1. Winter 2017
YOUR BUSINESSYOU YOUR REGION
Publications Mail Agreement #40005069
Innovation in
the Startup Nation
City of Toronto’s Technology Trade
Mission to Israel 25
The Board of Trade lays out its strategic
plan for 2017: a year of rapid expansion
and motivated execution 10
Frame,
Focus &
Execute
THE 2016 BUSINESS
EXCELLENCE AWARDS
Celebrating the Achievements and
Contributions of Small to Medium-Sized
Businesses in the Toronto Region
2. 3ONBOARD Winter 2017
Winter 2017IN THIS ISSUE
Find us on social media
252210
View the online
edition of OnBoard
at: BOT.COM/ONBOARD
GOING GLOBAL
25 Innovation in the
Startup Nation
Trade missions highlight global
opportunities. In November 2016,
Mayor John Tory led 50 delegates
to Israel, a world leader in
technology, to facilitate connections
and collaborations with incubators,
investors and institutions.
FEATURE
22 2016 BUSINESS
EXCELLENCE AWARDS
Meet the 2016 award winners
as the Toronto Region Board
of Trade once again celebrates
the achievements, innovations
and contributions of small and
medium sized businesses to the
city-region’s economy.
COVER
10 Getting On Board:
Frame, Focus Execute
OnBoard takes members through the
inner workings at the Board of Trade,
showcasing its critical strategic pillars
and the efforts being undertaken
on trade, transportation, talent and
energy in support of the region’s quest
to achieve global champion status.
POLICY IN ACTION
16 Issues, Opportunities
Challenges
Toronto Region Board of Trade’s
Policy team weigh in on what key
issues will impact the region’s global
competitiveness and what members
should know to help diversify,
amplify and champion their business
opportunities in 2017.
OPEN FOR
BUSINESS
8 NEWS NOTES
Look here for the dates and topics
of the upcoming Executive Education
Sessions and Young Professionals
Network as well as what policy summits
the Board has planned for 2017 to bring
dialogue into action.
6 OUR NEWEST MEMBERS
ASK THE EXPERT
30 Rogers – Taking Your Small Business
Into 2017
32 BMO Bank of Montreal –
Opportunities for Growth: The Look
Ahead for Ontario’s Economy
34 Cognizant Technology Solutions –
Digital: Getting There From Here
SMART COMPANY
36 Air Canada – A View From the Top:
Air Canada’s 2017
New Year’s Resolutions
38 Aimia – The Future of Canada Lies
in Our Global Ambition
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Introducing… Going Global
2017 could bring a world of change to Canada’s trading economies—much of which
is done by businesses headquartered in Toronto. To highlight the immense potential
of trade, we’ve launched Going Global: a new section in OnBoard showcasing the
Board’s trade missions, celebrating companies who’ve become export-ready via the
Board’s Trade Accelerator Program (TAP) and informing readers of our additional
efforts to facilitate trade opportunities for the region’s business community.
3. ONBOARD Winter 20174
EVERYTHING
IS A
Do your people have the skills to consistently get what they want and the organization needs?
Strategic Negotiations: The Winning Edge is led by a pair of negotiation gurus: former Cabinet
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Winter 2017
PROUDLY SPONSORED BY
MESSAGE FROM THE CHAIR CEO
Publisher
Janet De Silva
Editor
Alex Derry
Managing Editor
Jess Duerden
Contributors
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James Busko
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Elizabeth Hamilton
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Jeff Parker
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Design Production
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ABOUT THIS ISSUE
As 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
Anne Sado
Chair
For most of us, the end of a year is an inflection point–a time to reflect on the
year’s wins and challenges, how we could do things differently, and even how
we can be better. Whether it’s minor improvements or promises of significant
change, the New Year brings a wealth of opportunity for all, and a fresh start.
In the final issue of our fiscal year, we offer our readers a look into the rationale
behind the programs and platforms we built in 2016, and showcase how we will
grow and utilize them in the year ahead.
We are proud 2016 was a successful foundational year for Toronto Region
Board of Trade. We defined our 2020 Vision of making Toronto one of the most
competitive and sought after business regions in the world. We then took the
first steps to realize our vision by formalizing our strategic framework and
activating new ideas, initiatives and ventures.
The Board recognizes that our businesses don’t just operate within city limits,
so we’ve expanded our focus to look past our regional, provincial and national
borders, thinking globally as much as we focus on local impact.
We strongly believe our city-region is facing its own inflection point. Our region
is attracting an increasing level of recognition as a global centre for business growth,
talent and productivity. From our views and attitudes towards inclusion and
diversity to our lucrative talent pool, Toronto holds high appeal for global companies.
Our mission is to be catalyst for the region’s business community. To facilitate
action that sees our members contributing to the success of the business
community, and ultimately, the region as a whole. Inside, we list the impactful
projects, advocacy, and member-focused initiatives that enable us to do just that–
connect people and turn ideas into action. We’re carrying forward new phases of
projects and events and launching completely new ideas. Also in this issue, our
policy leaders share the business trends we have identified for the year ahead.
As you turn the pages, you’ll see that while the Board happily celebrates the
successful initiatives of another calendar year, we are focused on what lies
ahead: opening our doors to the vision of securing our region’s rightful place
as a global champion.
2017 advances an exciting journey for the Board, our members, sponsors and
critical partners. It is also a landmark year for our country as we celebrate
150 years of Canada’s Confederation, notably, for us, at our 129th Annual Dinner,
Celebrating 150 Years of Canada’s Confederation, presented by Odgers Berndtson
on February 9.
Finally, from both of us and the entire staff at the Board, we hope you had
a wonderful holiday season and wish you a happy, successful and connected
New Year. As you consider your own fresh start for 2017, we hope it will be
in lockstep with the Toronto Region Board of Trade.
4. ONBOARD Winter 20176
MEMBERS
FEATURED
IN THIS ISSUE
NEWEST MEMBERS
WELCOME TO OUR
Since September 2016
Aimia 38, 39
Air Canada 36
Bateman MacKay LLP 15
BMO 32, 33
Chambers of
Commerce Group
Insurance Plan 37
Cognizant
Technology
Solutions 34, 35
IBM 29
Lazaridis School
of Business 2
RBC 7
Rogers 30, 31, 33
Saddlebrook
Resort 5
Scotiabank 20, 21
Ted Rogers MBA 33
Ted Rogers School
of Management,
Ryerson University 5
Atlas International
Freight Fowarding Inc.
Branded Bites Inc.
Casemills Ltd.
The Children’s Wish
Foundation of Canada
CK Ingredients Inc.
Clear Blue Technologies
Crimp Circuits Inc.
Crosslink Technology Inc.
Dalton Pharma Services
Decor Grate Incorporated
Eco Guardian
Edgework Solutions Inc.
Export Development
Canada
Hibar Systems Limited
Investors Group
Financial Services
IsoAcoustics Inc.
Kwality Furniture
MM Twins Ltd.
Market Data Company
MBSM International
Business LP
(Limited Partnership)
Nahanni Steel Products Inc.
New Beginnings
Support Program
Nobis Inc.
Norm Li
O’Hara Technologies
Pomerleau Inc.
Professional Court
Reporters
RBH Access
Technologies Inc.
Sentis Canada Inc.
Strategic Information
Technology Ltd.
Tronoplast Technologies
TWI Foods Inc.
Wireless Xplosion Ltd.
Growth, Connected
Association
OPEN FOR BUSINESS
Distinction:Prestige:
Champion:
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5. 9ONBOARD Winter 2017ONBOARD Winter 20178
Toronto Region Board of Trade’s summit model
has a proven track-record of bringing together
a high calibre of participants, including
prominent regional and global business
leaders, influential policy makers from
all levels of government, city-builders
and thought leaders. The Board carefully
curates its summits to ensure transformative
dialogues lead to tangible action.
March 2017
Building Cars for the Future:
Ensuring a Competitive
Automotive Industry in Ontario
It’s not about the cars coming off the assembly lines,
it’s about the policies shaping the industry. The Board
is hosting its first automotive summit to connect key
players in the automotive sector and generate ideas
on how Ontario can navigate this challenging environment
and emerge as a competitive force. Featuring a keynote by
Steve Carlisle, President CEO General Motors Canada.
May 2017
Redefining Global Financial
Centres in a Fintech World
Toronto Region Board of Trade has partnered with Ontario
Centres of Excellence and Toronto Financial Services
Alliance to host its first fintech symposium. How do we
create a financial services eco-system in which fintech
companies and traditional financial institutions can not
only co-exist, but partner to improve the overall health
of the region as a global financial centre?
