER 201520
FeAtUre
Moving Forward with tAp gtA Gathering data from the TAP GTA Export Strategy Report and Trade Summit, the Board is working with business partners and an international Advisory Council to develop the TAP GTA (Trade Accelerator Program), due to launch in November. The program’s goal is to create a culture of international trade and investment across the region by growing the export capacity of the region’s small-to-medium sized businesses. The program will contribute value to the current trade ecosystem by pulling existing resources together, focusing attention on the region, and leveraging some of our largest corporate members for their expertise and to sponsor client SMEs for its trade accelerator.
Each quarter a targeted 25 companies will enter the Board’s Trade Accelerator, beginning with:
1. Orientation: an intensive orientation on the resources available to them and lessons learned by other companies already active in exports.
2. Assessment: Using tested tools, each company can also assess their international market opportunities, export strengths and gaps, and the actions or resources they require to overcome barriers specific to their operations.
3. Activation: Finally, our Accelerator partners (both private and public sector) will work with each company to develop and activate an export plan.
This interaction will take place through workshops, coaching and an internal company assessment. Members of the international business community will play an important role in helping to activate companies’ export plans, using their international contacts and landing programs. The Board’s objective is for each company to leave the program with a solid business plan and the resources identified to move forward. To measure the impact of the TAP GTA Trade Accelerator Program, the participating companies’ progress will be tracked over time.
The Board is delighted to be contributing to the economic prosperity and global competitiveness of the Toronto region by continuing to connect businesses with opportunities to improve their growth and profitability. We look forward to sharing the ongoing work of our program with Members in the coming months.
Reports the readiness, challenges, and export enablers for Toronto region businesses
Steering and Advisory Council
ToronTo region exporT STraTegy reporT
goVernanCe
ApRil 2015
MAy 2015
Trade SummiT
eduCaTionWorkshops and seminars
eVenTS & awardS
deLegaTionSGeneral export support
launch the trade acceleration program for the Gta
generaL Trade naVigaTion
Ongoing trade related events, delegations, and learning seminars at the Board
Hands-on trade development program for targeted companies to drive exports for selected firms
Trade aCCeLeraTor
SerieS
SmesSmesTrade aCCeLeraTor
step 1: onboardstep 2: assess
step 3: activate
Tap gTa pLan
21ONBOARD SUMMER 2015
FeAtUre
Q: wHAt is YoUr perspectiVe on tHe cUrrent trAde dYnAMic between tHe two coUntries?
A: Fundamentally Canada enjoys excellent commercial ties with France. There are some 550 French companies that have recently set up shop in Canada, as well as more than 1,500 established companies. They employ 80,000 Canadians and contribute significantly to our economic vitality, and there are about 220 Canadian companies with locations in France.
Q: in wHicH indUstries or sectors Are tHe best opportUnities For cAnAdA And FrAnce to strengtHen econoMic ties?
A: The innovation sector is key for France; so bio-tech, aeronautics, and engineering are a focus. That translates into their presence in high technology areas, and this is a fit with the GTA and Waterloo technology corridor.
Q: going ForwArd, wHAt role do YoU see For ontArio speciFicAllY, botH in regArds to eXports, As well As FrencH inVestMent in oUr proVince?
A: The depth and breadth of Ontario’s ties to the US, within the NAFTA framework, coupled with Ontario’s competitive strength in research and development within key sectors like aerospace, automotive, ICT, energy and life sciences all resonates with French businesses seeking new revenue streams. Also, the Ontario government operates a trade office within our embassy in Paris and the senior economic officer works very hard to promote Ontario exports of value added products and services.
Q: cAn YoU tell Me More AboUt How cetA cAn potentiAllY beneFit tHe toronto region?
A: It’s an extremely complex agreement that will offer a lot of advantages. Business will need to look at it and find advantages for them. For Toronto specifically, CETA will be a great help for professional service firms, such as auditing, engineering, accounting and architects. These firms will benefit directly by offering services to both Canadian and European clients, and expand their businesses across the Atlantic. Those are the people who will benefit initially from the agreement.
