1. travel
2. tourist destinations
3. canada

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
SUMMER 2015
YOU
YOUR BUSINESS
Attracting
Toronto’s Top Talent:
What it takes to compete for the best and brightest 7
Publications Mail Agreement #40005069
YOUR CITY REGION
Tapping into
Global Trade:
Strengthening the region’s
trade ecosystem 19
IN THIS ISSUE
Summer 2015
View the online
edition of OnBoard
at: BOT.COM/ONBOARD
Find us on social media
7
COVER
7Attracting
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.
Feature
19Tapping 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).
21Special Focus, An interview
with the Hon. Lawrence
Cannon, Canada’s
Ambassador to France
30
28
OPEN
FOR
BUSINESS
5Our 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.
16Coming to the Podium
Leaders and newsmakers coming
soon to our podium.
NEWS
REGIONAL REVIEW
30An interview with the Mayor
of Brampton, Linda Jeffrey
SMART COMPANY
11 15 Clinical Trials Ontario (CTO):
Attracting More Clinical Trial
Investment to Ontario
17 SNC-Lavalin:
The Canadian P3 Advantage
AND NOTES
32 Industry Prepares to Fly Higher
through Aviation Conference GTA
The Board’s Small
Business Summit Gets Social
33Nominations Open for
2015 Business Excellence Awards
POLICY IN ACTION
28Introducing TO Health!
ccompass: Why You Should Reveal
A
What Your Best Employees Earn
23 TELUS: The Future is Now: How the
Internet of Things is Transforming
Canadian Businesses
25 eo Exchange Inc.: Challenging
N
the Status Quo in the Canadian
Capital Formation Process
27 Wells Fargo: 2015 International
Business Outlook: U.S. and
Canada Key Trading Partners
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.
ONBOARD
SUMMER 2015
3
MESSAGE FROM THE CHAIR and CEO
SUMMER Issue, March 2015
Publisher
Carol Davies
Editor
Carol Davies
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).
Contributors
Ron Aitken
Christina Bruce
Darcy Brooks
Susan Marlin
Steven Osiel
Shawn Sanderson
Jos Schmitt
Rick Valade
Design & Production
Campbell Symons Design
Austin Headley
Advertek
Advertising Enquiries
[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:
OnBoard
77 Adelaide St. West, Suite 350
First Canadian Place
P.O. Box 60, Toronto, ON
M5X 1C1
[email protected]
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.
For more information about Toronto
Region Board of Trade visit
www.bot.com or
www.bot.com/GetConnected
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.
Toronto Region Board of Trade does
not endorse advertised products or
services presented in this magazine.
In the meantime, from all of us at the Board—have a wonderful summer!
Warm regards,
Janet De Silva
President & CEO
Reproduction of this magazine
in whole or in part without consent
from Toronto Region Board
of Trade is prohibited.
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.
Beth Wilson, FCPA, FCA
Chair
PROUDLY SPONSORED BY
4
ONBOARD
SUMMER 2015
OPEN FOR BUSINESS
WELCOME TO OUR
NEWEST MEMBERS
SINCE April 2015
Prestige:
Champion:
MEMBERS
FEATURED
IN THIS ISSUE
Accenture 24
Accompass 11
Chambers of Commerce
Group Insurance Plan 31
Citizenship and
Immigration Canada 10
Clinical Trials Ontario 14, 15
Deloitte Growth, Association and
Connected Members
A.A. Varghese Law
AGS Automotive Systems
Apartment Number 2
Brightworks
Briple Investment Consulting
BXL Distributors
Candybox Marketing
Caterpillar Tunneling Canada Corp.
City Adult Learning Centre – TDSB
CN Tower
Condo Control Central
Connected in Motion
COSTI Immigrant Services
Dare Innovative
DDJ Consulting
Eastbay I.T. Consulting
Eighty Proof Digital
Environment and Resources Consulting
Fleming Consulting & Co
Focus ROI Inc.
French@Work
Genova Private Management Inc.
Goldman Sloan Nash &
Haber LLP / Levitt Grosman
Hard Rock Cafe, Toronto
HR50 Inc.