May 2017
Smart Cities Summit
How can Toronto use technology to do more with less and
deliver services in the ‘smartest’ and most affordable way,
while improving quality of life for all citizens?
The Board’s second Smart Cities summit will feature
interactive breakout sessions to prepare for Canada’s
Smart Cities Challenge Competition and launch Smart
Cities Incubators.
November 2017
Transportation Summit
One of the region’s most important barriers to the smooth
movement of people is the need for the efficient movement
of goods. The Board’s third transportation summit will
bring city-builders, business leaders and key members of
government together and ignite a dialogue on effective
transit solutions that enable seamless collaboration
between tech hubs, academic institutions and operations.
OPEN FOR BUSINESS OPEN FOR BUSINESS
NEWS NOTES
The Hon. Chrystia Freeland
Minister of Foreign Affairs
In an uncertain world where many
countries are closing their doors
in a wave of protectionism,
Canada is set to gain from
foreign investment and trade.
In her first speech in Toronto while
acting as Minister of International
Trade, the Hon. Chrystia Freeland,
now Minister of Foreign Affairs,
promoted Canada’s continued
openness to trade at the Board’s
podium last December.
Minister Freeland said Canadian
businesses need to seize the
opportunities presented by global
trade, particularly following the
signing of the Comprehensive
Economic and Trade Agreement
(CETA) between Canada and the E.U.
In her keynote address, Minister
Freeland announced the federal
government will spend $218 million
over the next five years to create
a new agency that will provide
“concierge services” that will be
a one-window international hub
to lure investment to Canada.
“We are the country today that
is most clearly bucking the trend,”
said Minister Freeland. “We believe
that now is a tremendous moment
to go out and pitch Canada
as the best place in the world for
foreign investment.”
The Board is
ON THE MONEY
The Board’s President CEO, Jan De Silva,
is a regular panelist on CBC’s On The Money where
she discusses topical financial stories with host
Peter Armstrong. On The Money airs nightly
at 7 p.m. on CBC News Network.
February 22, 2017
Winter Networking at The Citizen
April 26, 2017
Spring Networking
Young Professionals Network
Investing
in Canada
“We believe that now is a
tremendous moment to go
out and pitch Canada as
the best place in the world
for foreign investment.”
Our Summits Work
BE SEEN. BE HEARD.
PROACTIVELY INFLUENCE.
Our summits offer a variety of sponsorship
opportunities that place your brand front and
centre. Email contactus@bot.com to learn more.
6. COVER COVER
2016 Internal Activities
Internally, the Board’s 2016 plan was operationalized
through four core activities:
Membership engagement: delivering
member-focused programs aligned with the
needs and interests of the Board’s more than
12,000 members. In 2016, the team initiated work
to assess and redevelop membership tiers.
“We’ve spent a significant amount of time listening
to members to understand how the Board can
help them achieve their business objectives,” says
Gillian Smith, Chief Marketing Officer. “We’re
reorienting our membership offering to suit their
needs now, and as they grow.”
Podium of Record: In 2016, the Board
committed to influential events related to its
pillars of trade, transportation and talent.
“Prominent political and business leaders tell us
we are their go-to podium to engage the business
community,” says Jan De Silva, President CEO.
“This credibility, combined with flawless event
execution, makes our podium the platform
to be seen and heard.”
Advocacy Action: the Board enhanced
its thought leadership and policy initiatives
by turning ideas into action. This included broadening
the Board’s reach beyond Toronto’s city-region borders.
“Policy and thought leadership are part
of a continuum stretching back to the Board’s
inception,” says Douglas Goold, Vice President,
Policy. “Our efforts purposefully engage business
and political leaders in collaborative conversations,
allowing our members to play a central role in the
region’s evolution.”
Business Fundamentals: In 2016, the Board
assessed its business fundamentals and initiated
a comprehensive CRM program implementation and
an overall upgrade to digital access and platforms.
“Annually, we continue to decrease our operating
costs while looking to be innovative,” says
Catherine Fels-Smith, CFO COO. “Our history
of being early adopters has allowed us to
consistently meet member expectations.”
2016 was a milestone year for the Board. Collectively,
the team worked to articulate a compelling strategy,
realign internal efforts and cultivate new partnerships.
The Board emerged with its 2020 vision ‘to make Toronto
one of the most competitive and sought after business
regions in the world’ and a commitment to establish
it as a global champion.
With a focus on the strategic areas of trade, transportation,
talent and energy the Board had to determine the best mix
of new and old, and how to allocate its resources. To that
end, the team created the following game plan: expand the
Board’s geographic reach, deliver three impactful policy
summits a year and turn ideas into action.
If 2016 was a test for what the Board could achieve
within this new framework, it delivered.
Trade:
In 2016, with the support of founding partners,
RBC, CN, UPS, Business Development Bank of Canada
(BDC) and Export Development Canada (EDC), the Board
activated a signature Trade Accelerator Program (TAP-
GTA). Using a collaborative and hands-on approach, TAP
provides export-ready small to medium-sized businesses
with unmatched access to Canada’s top exporting
advisors, resources and planning tools to successfully
enter growth markets.
In its first year, 100 companies completed the three-part,
90-day program. Another 150 businesses are in the
pipeline for 2017. Rave reviews from major players
in the Ontario export ecosystem, as well the attention
of other city Chambers of Commerce, prompted calls for
expansion. TAP is indicative of how the Board’s programs
can connect beyond Toronto’s city limits; this Toronto-
based initiative will be expanded into other major
Canadian cities in early 2017.
Transportation:
The transit file remains a top-priority for the
Board. “We need to get our people, products and
services moving efficiently – locally and globally,”
confirmed De Silva.
In October 2016, the Board held its second transportation
summit, The Business of Delivering Transit, once again
presented by SNC-Lavalin. Focused on the region and
headlined by Premier Kathleen Wynne, 13 prominent
speakers joined more than 300 city builders, business
leaders and government officials to explore three themes:
building the next round of projects; building talent; and
leveraging innovation to do things better.
A New Year is a fresh start. A chance to take stock of progress, acknowledge
the wins, reflect on the lessons and prepare for the year ahead.
Frame, Focus
Execute
Getting on Board 2016: Laying the Foundation
F
or the leadership team at the Toronto Region Board
of Trade, 2016 was spent activating a new strategic
plan developed with its Board of Directors.
Proud of their achievements and excited for the year ahead,
the team is doing something they haven’t done in the past:
pulling back the curtain to demonstrate how the Board is
working to be a catalyst with, and for, the Toronto region’s
business community.
The Board of Trade was founded as a non-profit
organization in 1845 with a mandate to develop the port
and rail infrastructure to enable Toronto businesses
to compete and connect with other markets. For more
than 170 years, the Board has remained committed
to building connections by serving, representing and
uniting Toronto’s diverse business community—from large
established corporations to emerging startups.
On a macro level, the Board achieves this through its
policy and advocacy efforts—raising awareness, curating
conversations and turning ideas into productive action.
Daily, the Board supports thousands of members with
a range of service offerings including access to coveted
downtown business space, networking and professional
development opportunities.
“When our members win, we win—whether
that’s helping them build profile within the
business community, advocating on business
issues or accessing resources needed to grow,”
says Gillian Smith, Chief Marketing Officer, Toronto
Region Board of Trade.
The Board’s ability to remain relevant for so many years is
a testament to its impressive roster of Presidents and CEOs
and their capacity to navigate the complexities of Canada’s
dynamic business environment. At its core, the work of the
Board hasn’t changed substantially, but in the two years
since Jan De Silva became its President CEO, the volume
of activity and pace of play has been unprecedented.
“The only way to realize our vision and effectively
serve our members is for our team to be ahead of
trends and issues, and operate at the pace business
is conducted,” confirms De Silva. “We need to be
nimble, but ensure we always excel at fundamentals.”
ONBOARD Winter 2017 ONBOARD Winter 201710 11
7. 13ONBOARD Winter 2017ONBOARD Winter 201712
COVER COVER
De Silva and team see Toronto at an inflection point
marked by significant growth potential.
“Toronto has really captured the world’s attention. We’re
the fastest growing city region in North America,” says
De Silva. “We’re recognized as one of the most diverse
populations, with a terrific talent pool that global
companies want to access. There’s a huge opportunity
for us to accelerate this appeal.”
But to do this, she says Toronto must more aggressively
seize opportunities to promote itself. “We can be too
humble when it comes to selling our successes, talent
and capabilities on a global scale,” adds De Silva.