Canada and France already enjoy a dynamic and diversified trade relationship. Once ratified and implemented, CETA will give a boost to that fruitful relationship, and increase prosperity through trade for the business community on both sides of the Atlantic. France is the world’s 6th largest economy—Canadian companies should look to seize that opportunity.
as more Canadian companies look to expand their global footprint, international trade agreements being negotiated between nations, become a topic of interest. although currently 80 per cent of the export activity of Canadian companies focuses on trade with the U.S., there are ample trade opportunities in high-growth emerging markets, as well as the European Union, which remains a large, valuable market for Canadian companies.
as the Canada-European Union: Comprehensive Economic and Trade agreement (CETa) moves closer to being ratified and implemented, Toronto region businesses stand to benefit from our longstanding trade relationship with france. Board President and CEO Jan de Silva sat down with the honourable lawrence Cannon, Canada’s ambassador to france, to discuss the opportunities this agreement represents for businesses in the Toronto region.
speciAl FocUs
“for toronto specifically, cEta will be a great help for professional service firms, such as auditing, engineering, accounting and architects.”
ONBOARD SUMMER 2015 23
SMART COMPANY
“ The IoT market in Canada is still in its early stages of maturity, and its potential applications are only limited by the imagination.”
From intelligent kitchen appliances to connected cars to smart cities, much has been written about how the Internet of Things (IoT) will transform society. In fact, IDC predicts that by the end of 2018 there will be more than 114 million connected devices at work in Canada. We’re about to enter a phase of rapid growth where we’ll see IoT fuel game changing innovation and transform how Canadian businesses operate. However, amidst the hype and predictions it can be challenging for a business to know where to start.
When millions of things can be connected, technology can seem overwhelming—but IoT doesn’t need to be complicated. There are simple, ready-to-implement solutions available today that can deliver almost an instant ROI. Think of the “things” in your business that could be connected to save you money, make your operations run more efficiently and deliver a better customer experience: vehicles, heavy equipment, security cameras, refrigerators, digital signs, point-of-sale terminals, just to name a few.
Even small changes can have a big impact. A fleet management solution, for example, can save thousands of dollars a year per vehicle in reduced fuel and repair costs. You can start with something simple like remotely monitoring vehicles or tracking high value assets and then evolve your IoT strategy as you gain experience with the technology and understand its potential.
You can look to other industries for inspiration as well. In sectors like transportation and utilities, first generation IoT solutions have been in place for more than a decade.
One of the earliest applications was remote security monitoring, which has evolved to now provide real time alerts and HD video footage via smartphones—an innovation that could be leveraged by nearly any industry.
The IoT market in Canada is still in its early stages of maturity, and its potential applications are only limited by the imagination. We’ve only scratched the surface of what is possible with IoT and there’s going to be tremendous innovation in this area in the coming years. There are hundreds of business-ready solutions available and custom applications can be developed to meet any organization’s unique needs. Canadian businesses should not only be thinking about how IoT can help their business today, but also how it will disrupt and transform their industry tomorrow.
What could you do with real time data from any object in your business? Instead of automating processes, could you completely reimagine them? How could IoT change how you communicate with your customers? Can IoT create new revenue streams or business models?
To make it easier for businesses to embrace this technology, TELUS offers a dedicated team of IoT specialists and recently launched Canada’s first IoT Marketplace, an online catalogue of innovative ready-to-implement IoT solutions curated from industry leading technology partners.
Connect your business in ways you never imagined for results you never thought you could achieve. To learn more about TELUS’ IoT solutions, please visit telus.com/IoT.
By Shawn Sanderson Vice-President, Internet of Things, TELUS
The future is Now: how the ‘Internet of Things’ is Transforming Canadian Businesses
ONBOARD SUMMER 2015 25
SMART COMPANY
“Critical to transforming these great start-ups and corporations into successful long-lasting businesses is a vibrant capital formation process.”
