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Future of Canada Q&A
From Startup to Unicorn Founder, Michele Romanow Says Canada’s Future Is Bright Entrepreneur addict, co-founder at Clearco, and star on CBC’s Dragons’ Den Michele Romanow shares her insights on what Canada’s economic outlook is and why she remains optimistic. What’s your outlook on the future of Canada? Canada’s economy has always been relatively strong. Despite unprecedented changes in the economy because of the COVID-19 pandemic, Canada was able to rebound in the second half of 2020 due to the resilience of various sectors. My outlook for Canada remains strong. One of the sectors that really grew over the last two years was e-commerce. With lockdowns and public health measures in place, the conventional way of obtaining goods and services changed to ecommerce.
When traditional sectors weren’t willing to make big bets, entrepreneurs came out in full force. When traditional sectors weren’t willing to make big bets, entrepreneurs came out in full force. We witnessed a huge surge in the tech and innovation sector, with a fresh crop of unicorns like ApplyBoard, Coveo, AbCellera, Hopper, Wealthsimple, and our very own, Clearco. This is a trend we’ll see in the years to come. More Canadians are turning to entrepreneurship, which is hugely important because it shows that not only can the Canadian economy innovate at an early stage, but that we can also get to a global scale. The future of Canada relies on what industry and government does to level the playing field. How can we help create more companies like the ones we support at Clearco? One way is by enabling more entrepreneurs through capital and technology.
What’s the future for Canadian entrepreneurs? What advice do you have for them? I think that the future for Canadian entrepreneurs is extremely bright. I get dozens of pitches weekly and what I see is that we’re a country full of smart and diverse entrepreneurs. My best advice to them would be to take a chance — bet on yourself and be bold. Great entrepreneurs are built from trial and error. I’ve been in their shoes and know the sacrifices they must make to succeed.
How have you pivoted your business for to adapt for the future of Canada? One of the key things I’ve done in my role is learn how to help a team that’s growing exponentially operate remotely. Communication in person is always ideal. You lose the nuance and random collisions of ideas when you’re in a remote setting. Companies across Canada are going to have to find a way to adapt and help foster relationships and create organic environments all while in a remote setting. Clearco now employs 500 people across the world, so we’ve had to figure this out quickly. We’ll see more companies move into remote settings, so it’ll be important for leaders to fill the gap of isolation that comes with working at home.
What kind of obstacles have you had to overcome to get to where you are now? Entrepreneurship is hard. I’ve tried so many different ideas for companies and for every single success there were 10 ideas that didn’t work out. As an entrepreneur you must be agile and willing to re-invent yourself. In the early Clearco days, 200 investors on Wall Street told us we were crazy. They said we’d never make our model work — that we were taking too much risk on early-stage companies with no personal guarantees or collateral to fall back on. It took years to prove we could provide capital to founders and not lose our shirt! Sometimes when you’re getting a lot of resistance it means that you’re onto something big. There will always be someone who tells you that you can’t do it, so you must be willing to follow your gut and try different iterations.
There will always be someone who tells you that you can’t do it, so you must be willing to follow your gut and try different iterations. See Romanow on the upcoming season of Dragons’ Den, premiering October 21 at 8 p.m. on CBC.
Business Development Manager: Chelsea Siemon Strategic Account Manager: Sierra Nardella Country Manager: Nina Theodorlis Production Manager: Raymond Fan Designer: Kylie Armishaw Web Editor: Karthik Talwar All images are from Getty Images unless otherwise credited. This section was created by Mediaplanet and did not involve National Post or its editorial departments. Send all inquiries to ca.editorial@mediaplanet.com.
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Danavation Is Transforming the Digital Space and Making Canada Proud Danavation’s industry-leading technology is modernizing and digitizing a variety of industries, from retail to healthcare. Tania Amardeil
E John Ricci Founder & CEO, Danavation
ntering Danavation’s corporate headquarters in Woodbridge, ON, you notice something special: the office feels sleek and modern with its Zen Room and tech labs, but also very Canadian. With reclaimed black walnut live-edge tables and many pieces of Indigenous artwork, our country’s unique culture and heritage are unmistakably emblazoned on Danavation’s office. “We like promoting our Canadiana roots,” said founder and CEO John Ricci. Danavation is proud to be Canadian, and Canada should be proud of Danavation, too. As one of the companies leading the way in digital retail, Danavation is helping to secure our country’s future as innovators and trailblazers in the digital space.