Ink Jet Sales
Innowize Corp (IICIE)
InSite Creations
Investment Industry Regulatory
Organization of Canada
iTeraTel Communications Inc
JVS Toronto
Lexmar Holdings
March of Dimes Canada
Marmac CNC Maching Ltd.
Mars Venus Coaching
Modell Printing
NPower Canada
OTT Capital Corporation
Powered By Search
Primerica Inc
Relay Strategies Inc.
Reneta Kanova
Ron Smith
Scotsdale Partners
Shadowblast
South African Airways
Spice DNA
St. Louis Bar and Grill
StartupLegals
StudyingChinese.com
Sunmed Holidays
The Search Party
The Wheels Group
Trusted Advisor to Business & NFPs
Turcsanyi Consulting Inc
Vanek Whiskey Events
Westin Harbour Castle
Your Planning Partners
Zoba’s Kitchen
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 TELUS 16
10, 23
The Art of 26
The Globe and Mail 35
Wells Fargo 27
ONBOARD
SUMMER 2015
5
COVER
Attracting Toronto’s
Top Talent
What it Takes Today to Compete
for the Best and Brightest
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 competitive 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.”
ONBOARD
SUMMER 2015
7
COVER
“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.”
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.
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.
Reputation Counts
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.”
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
8
ONBOARD
SUMMER 2015
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 Attraction
Branding 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.
COVER
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.
“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.”
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.
continued on page 10
Compensation Report Partner:
COMPENSATION REPORTS
AT T R A C T A N D R E TA I N G O O D TA L E N T
2015
2016
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
Are you paying too much or not enough for your talent?
Get the Latest Market Data
2015-2016 Reports Available September 2015
ORDER TODAY!
416.862.4512 or bot.com/surveys
ONBOARD
SUMMER 2015
9
continued from page 9
See how the Internet of Things can
boost your organization’s efficiency.
Connect your business in ways you never imagined
for results you never knew you could achieve.
TELUS does the Internet of Things.
Discover the possibilities at telus.com/iot
© 2015 TELUS Corporation
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.
SMART COMPANY
Why You Should Reveal
What Your Best Employees Earn
By Steven Osiel
Vice President, Compensation & Incentives, Accompass
“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.
ONBOARD
SUMMER 2015
11
OPEN FOR BUSINESS
AT THE PODIUM
Every 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.
Transforming Ontario’s Healthcare
Dr. Bob Bell, Deputy Minister of Health and Long-Term Care
March 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 Health
March 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
12
ONBOARD
SUMMER 2015
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.
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 prebudget 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 Toronto
May 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 Trade
April 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
13
SMART COMPANY
Attracting More Clinical
Trial Investment to Ontario
By Susan Marlin
MSc., President and CEO, Clinical Trials Ontario (CTO)
“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 stakeholderled 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-forprofit 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.
ONBOARD
SUMMER 2015
15
OPEN FOR BUSINESS
Coming to the Podium
Details available at www.bot.com/events
Tuesday, July 14
Pan American Business Club Seminar
Monday, September 21
Small Business Summit
Tuesday, July 21
Toronto Region Board of Trade Networking Boat Cruise
Tuesday, September 29
Gregg Saretsky, President and CEO, WestJet
Thursday, August 13
RBC Networking Series - Mega Networking
Friday, October 16
Stephen Rigby, President and CEO,
Ontario Lottery and Gaming Corporation (OLG)
Thursday, September 10
Ray Boisvert, President, I-Sec Integrated Strategies
SMART COMPANY
ASK THE EXPERT
The Canadian P3 Advantage
By Ron Aitken
Vice President, Pre Construction and Transit Systems, SNC-Lavalin
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 PublicPrivate 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.
ONBOARD
SUMMER 2015
17
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
“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.”
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.