For the past 12 years, Canada has been my home. Like many other countries in the world, we have gone through some rough times, but when I look at this country today it is truly inspiring to see how it has become a bedrock for so many innovative start-ups and corporations across a multitude of industries. Let us take Toronto, for example: there is an undeniable buzz in this city that is driven by its diverse culture, entrepreneurial spirit, quality of education, and numerous public and private initiatives that foster innovation.
Critical to transforming these great start-ups and corporations into successful long-lasting businesses is a vibrant capital formation process. A capital formation process that provides entrepreneurs with the means and funding required to transform their dreams into reality; a capital formation process that allows investors, big and small, to put their money to work to their own benefit and to the benefit of Canadians overall.
This is, however, where securities exchanges, which are at the heart of the capital formation process, have currently fallen short: investor confidence is low, capital-seeking companies feel less and less comfortable going public, the costs of securities exchange services are too high, and many investment dealers, key stakeholders in the capital formation process, feel more and more disenfranchised.
Two deeply entrenched characteristics have led us to this situation:
• A status quo resulting from the misalignment between the short-term financial interests of the exchanges and what investors, capital-raising companies and dealers really need; and
• A lack of meaningful competition that could challenge this status quo.
Based in Toronto, Canada’s financial centre and a city that fosters true innovation, Aequitas Innovations, struck back and challenged the status quo with the launch of a new national securities exchange: the Aequitas NEO Exchange. Driving the Aequitas NEO Exchange is the vision that has driven securities exchanges for centuries: “bring together investors looking to build wealth with companies looking to raise money”.
The NEO Exchange embraces innovation and competition to re-energize the capital formation process. We believe this will have long lasting benefits for Canadian entrepreneurs, Canadian investors and the Canadian economy overall.
We recently toured the country speaking to several hundred members of the local financial communities. We visited cities from Halifax to Vancouver and listened very closely. What was made apparent during our stops is that while every business community faces its own obstacles, a new national securities exchange driven by doing what is right for its own clients will bring new opportunities to all Canadians. We are fortunate in this country to be surrounded by many creative and innovative organizations, which can foster healthy competition and develop world-class services for our clients. This is an opportunity we must continue to take advantage of.
Jos Schmitt has more than twenty-five years of experience in the financial services industry both internationally and in Canada, with particular expertise in the market infrastructure space, across asset classes and across geographies. To learn more about Neo Exchange, visit www.aequitasneoexchange.com.
By Jos Schmitt CEO, Aequitas NEO Exchange Inc.
Challenging the Status Quo in the Canadian Capital formation Process
ONBOARD SUMMER 2015 27
SMART COMPANY
“We see more U.S. companies wanting to do business in Canada, and we expect to see that level of interest to increase even more in the coming years.”
Q. do U.s. coMpAnies eXpect internAtionAl bUsiness to increAse oVer tHe coMing YeAr?
A. Overall, short-term expectations for international business have decreased. Each year, we do a survey called the Wells Fargo International Business Indicator, which tracks the strength and direction of the international outlook of U.S. companies. In 2015, only 54 percent of the U.S. companies surveyed said they expect their international business activity to increase this year, down from 69 percent in 2014. However, while the near-term outlook has softened, U.S. companies clearly view the international market as being very important for business development and we expect to continue to see them investing in the global marketplace as they plan for long-term growth.
Q. do U.s. coMpAnies still FocUs HeAVilY on cAnAdA As A keY MArket And trAding pArtner, or Are tHeY Also tAking A More globAl View?
A. Yes, Canada remains a key market for U.S. companies doing business internationally. In the latest survey, 23 percent of respondents site Canada as the most important country today, along with China. In addition, smaller U.S. companies - those with $50-100 million in annual revenue - plan to do much of their international business close to home, with 17 percent citing Canada as a “hot spot” for their future growth.
Q. wHY do YoU tHink cAnAdA is Viewed As so strAtegic, now And in tHe FUtUre, For U.s. coMpAnies?
A. As U.S. companies look to expand internationally, many continue to view Canada as a key partner for long-term growth. Canada’s geographic proximity to the U.S., along with similarities in culture, language, and time zones make it an attractive partner to U.S. companies looking to expand internationally. We see more U.S. companies wanting to do business in Canada, and we expect to see that level of interest to increase even more in the coming years.