“At the same time, we need to maintain our edge against
world class cities with whom we compete for trade,
talent and investment.”
This perspective is from a leader with decades
of international business experience and a fervent
belief in the capabilities of Toronto’s business community.
“We have all the assets required to be global champions;
we need to amp-up our ambition, work hard and achieve
our very best,” she says.
De Silva isn’t just recommending Toronto put more
swagger in its step. There is critical policy and advocacy
work to be done for Toronto to cross the threshold into
global heavyweight status. The Board is keen to facilitate
this work, building on its successes from 2016.
“It’s wonderful to work for an organization that’s on
such a rapid growth trajectory. Here the ethos is ‘make
it happen’; it’s like being in a scale-up with 170 years
of history,” confirms Smith.
Trade:
When the Board went searching for strategic
ventures to support trade and global leadership they found
an exciting opportunity right inside the organization:
its dormant World Trade Center franchise. In 2017, the
Board will re-activate World Trade Centre Toronto
(WTC-T) and rejoin a network of 328 branded property
and trade services organizations in 92 countries. WTC-T
will provide comprehensive international trade
development services and key contacts to support global
trade and business throughout the Toronto region. It will
also offer inbound mission support services for other WTCs.
Leigh Smout, Executive Director, World Trade Centre
Toronto, notes the re-activation, “will facilitate
unparalleled access to international markets for the
region’s businesses and vice versa.”
Coinciding with its re-launch, WTC-T, in collaboration
with JPMorgan Chase and the City of Toronto, will produce
a report identifying export market opportunities for
the region’s priority sectors. Smout says the report will
establish the foundation to successfully execute the first
phase of WTC-T’s trade development services.
Transportation:
The Board will expand its focus from the movement
of people to include the movement of goods. In 2017
it aims to research and map the current state of goods
movement throughout the region and curate the call for
a regional transport mobility strategy. A comprehensive
topic, the Board will partner with industry experts
to profile key channels for moving freight, identify best
practices and highlight policy recommendations for all
levels of government. This will influence the Board’s third
Transportation Summit in November 2017. When needed,
the Board will continue to lead the call for long-term
dedicated revenue sources to fund transit along the basic
principles announced in 2016.
Talent:
Guided by its Building Infrastructure, Building Talent
study, the Board will continue to work with industry
partners to support efforts to build the infrastructure
talent pipeline the region requires.
Energy:
Using its submission to the province’s
Long-Term Energy Plan, the Board will collaborate with
its Energy Committee to develop a comprehensive energy
policy. In Fall 2017, the Board will launch an official
energy campaign, to raise awareness of key issues
identified in its policy.
2017
2016
“The Toronto Region
has all the assets required
to be global champions;
we need to amp-up our ambition,
work hard and achieve our very best.”
– Jan De Silva, President CEO,
Toronto Region Board of Trade
At Toronto’s municipal level, the Board continued
to advocate for an objective review of how to pay for
transit with a release of Unlocking Value, a Fall 2016
report outlining how the city could raise much-needed
revenue for transportation infrastructure. The Board
has been clear that getting the city and region moving
again would require Mayor John Tory and City Council
to swiftly endorse bold solutions to fund the transportation
network Toronto so desperately needs. Following Mayor
Tory’s revenue tool announcement from the Board’s
podium in November 2016, De Silva again articulated
the Board’s broad support at a deputation to the
Council’s Executive Committee.
Talent:
Building and retaining talent is fundamental
to economic growth. De Silva calls the Board’s Fall 2016
talent study, Building Infrastructure Building Talent,
one of the most important pieces of work the Board has
ever produced. Created in response to the record level
of government infrastructure spending planned for the
region, the study quantifies the job openings–147,000–
these construction projects will create. It reflects the
Board’s desire for inclusive growth: employment for
youth and newcomers as well as a comprehensive transit
network to get the region’s workforce to and from their
jobs. A multifaceted opportunity for our region, the study
also presented recommendations on how to strengthen
the pathways to construction-related careers. A campaign
cabinet of senior business leaders will be activated in the
new year to advocate for these recommendations.
Energy:
Energy affordability is a key cost of doing
business, and a growing concern for the region’s business
community. The Board views it as a business climate
influencer that stands affect—in some form or another—
trade, transportation and talent.
Of 2016, De Silva adds, “it feels like we’re hitting
our stride. We’ve taken a fresh look at who we are—
as an organization and as a business community. We
have a motivated team, and we’re focused on doing
the right work to keep our members educated,
engaged and thriving.”
2016: Laying the Foundation
2017: All Eyes on Toronto
8. ONBOARD Winter 201714
COVER
Using the Board’s summit model
to curate new conversations
Overall, success in 2017 leans heavily on activating the
Board’s policy and advocacy programs.
“Our policy work reflects our members’ concerns
about the uncertainties and opportunities in an
increasingly globalized world,” adds Goold.
The Board will continue to use its successful summit
model to turn ideas into action by getting the right people
connected and collaborating.
The Board will host its first Automotive Summit in March
2017, bringing together key players in the automotive
sector, researchers and policy makers to generate ideas
about how Ontario’s auto industry can compete in an
increasingly challenging and global environment.
Adding to firsts, in May 2017, the Board will host its first
international summit: Redefining Global Financial
Centres in a Fintech World.
Also in May, the Board will host its second Smart Cities
Summit to continue the dialogue on how to leverage
technology to improve the operations of a city’s core
programs and citizen engagement for greater efficiency
and effectiveness.
Of course, all activities and events will be enhanced
by the participation of the region’s business community
via the Board’s 12,000 members and the high calibre
of thought leadership its podium continues to draw.
The Board’s Marquee events, like its 129th Annual Dinner
and the 2017 Business Excellence Awards, will once
again provide the business community with occasions
to celebrate achievement. The full calendar is listed
online at bot.com/events.
Asked to summarize what 2017 will look like this time
next year, De Silva is enthusiastic. “By next year, many
more of Toronto’s businesses will have embraced the
idea of going global,” says De Silva. “As a catalyst,
we want the Board to have played a role curating
critical conversations about trade, transportation,
talent, energy and even technology between
the private and public sectors. And we want
to see our city-region recognized as the global
heavyweight it is.”
“Our efforts purposefully engage
business and political leaders in
collaborative conversations, allowing
our members to play a central role
in the evolution of the region.”
– Douglas Goold, President, Policy,
Toronto Region Board of Trade
Automotive
Summit
March 2017
Redefining
Global Financial
Centres in a
Fintech World
May 2017
TRANSPORTATION
SUMMIT
November 2017
Smart Cities
Summit
May 2017
9. 17ONBOARD Winter 2017ONBOARD Winter 201716
Policy and advocacy plays a critical role in the Board’s efforts to enhance Toronto region’s global
competitiveness. Issues are identified, challenges are debated and solutions are researched through
the Board’s policy team, member committees and advocacy work with city builders, business leaders
and all three levels of government. To kick-off the year, the policy team has pulled together its insights
on key issues as it relates to transportation, trade, talent and energy.
But before diving into regional
insights, it’s important to note:
Canada is open for business.
The world today seems like a very
different place than it was several
months ago. Considering political
uncertainty with Brexit and the
election of Donald Trump as
America’s 45th
President, Canada
appears an island of political
and economic stability.
Our national GDP is forecasted to grow
by 1.8% in 2018. The Toronto region
is thriving and will continue to grow
at a respectable clip over the next
five years, despite a dip in GDP growth.
Real GDP Growth (%)
2016
Estimate
2017-20
Forecast
Vancouver
CMA
4.0% 2.9%
Toronto
CMA
3.4% 2.5%
Montreal
CMA
1.6% 1.9%
Edmonton
CMA
-1.4% 2.6%
Calgary
CMA
-2.1% 2.7%
Source: Metropolitan Outlook, Fall 2016,
Conference Board of Canada
This growth is fueled by Toronto’s
booming real estate market, record
levels of high and mid-rise building
construction and a rapidly growing
population attracting close to
120,000 new residents every
year—thanks, in part, to Canada’s
generous immigration policies. As
a result, we see inclusive, diverse
businesses, communities and a
well-diversified economy.
Here are the top five policy issues
that will have an impact on the
region’s continued success in 2017.
Issues, opportunities challenges
A policy view of the year ahead
POLICY IN ACTION
Funding Transit,
Moving GoodsTransportation:
All Eyes on Revenue Tools to Fund Transit
In the last few months, there has been a shift in the conversation about where
to build transit lines to one about when to build them and how to pay for them.