ONBOARD
SUMMER 2015
19
Feature
Launch the Trade Acceleration
Program for the GTA
TAP GTA Plan
Steering and
Advisory Council
GOVERNANCE
Toronto region
Export Strategy REPORT
Reports the readiness, challenges, and export
enablers for Toronto region businesses
April 2015
Trade
Accelerator
Series
Trade
Summit
General Trade
Navigation
May 2015
Hands-on trade development program for targeted
companies to drive exports for selected firms
Ongoing trade related events,
delegations, and learning
seminars at the Board
Events & Awards
SMEs
Trade Accelerator
Step 1: Onboard
Step 2: Assess
Step 3: Activate
SMEs
DELEGATIONS
General Export Support
Education
Workshops and Seminars
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. O
rientation: an intensive orientation on the
resources available to them and lessons learned
by other companies already active in exports.
2. A
ssessment: 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.
20
ONBOARD
SUMMER 2015
3. A
ctivation: 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.
Feature
Special Focus
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.
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.
“For Toronto specifically, CETA will be
a great help for professional service firms,
such as auditing, engineering, accounting
and architects.”
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.
ONBOARD
SUMMER 2015
21
SMART COMPANY
The Future is Now:
How the ‘Internet of Things’ is
Transforming Canadian Businesses
By Shawn Sanderson
Vice-President, Internet of Things, TELUS
“The IoT market in Canada is still in its early
stages of maturity, and its potential applications
are only limited by the imagination.”
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.
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.
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.
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.
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.
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.
ONBOARD
SUMMER 2015
23
SMART COMPANY
Challenging the Status Quo in the
Canadian Capital Formation Process
By Jos Schmitt
CEO, Aequitas NEO Exchange Inc.
“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:
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.
• 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.
ONBOARD
SUMMER 2015
25
SMART COMPANY
ASK THE EXPERT
2015 International Business Outlook:
U.S. and Canada Key Trading Partners
By Rick Valade
Canada Country Manager, Wells Fargo
“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 nearterm 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 longterm 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 shortterm 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.
ONBOARD
SUMMER 2015
27
POLICY IN ACTION
Introducing
Growing the Toronto Region Human Health Sciences Ecosystem
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.
28
ONBOARD
SUMMER 2015
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.
POLICY IN ACTION
TO Health! Objectives
“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 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
What the Toronto Region Offers as a Leading Health Sciences Hub
World-leading
research & talent
A centre of
Clinical Innovation
Over $1B
in annual research
advanced
business environment
Nine research
hospitals in a
geographically
concentrated network
Preferred location
9,300 life sciences
Universal public
healthcare system
graduates annually
Concentrated,
vibrant innovation
Discovery District
Larger, faster growing
region than other North
Tax incentives for
research & development
American health centres
#1 most liveable city
North America’s #2
research university –
University of Toronto
Dynamic
Metro Region
for global clinical trials
with comprehensive
e-health data analytic
opportunities
Global thought
leadership in oncology,
neuroscience, regenerative
medicine, genetics and
health technology
800+ companies,
38,000 workers
(according to The Economist)
offers high quality of life
for families and young
professionals
Lowest R&D
services costs
Uniquely diverse
population
Large suburban
office and manufacturing
Connected to the world
by two airports with frequent,
direct flights to key health
science centres and fast rail links
areas complement
downtown innovation
district
To learn more about the work being done and how can become involved visit www.tohealth.ca
ONBOARD
SUMMER 2015
29
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
30
ONBOARD
SUMMER 2015
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.
OPEN FOR BUSINESS
NEWS AND NOTES
Industry Prepares to Fly Higher through
Aviation Conference GTA
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
Small Business Summit
Gets Social
32
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.
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.
The Board’s Small Business Summit, sponsored
by RBC, focused on harnessing digital marketing
and social media tools to help businesses costeffectively elevate their profile.
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.
The Summit featured social media marketing expert
Darrell Keezer, Founder & CEO, Candybox Marketing, for
a discussion on improving lead generation through the
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!
ONBOARD
SUMMER 2015
OPEN FOR BUSINESS
Seeking Nominations for 2015
Business Excellence Awards
for Small 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 smallor 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
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.
• Local Economic Impact
• Community Service
• Emerging Entrepreneur of the Year
• Sustainability
• Global Reach
New and Improved
Compensation Insights
for HR Professionals Coming this Fall
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].
ONBOARD
SUMMER 2015
33
Celebrate the region’s
entrepreneurial spirit!
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