Q. wHAt Are tHe iMplicAtions For cAnAdiAn coMpAnies in regArds to indicAtor Findings?
A. Our latest survey results reflect what we’re hearing from our customers. Continued concern about global economic conditions, slowing growth in China and other major economies, the value of the U.S. dollar and its effect on exports, are all impacting short-term international business activity. However, despite dampened short-term expectations, a majority of companies remain bullish on future international business, with 80 percent agreeing that U.S. companies should consider expanding internationally for long-term growth, indicating companies will continue to look to expand into Canada as well.
These are some of the key findings from the 2015 International Business Indicator survey. To view the complete results, visit wellsfargo.com/indicator. Learn more about Wells Fargo in Canada at www.wellsfargo.ca.
By Rick Valade Canada Country Manager, Wells Fargo
ASK THE EXPERT
2015 International Business Outlook: U.S. and Canada Key Trading Partners
ONBOARD SUMMER 201528
policY IN aCTION
introducing
On May 6, Healthcare sector leaders came together to unveil a new initiative, born out of the Board’s significant work on specialized industry clusters. Guests at the launch raised a toast to TO Health!, the newly created brand representing the cooperative of business, healthcare and academic leaders working to strengthen and promote the human health sciences ecosystem in the Toronto region. The ultimate goal of this initiative is to increase the international profile of the human health and sciences cluster and attract talent and investment, as well as growth opportunities for Toronto region-based health science companies.
The Board was pleased to host the official launch, along with TO Health! Committee Co-Chairs Elaine Campbell, past president of AstraZeneca Canada and Paul LePage, President, TELUS Health, and several other Committee and sector leaders, including Stefan Larson, Chief Executive Officer, Northern Biologics.
developing the region’s clusters The Board has been a proponent of strengthening the region’s industry clusters, as emphasized in many of our annual Scorecard on Prosperity reports. In 2012, the Board began its work in this area to create partnerships of value to strengthen our region’s economic prosperity through focused collaborations in high-potential sectors. The human health and sciences cluster, with the potential to be a world-class leader, was identified by our Members as an important sector to focus on.
The Toronto region is home to the largest concentration of health sciences assets in Canada, with strong connections to other global centres of health science expertise. TO Health! is the result of the extensive work the Board and the Human Health Sciences Cluster Committee has undertaken during the past few years.
growing tHe toronto region HUMAn HeAltH sciences ecosYsteM
29ONBOARD SUMMER 2015
policY IN aCTION
to Health! objectives The Committee has led the development of a strong brand identity for this initiative that all members of the human health and sciences cluster can use to promote it internationally and at home. The brand message is simple and compelling: The Toronto region is one of the largest, fastest growing North American metro regions with a globally recognised human health sciences ecosystem. The cluster has world-class discovery and clinical programs and a supportive business environment. All are found in one of the most dynamic, liveable and vibrant cities in the world. TOHealth! plans to drive this message with a focus on:
• leveraging a unified brand and narrative to create local and international awareness for the cluster
• Building a larger pool of experienced management talent
• Improving access to risk capital to bridge the gap between R&d and commercialization
“TO Health!, the newly created brand representing the cooperative of business, healthcare and academic leaders working to strengthen and promote the human health sciences ecosystem in the toronto region.”
what the toronto region offers as a leading Health sciences Hub
To learn more about the work being done and how can become involved visit www.tohealth.ca
north America’s #2 research university – University of Toronto
9,300 life sciences graduates annually
concentrated, vibrant innovation Discovery District
over $1b in annual research
world-leAding reseArcH & tAlent
AdVAnced bUsiness enVironMent
dYnAMic Metro region
preferred location for global clinical trials
800+ companies, 38,000 workers
#1 most liveable city (according to The Economist) offers high quality of life for families and young professionals
Universal public healthcare system with comprehensive e-health data analytic opportunities
lowest r&d services costs
Uniquely diverse population
global thought leadership in oncology, neuroscience, regenerative medicine, genetics and health technology
large suburban office and manufacturing areas complement downtown innovation district
connected to the world by two airports with frequent, direct flights to key health science centres and fast rail links
nine research hospitals in a geographically concentrated network
tax incentives for research & development
larger, faster growing region than other North American health centres
A centre oF clinicAl innoVAtion
ONBOARD SUMMER 201530
regionAl REVIEW
Mayor Jeffrey sees Regional Connectivity as key to GTHA Business Success
Brampton’s Mayor linda Jeffrey inherited a fiscally troubled city with huge potential for growth, and the ability to help fuel the economic development of the GTha.