The Board’s priority in this debate will be to advocate for action on revenue
tools dedicated to transit that are: fair and transparent; evenly shared; and
will not place Toronto at a competitive disadvantage in the region.
Importantly, not all the transit lines chosen will necessarily match the Board’s
long-standing desire to have a solid business case analysis. A challenge for the
Board in the coming months will be to continue to advocate for action without
slowing down progress on construction of transit network in the Toronto region.
Movement of Goods is as Critical as the Movement of People
One of the Toronto region’s most important barriers to the smooth movement
of people is the need for the efficient movement of goods. The transportation
of people and goods in the Greater Toronto and Hamilton Area (GTHA)
contributes to the ever-increasing costs of congestion. A 2009 report for
Metrolinx found that annual congestion in the GTHA cost $6 billion and
estimated that these costs will rise to $7.8 billion by 2031.
All levels of government are now focused on improving transit and the
movement of people, but the issue of congestion will not be fully addressed
until the same effort is directed towards the movement of goods.
The movement of goods is often an afterthought in an economy seemingly
more interested in the latest social media app than in how food makes its
way to local restaurants and stores. Yet in addition to being the basis of
how we address many of our most basic needs, the movement of goods also
represents a significant part of our economy. According to a 2015 WSP/Parsons
Brinckerhoff study, the goods movement industry contributed $231 billion
(30%) to Ontario’s GDP and accounted for 27% of all jobs.
On November 24, in his speech
to Toronto Region Board of Trade
Members, Mayor John Tory
announced revenue tools to fund
Toronto’s much needed transit.
1. Tolls for the DVP Gardiner
Expressway
2. Asset Monetization
3. Hotel Tax
4. Elimination of 20% Tax Rebates
on Vacant Industrial
Commercial Properties
Canada Infrastructure Bank
Looking to Canada’s Fall 2016
Federal Fiscal and Economic Update,
infrastructure investments remain
the priority, as evidenced by the
government’s creation of the Canada
Infrastructure Bank. The Bank will be
responsible for investing $35 billion
of federal funds for infrastructure
and will help fund many of Toronto’s
key projects including public
transit, provided Toronto can
clearly articulate which projects
need these funds.
POLICY IN ACTION
* Estimated
annual congestion
in the GTHA cost
$7.8
billion
*
2031
$6
billion
2009
The transportation of people and goods
in the Greater Toronto and Hamilton Area
(GTHA) contributes to the ever-increasing
costs of congestion.
The goods movement
industry contributed
and accounted for 27% of all jobs
$231 billion
(30%) to Ontario’s GDP
Our national GDP is forecasted
to grow by 1.8% in 2018
Close to
every year
new
residents120,000
1.8%GDP
10. ONBOARD Winter 201718 ONBOARD Winter 2017 19
POLICY IN ACTION POLICY IN ACTION
The Canadian economy has been growing at its slowest
pace in 50 years. The Bank of Canada’s October Monetary
Policy Report indicates a significant factor is the country’s
weak export performance, while our trade deficit with the
rest of the world fell to a record $3.6 billion in June 2016.
The federal government is now placing its faith in the
Comprehensive Economic Trade Agreement (CETA) with
the E.U. to stimulate export activity. Signed in October
2016, the agreement would remove 98% of E.U. tariffs
on Canadian goods and services. But, CETA must still
be ratified by the EU’s 28 member states to be brought
into force, which could be another year in the making.
On the horizon lies some risk for Canadian businesses.
As Canada continues to embrace free trade, U.S. President
Donald Trump has signaled his administration will
“reverse decades of conciliatory trade policy.” President
Trump has already initiated efforts to either reform
or withdraw from the North American Free Trade
Agreement (NAFTA).
What this means for Canadian businesses has yet to be
studied or quantified. But as the U.S.’s second largest trading
partner with $325.4 billion in exports in 2015, changes
to the 23-year-old agreement will have a big impact.
Rising prices over the past decade have heightened
concerns of affordability for residents and businesses, with
a recent poll indicating electricity prices will influence the
vote of 51% of Ontarians. For many consumers, the price
of electricity has nearly doubled since 2006 even though
the wholesale price of electricity has decreased and efforts
to consume less have increased.
These increases have been driven by a steady rise in
the Global Adjustment (GA), a surcharge placed on all
electricity bills. The GA covers the difference in cost
between the market rate for electricity and the fixed price
contracts signed with some generators, as well as the cost
of infrastructure upgrades, conservation programs and
assistance for low income and rural consumers.
The government has attempted to mitigate these high
prices through a variety of conservation initiatives
and demand-shifting (for larger power users) and most
recently, a rebate on the provincial portion of the HST on
electricity bills for residences, farms and small businesses
beginning in January 2017.
Ontario’s Climate Change Action Plan (CCAP) and its
associated cap-and-trade system is causing the greatest
uncertainty for the energy sector.
Beginning in January 2017, all major emitters (about
25,000 tonnes of CO2
equivalent) must register and either
reduce their emissions below a set cap or purchase carbon
credits. While Ontario’s electricity sector is already 90%
carbon-free, the cap-and-trade program will result in
higher prices for natural gas and gasoline.
In the long term, CCAP’s long-term goal will be to increase
the costs of these carbon-emitting fuels to encourage
homes and businesses to switch to electricity as the
primary energy source for transportation and heat. This
will not only increase costs for businesses and residents,
but it also makes future electricity planning difficult.
If the CCAP is successful in causing individuals and
businesses to shift from natural gas and gasoline to
electricity, more supply will be needed, increasing costs.
According to the Independent Electricity System Operator
(IESO), the degree of this change is still highly uncertain,
making the forecasting of energy costs for businesses
particularly difficult in the medium-to-long term.
$3.6 billion
in June 2016
Trade deficit with the rest
of the world fell to a record
While Some Close Doors,
Canada is Open to TradeTrade: A Ballot Question in
2018 Provincial ElectionEnergy:
Year-over-year, unemployment in Canada was down slightly to 6.8%
in November 2016, according to Statistics Canada. This year’s mediocre
performance reflects a lack of business confidence and solid economic
performance. While 183,000 jobs were added to the Canadian economy
in 2016, there remains a concern over the quality of employment,
as most new positions have been part time.
On the other hand, Ontario’s unemployment rate is presently at an
eight-year low and is forecast to steadily decline by 2019. In October
2016, the province’s unemployment rate declined to 6.4%. Year-over-
year employment in Ontario grew by 77,000 positions. According to the
Ontario Ministry of Finance, employment is forecast to grow by 1.2%,
on average, over the 2017 to 2019 period. Many jobs created in the
province in 2016 were full-time positions in the private sector.
Fortunately, this trend will continue in 2017, with growth
in several sectors, such as ICT, transportation and warehousing.
Interestingly, employment trends in the construction sector are also
consistent with what we observe in other sectors both provincially
and regionally. The Board’s Building Infrastructure, Building Talent
report estimates total construction activity in the Toronto region (both
residential and non-residential) will increase by 43% to $444 billion,
and highlights a demand for new construction-related workers (118,000)
and a replacement demand for retiring workers (29,000) totalling
147,000 jobs. Together, this figure almost doubles the number of
construction-related workers currently employed. 70% of these jobs
will pay more than double Ontario’s minimum wage.
Massive Opportunities in
the Construction SectorTalent:
Toronto CMA’s Employment
Growth (%): Construction, Manufacturing
and Business Services Sectors
2016 Estimate
Construction 2.8%
Manufacturing 2.4%
Business Services 0.5%
Total Employment 1.6%
Source: Metropolitan Outlook, Fall 2016,
Conference Board of Canada
Electricity prices
will influence
the vote of 51%
of Ontarians
Ontario’s Climate Change Action Plan
(CCAP) and its associated cap-and-trade
system is causing the greatest uncertainty
for the energy sector.
51%
For many consumers,
the price of electricity has
nearly doubled since 2006
2x
Canada is the U.S.’s second
largest trading partner with
in exports in 2015
$325.4 billion
What Type of Construction Projects?
• Eglinton Crosstown LRT
• Toronto-York Spadina subway extension
• Finch West LRT
• Air Canada’s aircraft hangar
at Toronto Pearson
• Waterfront Innovation Centre
• 388 King Street West office tower
• Redevelopment of
Credit Valley Hospital
• King Portland Centre
Source: Metropolitan Outlook, Fall 2016,
Conference Board of Canada
11. Scotiabank Scotiabank
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12. 23ONBOARD Winter 2017ONBOARD Winter 201722
FEATURE FEATURE
5. EMERGING ENTREPRENEUR
OF THE YEAR: 5Crowd
The Emerging Entrepreneur of the Year award went
to 5Crowd, presented by Tina West, Associate Professor
and Chair of Marketing at the Ted Rogers School of
Management, Ryerson University. Co-founder Rachel
Zimmer is looking forward to bringing its technology-
enabled marketing agency with a curated global network
of freelance professionals to the international stage,
leveraging their freelance solutions as an extended
workforce to help clients’ marketing efforts.