While the deficit incurred under the previous administration is considerable, the City of Brampton’s population growth and young, well-educated work force bode well for the region as a whole.
Of Canada’s twenty largest cities, Brampton is growing the fastest. About 23,000 people choose to make Brampton their home every year, according to Mayor Jeffrey, who speaks passionately about her plans to grow the city.
“I want Brampton to be a leader,” says Mayor Jeffrey. “And part of that is participating in opportunities to bring jobs to Ontario, to build new opportunities.”
To achieve this goal, the City of Brampton is working to support the success of its diverse talent pool and businesses in the region. This starts, she says, with getting the city’s financial house in order. One of her first acts as Mayor was to bring in the Auditor General to offer transparency on the city’s fiscal position, and then to devise a new financial model and plan to enable the city to move forward on better financial footing.
Brampton also has plans to apply with the Province to build an undergraduate university campus and has invested in building on the advanced manufacturing speciality it is known for.
Improving infrastructure, transportation, and connectivity to speed business productivity is a major focus for Mayor Jeffrey as well. “Making that seamless, integrated infrastructure is just good business sense for everybody... and those municipal boundaries need to evaporate, because they certainly don’t exist for the people we serve.”
Mayor Jeffrey firmly believes that Brampton and the broader GTHA can contribute more effectively to the success and growth of businesses if more regional and
connected thinking replaces the old municipal mindset. To ensure Brampton’s future economic success, she highlights the importance of being part of the larger regional economic conversation. “Those silos of the past need to be something that we eradicate, and work collectively to ensure that we can attract the foreign investment that we all think will benefit us.”
Talks between the City of Brampton and the City of Mississauga, for instance, have resulted in the announcement of a $1.6 billion investment in the Hurontario Light Rail Transit main line, which will connect Brampton to Port Credit, thus integrating municipal transportation services across the region.
Mayor Jeffrey also highlights the economic importance of the region’s “Innovation Highway” as a significant catalyst for business development. The Toronto-Waterloo technology corridor that connects small and large technology companies, students, innovators and venture capitalists became the world’s second largest innovation corridor in 2013.
“We are working together, across borders, across regions, to build transportation that benefits everybody,” she points out. “Any time something is improved in the GTHA, we all benefit.”
In the wake of the 2014 provincial majority and leadership changes in many municipalities across the GTA, Mayor Jeffrey has noticed a positive change in the tone of capacity-building conversations among regional mayors, and with the Province. She sees this as an exciting opportunity to approach city projects with a regional lens for the first time in decades.
“We have a real alignment and a window of opportunity for the next four years…, both municipally and provincially, to have those big conversations.”
Mayor Jeffrey believes that it is in having those big conversation, that economic success on a grand scale can be achieved for Brampton and for all of the municipalities in the GTHA.
ONBOARD SUMMER 201532
open fOR BUSINESS
news And notes
On May 26, the Board brought together senior sector leaders for a one-day conference, presented by Air Canada, with supporting sponsors WestJet, Toronto Pearson Airport, Boeing, and WSP, to discuss the challenges and opportunities facing a growing sector. Panel discussions focused on how Toronto’s transportation infrastructure, when interconnected, will better support the region’s international hub airport and how the ideal passenger experience, from door to destination, can be created through innovative new technologies.
Richard Florida, Director of the Martin Prosperity Institute at University of Toronto’s Rotman School of Management; Global Research Professor at NYU; and author of the best-selling, The Rise of the Creative Class, noted in his keynote address that the Toronto region has become an international city of choice, as a result of possessing all the
right ingredients “by accident”. He warned that to ensure our continued relevance as a leading global economy of the future, it is imperative for the region to use the assets we have more strategically and to think and act more globally.
Florida emphasized that today, regional competitiveness is driven by the ability to move people and goods. He called on the business community to focus on “speeding our urban metabolism to compete globally” by building our global connectivity and mobility through greater investment in our infrastructure and technology, human capital and high-performing clusters.
At the Conference, Board President & CEO Jan De Silva announced plans to hold a Transportation Summit in the fall to further support regional and global connectivity.
The Board’s Small Business Summit, sponsored by RBC, focused on harnessing digital marketing and social media tools to help businesses cost-effectively elevate their profile.
The Summit featured social media marketing expert Darrell Keezer, Founder & CEO, Candybox Marketing, for a discussion on improving lead generation through the
creative use of social media. Business owner Julie Cole of Mabel’s Labels informed attendees about the power of social sharing to build a following and connect with customers on a more personal level.
We were also delighted to have Real Mahadeo, Marketing Solutions, Canada, LinkedIn, share tips for maximizing profile to effectively reach out to new leads and connect with prospective customers. His number one tip for small business owners? Content! He stressed the importance of sharing value-add, non-promotional content to showcase your company as an expert in its field.
Save the date for the next Small Business Summit on September 21, which will focus on sales tools and lead generation. Watch for more details coming soon!
sMAll bUsiness sUMMit
Gets Social
indUstrY prepAres to Fly Higher through
aviation conference gta
33ONBOARD SUMMER 2015
open fOR BUSINESS
Are you or is someone you know an up-and-coming entrepreneur with a great story to tell? Each year, the Board celebrates the outstanding achievements of small and medium businesses in the Toronto region at the Business Excellence Awards. Why not nominate a small- or medium-sized business or start-up you know to be honoured by the region’s business community at our upcoming gala in November?
Applications can be submitted from June 8 until September 9, 2015 in the following seven Categories:
• Employer of the Year
• Under 30
• Local Economic Impact
• Community Service
• Emerging Entrepreneur of the Year
• Sustainability
• Global Reach
This year the Board is pleased to partner with Excellence Canada to enable your business to receive national recognition. When applying for a Toronto Region Board of Trade Business Excellence Award, applicants now also have the opportunity to apply for the Canada Business Excellence Awards - Small and Medium Businesses, presented by Excellence Canada. Each company that applies for this Award, will receive feedback on their application from a blue-chip panel of adjudicators.
The Canada Awards for Excellence, now in its 31st year, is conducted by Excellence Canada under the patronage of the Governor General of Canada. For more information on application criteria, please visit www.excellence.ca/CBEA or www.bot.com/bea.
New and improved compensation insights foR hR pRofESSioNalS coMiNg thiS fall
Seeking Nominations for 2015 bUsiness eXcellence AwArds for Small Business
Building and maintaining a market-competitive workplace requires a robust compensation and rewards strategy. The Toronto Region Board of Trade’s Compensation Reports are a leading HR resource developed exclusively for Toronto region businesses and used by reputable companies for more than 60 years. Each year, the Reports benchmark compensation across sectors and job titles to offer you the most comprehensive talent management and recruitment planning tools available.
This year, we have again partnered with Accompass, an expert in compensation, benefits and pensions practices, to provide an even more robust compensation insights
package. The 2015/2016 Compensation Reports will offer deeper data analysis and the ability to link Report data to meaningful insights to support HR planning and decision making. A new user-friendly online reporting tool will also enable you to customize and combine filters that best match your business context, so you can stay updated on the latest trends in your industry.
Our 2015 surveys are now complete, and the latest Toronto region compensation information will be available with the release of the 2015/2016 reports in September. For more information, please contact Mary Jo Kavanagh at [email protected].
The Business Excellence Awards recognize the contributions of the region’s small and medium businesses.
Nominate an emerging entrepreneur or company. Application open until September 9, 2015
Learn more at: bot.com/events or call 416.862.4500
Celebrate the region’s entrepreneurial spirit!