6. GLOBAL TRADE: Baylis Medical
The winner of the Global Trade award was Baylis Medical,
and was presented by Nino Pasquariello, Director of
Small Business at Scotiabank. Baylis is making good on
its commitment to improve the lives of people around the
world by developing its medical technology. By providing
safe access to high-technology cardiology, endovascular
and oncology devices, Baylis is realizing its goal of
becoming a global market leader.
7. TECHNOLOGY INNOVATION:
Aequitas Neo Exchange
The 2016 Technology Innovation award went to Aequitas
Neo Exchange and was presented by Maninder Chauhan,
Manager of Small Business Solutions at TELUS. Canada’s
newest stock exchange is built on a unique blueprint
that puts fairness, liquidity, transparency and efficiency
first. Committed to ending predatory high-frequency
trading practices, Aequitas Neo is changing the face of the
securities and exchange industry.
8. 2017 BUSINESS LEADER OF THE YEAR:
Mohamad Fakih
The 2017 Business Leader of the Year is Mohamad Fakih,
President CEO of Paramount Fine Foods. The award
was presented by David Waugh, Branch Manager at RBC
Royal Bank. Mohamad leads one of the fastest growing
Middle Eastern food chains in Canada with more than
800 employees, and has expanded the Paramount Fine
Foods brand across the country and globally. He is also
involved in giving back to the community, working with
organizations including Cops for Cancer, Canadian Cancer
Society, Make A Wish Foundation and Walk A Mile In Her
Shoes. In his keynote address, Mohamad demonstrated
through his own story that Toronto’s motto—“Diversity
Is Our Strength”—is not just a slogan, but an aspirational
business principal.
Now in its sixth year, the 2016 Business Excellence Awards, presented by
Canada Post, celebrate the achievements and contributions of small to medium-sized
businesses (SMBs) in the Toronto region. Selected by a committee of Toronto Region
Board of Trade members, this year’s winners were recognized for being exemplary
role models who create opportunities for hundreds of thousands of Canadians
and contribute to the Toronto region’s economic, social and cultural vitality.
1. EMPLOYER OF THE YEAR: 360insights
The Employer of the Year award was presented to
360insights by Jan De Silva, President CEO of Toronto
Region Board of Trade. As a company that prides itself
on making a difference, 360insights’ workplace culture
reflects a core commitment to providing an unbelievable
place to work for its employees. From daily all-hands
huddles to their summer family picnic at a waterpark,
360insights has demonstrated why it has been consistently
recognized as one of Canada’s Top 100 Employers.
2. UNDER 40: Meghan Chayka
The Under 40 award was presented to Meghan Chayka,
co-founder of Stathletes, by Donna O’Reilly, Regional
Vice President of Commercial Financial Services at RBC
Royal Bank. A hockey analytics company, Stathletes is
changing the game by creating comprehensive data sets
offering new insights into our national pastime. Meghan
overcame adversity by succeeding in a male-dominated
market where networking and relationships are key,
demonstrating her qualities as an outstanding young
business leader.
3. LOCAL ECONOMIC IMPACT: emergiTEL
The Local Economic Impact award was presented to
emergiTEL, a telecom and IT recruitment agency, by
Darri Beaulieu, Manager of Business Development for
The Learning Enrichment Foundation. Founder and
CEO Aneela Zaib, a new Canadian from Pakistan who
experienced firsthand the challenges many immigrants
face trying to secure employment, made increasing
employment and training opportunities for people from
equity-seeking communities her company’s key priority.
4. COMMUNITY INFLUENCER:
Furniture Bank
The Community Influencer award went to social
enterprise Furniture Bank, presented by Karen McClellan,
Director of Small Business Marketing at Canada Post.
Matching unused furniture with 30,000 families in need
each year in the Toronto region alone, Executive Director
Dan Kershaw hopes to provide the benefits of a furnished
home to families across Canada.
2016 Business
Excellence Awards
Would you like to be considered for the 2017 Business
Excellence Awards?
Are you a Board of Trade member looking to lend your
support in judging our 2017 awards?
Email contactus@bot.com.
1.
5.
2.
6.
3.
7.
4.
8.
Recipients and presenters of the 2106 Business Excellence Awards (From L to R): 1. Jennifer Bell, Vice President, Marketing, 360insights;
Jan De Silva, President CEO, Toronto Region Board of Trade; Tim Rochon, CTO, 360insights, accepting on behalf of Jason Atkins, CEO,
360insights; 2. Brad Nauta, Co-Founder CTO, Stathletes, accepting on behalf of Meghan Chaykam, CEO Co-Founder, Stathletes;
Donna O’Reilly, Regional Vice-President of Commercial and Financial Services, RBC Royal Bank; 3. Neil Rostant, Partner, PwC;
Aneela Zaib, CEO Founder, emergiTEL; Patrick Weeren, VP Sales, Central/Eastern Canada, emergiTEL; Fraser Cameron, National
Business Development Manager, emergiTEL; 4. Karen McClellan, Director of Small Business Marketing, Canada Post; Dan Kershaw,
Executive Director, Furniture Bank; 5. Bram Warshafsky, Co-Founder, 5Crowd; Tina West, Associate Professor of and Chair of Marketing,
Ted Rogers School of Management, Ryerson University; Rachel Zimmer, Co-Founder, 5Crowd; 6. Nino Pasquariello, Director of Small
Business, Scotiabank; Kris Shah, President, Baylis Medical; 7. Jos Schmitt, CEO, Aequitas Neo Exchange; Maninder Chauhan, Manager,
Customer Marketing, TELUS; 8. Mohamad Fakih, President CEO, Paramount Fine Foods.
13. ONBOARD Winter 2017 25
Israel: Startup Nation
With a population of 8.4 million people, Israel is a much
smaller nation than Canada; 35 million people live in
Canada. But what it lacks in size, it makes up for in impact:
Israel is one of the top technology superclusters in the
world, second to Silicon Valley.
Israel is a world leader in the creation, financing and
incubation of startups. From cybersecurity to clean
technology, biotech, fintech and agritech, Israel has
much to share with the Toronto region.
Israel earned its Startup Nation title because it produces
more startups than larger nations like Japan, China, India,
Canada and the United Kingdom. It has more high-tech
startups, and a larger venture capital industry per capita,
than any other country in the world.
In 2015, Israeli startups generated $4.5 billion in funding;
more than 10% was attributed to the 500+ companies
operating in the fintech industry.
With more than 450 cybersecurity companies in Israel,
capital raising for cybersecurity recently reached a record
high of nearly $700 million.
Innovation in the
Startup Nation
Where: Israel—Tel Aviv, Ramallah, Jerusalem,
Haifa, Beersheba, Sderot West Bank
When: November 2016 (1 week)
Why: Strengthen economic relations, promoting
Toronto as the place to do business; gain
exposure to Israel’s incubator ecosystems;
connect Israel’s business leaders in fintech
and cybersecurity with companies leading
Toronto’s fintech, cybersecurity and AI efforts
Who: City of Toronto Mayor John Tory
Board of Trade President CEO, Jan De Silva
Toronto City Councillors James Pasternak,
Josh Colle Christin Carmichael Greb
50 Toronto business community technology
sector delegates, including scale-up tech
firms and technology leaders from some
of our largest financial and professional
services firms
City of Toronto’s Technology
Trade Mission to Israel
Going Global
Tel Aviv: city that never sleeps
The financial centre and the technology hub of Israel,
with a population of 432,892, Tel Aviv is Israel’s second
largest city, and the largest city in the Gush Dan region.
Tel Aviv is also a focal point in the high-tech concentration
known as the Silicon Wadi.
Jerusalem: incubator central
Northern Jerusalem’s Har Hotzvim industrial park and the
Jerusalem Technology Park in south Jerusalem are home
to large Research and Development centres of international
tech companies like Intel, Cisco, Teva Pharmaceutical
Industries, IBM, Mobileye, Johnson Johnson, Medtronic
and more. In April 2015, Time Magazine named Jerusalem
as one of the world’s five emerging tech hubs, proclaiming,
“the city has become a flourishing centre for biomed,
cleantech, Internet/mobile startups, accelerators,
investors and supporting service providers.”
Beersheba: global hub
for cybersecurity
Located in the country’s southern region, Beersheba
is a desert city home to 250 specialized companies and
research centres and recently benefitted from major
investments in the construction of ultra-sophisticated
startup incubators.
TORONTO REGION BOARD OF TRADE
PRINCIPAL SPONSORS
Apply, nominate a company or become a TAP partner today: TAPGTA.CA
The Trade Accelerator Program (TAP) is a one-of-a-
kind, hands-on and collaborative program connecting
Canadian Small and Medium Enterprises (SMEs) with
key resources to build their international business
presence. The high export success rates experienced
by companies having followed the program has put
TAP at the top of export-related and must-follow
initiatives recently created in Canada.
TAP is a must if you are:
◼ An established Canadian SME new-to-exports
◼ A Canadian exporter looking to penetrate
new markets
◼ A Canadian SME looking at redefining its
international strategy
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Trade Accelerator Program: Your Gateway to a Global Presence
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14. 27ONBOARD Winter 2017ONBOARD Winter 201726
Going GlobalGoing Global
“We went to Israel to learn what makes it such
a thriving source for startups, how its incubators and
venture funding stay so strong and how government
interventions have facilitated the rapid growth of their
technology sector,” said Mayor Tory. “We need to learn
from this success so we can continue to scale up Toronto’s
ecosystem, while connecting our businesses with
opportunities in the Israeli market.”
Technology delegates (full list found on page 28) were
identified by their peers as key leaders in Toronto’s
innovation community. Their insights and advice would
benefit the mission and future policy and program
decisions made back in Toronto.
Mayor Tory’s Israeli agenda included promoting
Toronto’s innovation economy in meetings with mayors
of the six cities and connecting delegates to local business
leaders, investors and representatives of technology
sectors, including Rise (Barclays’ incubator), Google’s
Innovation Centre in Tel Aviv, IBM’s innovation lab
in Haifa and The Floor Fintech Innovation Centre.
For TTC Chair, Councillor Josh Colle (Ward 15 Eglinton-
Lawrence), it was important to see how major transit
projects are transforming Tel Aviv and Jerusalem,
and to share information on transit innovation and
infrastructure financing.
The delegation also visited educational institutions,
including Tel Aviv University, Technion, the Israel Institute
of Technology and the Ben-Gurion University of the
Negev, which is currently building an ambitious project
bringing together local and foreign industry, academia
and the military for advanced RD in cybertechnology.
“Visiting Israel showed us a blueprint for how
government, business and educational institutions can
collaborate to achieve phenomenal economic growth
and success,” said Mayor Tory. “There is so much we
can learn from them as we focus on growing Toronto’s
innovation economy.”
By the end of the mission, companies and centres
of higher education in the fields of cybersecurity,
fintech and digital research had signed several
strategic partnership agreements.
“For the Board, this mission demonstrated the
critical importance of fostering top-tier global startup
ecosystems in Canada, like the Toronto-Waterloo
supercluster, to attract talent and spur economic
growth,” said De Silva. “This was our second trade
mission with the City, and we look forward to embarking
upon many more to showcase our city-region with the
relaunch of our World Trade Centre franchise.”
Aliza Lakhani, Director of Business
Development International Projects
at The DMZ – The DMZ at Ryerson University
There were a few key learnings I took from the mission.
First, magnitude: over four billion dollars was invested
in Israeli startups in 2015 with an estimated six billion
dollars to be invested by the end of 2016. Second,
collaboration between various stakeholders is key to the
region’s success. Finally, and probably what struck me
most, is the courage mindset—chutzpah—which results
in a widespread belief that anything is possible and
taking risks is supported and encouraged (even if that
means failing!).”
Salim Teja, Executive Vice President,
Ventures, MaRS Discovery District
A key takeaway was the importance of private and public
sectors working together to help grow the impact of the
startup ecosystem. On a very practical level we were
able to identify opportunities for partnerships, marketing
and funding. Startups need to be working closely with
corporate partners in order to get market validation for
their solutions—corporate accelerator programs, such
as Barclays Accelerator in Tel Aviv, can help with this.
Toronto needs to build global networks of customers,
capital and talent. Selecting a few technology areas
where we can really excel and investing our resources
in them should help.”
Ben Zlotnick, CEO Founder, INCubes
The companies and organizations that we met blew us
away with their capabilities and know how. Partnering with
them will only build a win-win for both sides. I personally
have already created some partnerships and have been
engaging on new business opportunities with many of the
investors and startups that we met. Sometimes getting
out of your own backyard allows you to open up your
business acumen and look for new and old opportunities.”
Below are reflections on the mission by leaders
of Toronto’s business community who passionately
advocate for entrepreneurship and innovation—
the driving force for the Toronto region to take our
startup ecosystem to the next level.
Janet Ecker, President CEO,
Toronto Financial Services Alliance (TFSA)
For our financial industry here in Toronto, future success
depends on the companies’ ability to successfully
innovate themselves, to adapt and/or partner with new
technology startups. I was looking for opportunities
to make contacts with organizations that could
provide information on how to strengthen our fintech
ecosystem and to explore potential partnerships that
could be mutually beneficial. We had good meetings
and have several leads to follow up on.”
Mark Hazelden, Senior Director,
The Brookfield Institute for
Innovation + Entrepreneurship
The mission exceeded my expectations from two
perspectives: first, the quality of the introductions
and site visits with leading Israeli practitioners and
institutions, all facilitated by the City were top notch;
second, the quality of the delegation was fantastic—
I learned as much about Toronto’s thriving fintech
and cyber-security scene as I did about Israel’s.”
Haifa: Israel’s Silicon Valley
Haifa, a city of 275,000, is a world centre of high-tech
industry. It is home to the country’s leading academic
institutions, the MATAM Science-Based Industries Park
and companies like Microsoft, Intel, Google, Amdocs
and Qualcomm.
The West Bank: booming tech sector
With a population of over 3.2 million people,
the West Bank is home to a highly qualified labour
force. Ramallah has created new, high-level university
programs and several incubators, such as eZone.
Trade represents 62% of Israel’s GDP. Since 1997,
trade between Canada and Israel has been facilitated
through the Canada-Israel Free Trade Agreement
(CIFTA). The two countries also have a free trade
agreement with the United States, which facilitates
trade between the three economies.
Introducing Toronto’s Tech
Supercluster to the World
Technology superclusters are forming across the world,
drawing talent, capital and innovative ideas.
According to McKinsey Company’s December 2016
report, Tech North: Building Canada’s first technology
supercluster, Toronto has all the ingredients to be
a top-tier supercluster, but presently ranks low among
the Top 25. “Canada’s nascent technology supercluster
in the Toronto-Waterloo region has the potential
to become one of the world’s top innovation ecosystems.”
“Toronto is emerging as a global centre for innovation,
technology and disruption,” said John Tory, Mayor
of Toronto. “We need to announce our ambitions
on the global stage, learn from other ecosystems
and show the world the exciting and unique
opportunities Toronto has to offer.”
On November 12, 2016, Mayor Tory, joined by Jan De Silva,
President CEO of the Toronto Region Board of Trade,
and a delegation of 50 business leaders, entrepreneurs,
financial and tech industry representatives, embarked
on a week-long ‘Innovation Mission’ to Israel.
Visiting Tel Aviv, Jerusalem, Sderot, Beersheba,
Haifa, Ramallah and Bethlehem, this mission set
out to showcase Toronto’s vibrancy as Canada’s largest
centre of commerce and innovation. Delegates built
networks, sought-out collaborative opportunities and
learned about best practices in one of the most dynamic
startup ecosystems in the world.
lessons
ISRAEL
learned
15. 29ONBOARD Winter 2017ONBOARD Winter 201728
Going GlobalGoing Global
For Eliane Tozman, Head of
Design, IBM Canada Research
Development Centre, the Israel
mission was a chance to visit her
company’s RD lab in Haifa and
review IBM’s cybersecurity work in augmented reality,
biometrics and authentication with other delegates.
Established in 1972, IBM Research Lab—Haifa has grown
to lead the development of innovative technological products
and solutions for IBM in areas like cloud and cognitive
computing, big data analytics and mobile platforms,
as well as storage, security and verification technologies.
Tozman acknowledges that IBM is involved in a lot of trade
missions, but says that learning more about the Israeli
ecosystem and their best practices was eye opening, even
though she works at a company experienced with the
community and culture.
Tozman notes that Israel’s startup community
is small, connected and highly collaborative. It’s fueled
by a culture of risk-taking, borne (in part) out of mandatory
military training for young adults prior to university,
which builds complex problem-solving skills and valuable
leadership traits.
“They’re bold. They have a real entrepreneurial
side to them where there’s no such thing as real
failure,” says Tozman. “They take what they’ve
learned and apply it to something else. That’s
100% good learning for Canadians.”
Tozman says businesses that make the most of their
opportunities get the biggest benefits out of trade missions.
“In reaching out to other cities, participants got to learn
from the growing pain points and opportunities Israeli
startups had. Additionally, meeting people within Toronto’s
business community, including our own startups and our
own incubators, was a great opportunity to find out what
others are working on and their mission statements.”
Tozman emphasizes the benefits extend to businesses
of scale, like IBM.
“Too often, we’re heads-down in our companies,
so the ability to learn from each other on these trips,
in taking people in similar industries with diverse
stages of growth, startups at an early stage, scale ups
that are facing a turning point in their growth
trajectories, is sizeable. Coming from our position
at IBM, where constant innovation is so important,
those kinds of opportunities are of great benefit to us
and to other large companies.”
Mission delegates, Rob Douglas, CEO of BioConnect, Greg Wolfond, CEO of
SecureKey Technologies, and Eliane Tozman, Head of Design, IBM Canada
Research Development Centre, share how five days in Israel shaped their views,
facilitated new connections and supported their strategic trade objectives.
The Delegate Experience
BioConnect is a Toronto-based
technology company specializing
in biometric technology and
cybersecurity. Its mission—
‘one person, one identity’—is a
reference to the company’s quest
to use biometrics (i.e. fingerprint and voice technology)
to define a person’s secure identity and protect individual
privacy in everyday use.
In a world filled with card numbers, PINs and passwords,
Rob Douglas, CEO of BioConnect, knows the need for
secure, efficient access to services is not unique to Canada.
He’s taken BioConnect’s software platform, which enables
the use of biometric technology, to customers all over the
world. BioConnect’s largest partner is based in South Korea
and the majority of its customers are based in the U.S. With
other major markets in Canada and the U.K., Douglas was
keen to see what opportunities were available in Israel.
“With Israel being known as the Startup Nation, we wanted
to go there and learn about how they build successful
companies and take those learnings back to BioConnect,”
says Douglas. “There were also a lot of cybersecurity
innovators we were particularly interested in meeting,
learning from and building relationships with.”
Douglas made the connections he was looking for, but
more importantly, he says, “we come out of this experience
completely inspired.”
“We were given the opportunity to learn from so
many different aspects of their ecosystem—how
tech companies work with private and public
infrastructure, governments, accelerators as well
as the universities. This knowledge is so valuable
to a growing tech company; we felt incredibly
lucky to be a part of it.”
Douglas adds his experience in Israel ignited something
he’s felt for a long time: that Toronto’s own ecosystem has
extraordinary potential to accelerate innovation in the region.
“Toronto has all the right parts—accelerators, universities
and research units, tech companies and government—
but we don’t do nearly as good of a job as Israel does to
connect it all and sell it well. Doing so will encourage
more companies to open up offices here, or relocate their
businesses to Toronto.”
AceTech Ontario
Airbnb
Awz Ventures Inc.
Bank of Montreal
Bernard Gropper,
Barrister and Solicitor
BioConnect
Brookfield Institute
for Entrepreneurship +
Innovation
Canadian Friends of Tel Aviv
University – CFTAU
Carpenters’ District
Council of Ontario
Centre for Israel and Jewish
Affairs – CIJA
Conservatory Group
Counseltron Ltd.
David Weinberg +
Associates Inc.
Deloitte Inc.
DMZ at Ryerson University
Facebook
Faktory
Fractional CIO Inc.
Gateway Transition Services
Harvey Kalles Real Estate
IBI Group
IBM Canada
Imperial Capital Group
INCubes
Jillcy Capital ULC
Liteline Corporation
MaRS Discovery District
MBC Managed IT Services
Mizrahi Developments
OMERS Ventures
Overbond
Peter Holdings Inc.
Plooto
RANK Software Inc.
Rosenzweig Company
Scotiabank
SecureKey Technologies Inc.
Smart Edge Company Inc.
and Philanthropy
Statflo
Thales Canada
Thinking Capital
The Goldman Group
Toronto Financial
Services Alliance
Toronto Global
TribalScale
UJA Federation
Vuru
Wittlin Holdings Inc.
MEMBERS OF THE TORONTO DELEGATION
SecureKey Technologies, a Toronto-
based cybersecurity business
founded in 2007, partners with
technology providers and system
integrators to offer identity and
authentication solutions for businesses and governments
through a secure, cloud-based platform that enhances
privacy, builds trust and increases convenience.
Today SecureKey has additional offices in San Francisco
and Boston and counts many of Canada’s largest financial
institutions among its clients. Having achieved significant
success and looking to scale up, SecureKey is keen to build
growth globally and take their services to the world.
Greg Wolfond, CEO of SecureKey, was interested in
learning from Israel’s cybersecurity community and in
seeking out partnerships for their business.
Wolfond expected his first Canadian trade mission to be an
investment in a long play strategy, but he credits excellent
access and a busy agenda with SecureKey getting to
immediately showcase its services to key connections.
He noted the Mayor’s team facilitated direct meetings with
members of the Israeli Prime Minister’s Office to discuss
collaborative practices shared between governments,
banks and telecommunications operators and provide
identity solutions that provide privacy, security and
usability to citizens.
“I was really surprised at how much the mission
helped to get a lot done in such a short time,”
says Wolfond, “and impressed that all the
knowledge of who you are and of who you are
going to meet is documented and provided in
advance by a dedicated team from the City.”
Wolfond also admired the mission’s ability to build
connections among the Canadian delegation itself.
“You get to spend time with local people from companies
in Canada that are near you or in your industry—great
entrepreneurs that you normally wouldn’t get to
spend time with.”
His advice for businesses interested in whether a trade
mission is for them is to be prepared to say yes. “As long as
you’re ready to take your products and services to a global
market—meaning you have to meet, you have to build
relationships, and then you have to follow up to make it
work—it’s a fantastic thing to do.”
17. ONBOARD Winter 201732
ASK THE EXPERT
By Doug Palmer
Regional Vice President, Commercial Banking, BMO Bank of Montreal
Opportunities for Growth:
The Look Ahead for Ontario’s Economy
Q: How is the Ontario economy looking?
A: Ontario is among Canada’s growth leaders and is
expected to outperform the national average in 2016 for
the third year running. The combination of stronger U.S.
demand, a weaker loonie and lower oil prices is supporting
exports and manufacturing. The labour market is solid as
well, with the jobless rate now trending below Canada’s
national rate for the first time in 10 years. Remembering
that trended economic growth in the province is now
likely around the 1.5% to 1.7% range, BMO’s economists
tell us that this macroeconomic backdrop might well be
as good as it gets for Ontario.
Q: What are you seeing from the Toronto
region business community?
A: The Toronto region is a large, diverse and significant
driver of both the provincial and national economies.
With renewed economic strength being seen in Ontario,
there’s a lot of excitement in the region’s business community
and strong opportunities growing across sectors—service,
financial and professional—and with the companies that
support them. As Canada’s business hub, we can expect
these capabilities to continue well into the future.
Q: What other sectors are looking positive?
A: Infrastructure is perhaps the most exciting area.
A number of commercial enterprises—both new and
traditional—are engaged in supporting the region’s
significant infrastructure growth. Whether it’s the
development of roads, bridges, rail or schools, related
service businesses are stepping up and benefitting
from both construction and ensuing operations
of these projects. We just need to look at the logistics
companies opening in Brampton—near major arterial
roads—to understand how these new connections
are being developed.
Transportation will always be an important component
of the region’s infrastructure and that industry continues
to be robust. The proximity of those parts of the region that
surround the city of Toronto to Highway 401—the busiest
highway in the country—makes those areas an important
market for transport companies, particularly in Brampton,
Mississauga and Vaughan.
Also noteworthy is Toronto’s status as Canada’s largest
technology hub and the third largest in North America.
This hub consists of 15,000 companies, 3,300 tech facilities
and up to 4,000 active startups.
Q: Manufacturing has long been a key
component of Toronto’s economy,
but was affected by the Great Recession.
How is the sector looking now?
A: Manufacturing has been particularly dynamic of late.
Manufacturers that produce specialized products for the
tech and food industries are particularly well-positioned
moving forward—good examples of growth include
specialty gloves, sensors and food packaging products.
Q: What trends do you see among
Toronto entrepreneurs?
A: I would point out that new Canadians are making
a significant impact in the growth of small to medium-
sized businesses. At BMO, the segment of our commercial
customers that have moved to the region from other parts
of the world continues to grow. Active entrepreneurs
are opening businesses in a series of diverse industries,
including transport, hospitality and real estate.
Launched in 2006, the Ryerson
MBA program was ranked in the top
100 programs worldwide by The
Economist in 2015. That’s why we’re
celebrating our success and our
10th year with a new name, the
Ted Rogers MBA. Our collaborative
and collegial culture is producing the
leaders and entrepreneurs who will
push society forward by doing business
differently. If that sounds like you,
join us.
Learn more at tedrogersmba.ca
10 YEARS OF
CONVENTION.
INSPIRED BY
A LIFETIME.
DEFYING
Ad Number: RGS_BUS_P23972_TRBT_Q4_Wireless_Ad
Publication(s): None
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File Location: SGL_Rogers:MECHANICAL ARTWORK:BUSINESS:2016:M67500_EBU Q4 Wireless DM and AdMat:RGS_BUS_P23972_TRBT_Q4_Wireless_Ad.indd
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Client: Rogers Communications
Creative Name: EBU Q4 Wireless DM +
Admat
Agency Docket #:RGS BUS M67500
Main Docket #: RGS BUS M67500
Art Director: Bronwyn Anderson
Copy Writer: Steve Castellano
Print Production: Jeff King/Rosanne Woodley
Retoucher: None
Live: 3.02” x 4.58”
Trim: 3.27” x 4.83”
Bleed: None
Artwork Scale: 1:1
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18. ONBOARD Winter 201734
ASK THE EXPERT
By James Busko
Managing Partner, Banking Financial Services, Cognizant Technology Solutions
Digital:
Getting There from Here
C
M
Y
CM
MY
CY
CMY
K
Businesses that want to compete on the global stage need
to take a hard look at what it means to be digital. In a recent
Cognizant survey of 2,000 companies around the world,
respondents said 4.6% of their current revenue was driven
by digital, and this will more than double to 11.4% by 2018.
By 2020, digital investments will grow to 16.5% of revenue.
Q: What can businesses do now to move
the needle on digital transformation?
A: The first step is getting to know your customers and
delivering value in a way you’ve never done before.
Age-old approaches like customer segmentation need
to be replaced by cutting-edge techniques, based on
gathering real-time data from the entire customer journey.
The resulting insights can be used to deliver the in-the-
moment experiences that consumers have come to expect
in the digital age.
To really know customers in a new way, though, you also
need to apply behavioural sciences expertise. Leading
companies are now applying anthropological, sociological
and ethnographical approaches to uncover the drivers
of customer behaviour and motivations. This can really help
you avoid making incorrect–and expensive–assumptions
with your digital strategy.
Q: How can companies nurture
the innovation that digital demands?
A: When it comes to innovation, you can’t go it alone.
New entrants that are changing the game for traditional
industries are just too agile and ‘digital-first’ to beat
at innovation. Businesses can spur innovation through
hackathons, innovation fairs and more, but to really
move as quickly as needed, they must collaborate with
digitally-minded companies and partner with startups
on co-innovation initiatives.
Many companies are also inviting external developers
to add extensions to their own technology offerings through
open application programming interfaces (API). This can
also work in the opposite direction–businesses can identify
platforms to plug into. Either way, the plug-and-play
platform approach is essential to innovating at the
speed needed today.
Q: What’s the biggest challenge to
getting started on the digital journey?
A: No one can succeed with digital transformation
without the right talent. According to our recent survey
of 422 global executives, there’s a moderate to severe
skills gap in critical technology areas (big data, security,
Web/mobile development) that hinders respondents’ ability
to embrace the digital future. New talent models such as
the ‘gig economy’ will be needed to fill the gap.
Soft skills, such as collaboration, communication
and analytical thinking, are also increasingly critical.
Perhaps counter-intuitively, these uniquely human skills
will become even more important with the accelerating
advancements in artificial intelligence and intelligent
automation. The more machines take on rote tasks and
straightforward process work, the more businesses will
need workers to emphasize what we, as humans, do best.
Q: What are the risks of hesitating?
A: Digital laggards pay a high economic price,
particularly in certain industries. When we calculated
the difference in cost and revenue performance of digital
‘leaders’ and ‘laggards,’ the ‘laggard penalty’ was about
$692 million per company between 2015 and 2018. All
of this goes to show that digital is not a nice-to-have,
it’s a real economic concern.
19. ONBOARD Winter 201736
SMART COMPANY
By Calin Rovinescu
Air Canada’s President and Chief Executive Officer
A view from the top:
Air Canada’s 2017
New Year’s Resolutions
A New Year is full of promise to be and do better than
before. It is with this in mind, we rounded up a list of our
wins from 2016 and areas we are looking towards in 2017.
Be a leading global carrier
with its major hub in Toronto
UK-based Brand Finance, recently named Air Canada
as one of the world’s top 20 airlines and the fastest-growing
brand amongst large Canadian companies. For the past
two years, 90% of our growth has been in international
markets. In Toronto alone, where much of that growth
has been centered, we have increased capacity 62%
since 2009 and now operate approximately 800 arrivals
and departures daily. Last summer, we launched 10 new
international routes to four continents, as well
as 11 more routes to the U.S. These added services
connected Toronto with such far-flung destinations
as Seoul, Prague and Warsaw. In 2017, we plan to launch
new services to Mumbai and Berlin.
Increase routings to boost
the economy, generate more jobs
Numerous studies link air connectivity and economic
activity. A 2013 study done by PricewaterhouseCoopers
estimated that a 10% increase in seat capacity could boost
short-term GDP by 1%, inbound tourism by 4% and trade by
1.7%. Another report on Toronto-Pearson found the airport
area is the country’s second largest employment zone, with
300,000 jobs. It outperforms all Canadian downtown cores,
except Toronto’s, in terms of employment and economic
significance. For our part, in Toronto and Ontario, we
employ 12,000 people, pay salaries and wages in excess
of $1 billion a year and annual direct expenditures exceed
$3 billion. This is why around the world countries invest
heavily in airport and related transport infrastructure.
Developments such as the UP Express are vital to future
growth. Similarly, the tunnel link at Billy Bishop Airport
improves accessibility to the island airport, where we fly
up to 15 return flights a day to Montreal and where we would
add more routings if slots were made available to us.
Continue connecting our
passengers on and off flights
Air Canada’s network makes it easy for family and friends
to connect anywhere in the world and significantly
contributes to tourism. Our highly successful Toronto
Stopover program allows connecting passengers from the
U.S. to pause their journey and stay to visit Toronto at no
additional cost. We plan to continue leveraging our ability
to connect passengers in Toronto and our other hubs.
We also see a huge growth opportunity in the international
connecting of traffic flying to and from the U.S. At present,
Air Canada has roughly a 1% share of such traffic flying
on non-U.S. carriers. If we could boost this to even 1.5% that
would translate into an additional 1.68 million passengers
per year. To drive our expansion, we are investing more
than $9 billion in state-of-the-art aircraft such as the
Boeing 787 Dreamliner and developing industry-leading
on-board and airport amenities.
Air Canada is working hard both on the ground and in
the air to take care of customers and build a global brand.
As our major international hub, the Toronto region features
largely in our plans and will benefit from our success.
2017 GOLF TOURNAMENT
REGISTER NOW!
Monday, May 29, 2017
The Country Club
20 Lloyd St., Woodbridge
BOT.COM/GOLF
TORONTO REGION BOARD OF TRADE
PRINCIPAL SPONSORS
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THURSDAY, FEBRUARY 9, 2017
METRO TORONTO CONVENTION CENTRE
The Board’s Annual Dinner brings together the
Toronto region’s most influential business leaders
for a night of celebration and power-networking.
THE GALA ON EVERY BUSINESS
LEADER’S CALENDAR
Metro Toronto
Convention Centre
North Building –
Constitution Hall
Cocktail Reception: 5 pm
Dinner: 7 pm – 9 pm
Post-Reception: 9 pm
Member: $500
Table of 10: $5,000
Non-Member: $600
Table of 10: $6,000
GEORGE COPE
President and CEO of BCE
and Bell Canada
SUSAN MCISAAC
Immediate Past-President, United Way
Toronto York Region
STEPHEN LEDREW
Host of CP24’s Live at Noon
KEYNOTE SPEAKER
MASTER OF CEREMONIES
TORONTO REGION BUILDER
AWARD RECIPIENT