Bringing retailers into the digital age Danavation Technologies Corp.™ is a leading provider of micro e-paper displays in North America. The company’s state-of-the-art Digital Smart Labels™ enable companies to automate labelling, pricing, information, promotions, and workflows in real time. When Ricci started Danavation, he had one goal in mind: to bring retailers into the digital age. With over 30 years of experience in the retail industry, he’d seen it all, except for one thing — a solution that met and exceeded the needs of modern businesses and tech-savvy consumers. And from that, Digital Smart Labels™ were born. “We’re the only company in the electronic shelf label world that was grounded and founded in Canada,” said Ricci. “We design and engineer our hardware and software internally, right here in Canada.” This homegrown approach gives its customers an unmatched level of service, with on-site technical support and 24/7 availability, plus peace of mind in terms of security and privacy.
Leading Canada’s digital transformation
Danavation is helping to secure our country’s future as innovators and trailblazers in the digital space.
pricing, but Digital Sm a r t L a b el s™ a r e g r e a t for a ny where it’d be beneficial to have information updated in real time.” Whether through updating and modernizing hospitals and longterm care facilities or automating workflows for logistics and manufacturing companies, Danavation’s technology is helping to transform a variety of industries. Danavation’s platform-as-a-service effectively meets the needs of Industry 4.0 or the Industrial Internet of Things (IoT) — the ongoing automation of traditional manufacturing and industrial practices. The company’s Digital Smart Labels™ enable realtime data updates, while NFC/RFID Smart Tags, IoT Smart Sensors, video analytics, and biometric systems all help Danavation to streamline connectivity, analytics, efficiency, and the customer experience.
Between its experienced leadership team and game-changing IoT technology, Danavation is facilitating digital transformation across industries. “We preach three wins: operational efficiency, consumer-engaging features, and revenue generation,” said Ricci. There’s also the sustainability piece to consider — in removing paper and plastic displays, Digital Smart Labels™ are a smart environmental choice. “We maintain a clear ESG commitment by advocating for environmental sustainability through significantly reduced paper use,” said Ricci. Canada is working hard to move in the direction of environmental sustainability, and Danavation is leading the way. Digital Smart Labels™ are also a great choice when it comes to post-COVID considerations. Digital displays take away touchpoints, keeping retail spaces, hospitals, and other facilities safer and more hygienic for consumers and staff.
Excelling today while planning for the future The team at Danavation has a variety of innovations in the pipeline. “Our future growth profile is expected to be supported by the continued development of new proprietary products and services,” said Ricci. Upcoming developments currently in the works include larger-format products, multi-coloured technology, and exciting new software features to better engage shoppers at the shelf, including improved graphics and augmented reality features. “Customers are more product-savvy in this day and age, and there’s a real thirst for knowledge,” said Ricci. “Why not try to engage them and help them make educated buying decisions? This is a great way for retailers to build up their customer base and loyalty.”
Transforming industries across the board Danavation is known primarily for its work in the retail and grocery space, but its Digital Smart Labels™ also serve healthcare facilities, warehousing and distribution companies, military supply chains, animal services and shelters, and more. “We live in a day and age where access to information in real time is really important,” said Ricci. “We started with automating
Visit danavation.com to find out what Danavation can do for your business. This article was sponsored by Danavation.
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Mortgage Brokers Are Helping Borrowers Navigate the Digital Landscape The mortgage industry used to rely heavily on in-person applications, but the COVID-19 pandemic has sped up the digital transformation, improving the process for both industry professionals and their clients.
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f there’s one constant about the mortgage industry in Canada, it’s the ever-blowing winds of change that sweep across it. And those winds blew in like a hurricane in 2020 — particularly on the digitalization front — with the arrival of the COVID-19 pandemic and resulting lockdowns. Much progress has been made over the past decade in implementing the latest technologies and tools to create a more automated and efficient mortgage application process. But one of the biggest hurdles has been encouraging widespread adoption of those tools by both industry participants and clients. That changed in 2020, however, with social-distancing requirements and widespread work-from-home policies in response to the COVID-19 pandemic lockdowns. Not only was technology employed to support the shift to mobile work environments, but it played an important role in facilitating the rapid adoption of a more digitalized mortgage process for clients. This has happened in large part through rapid technological advances in mortgage connectivity and deal management systems that are used to bridge the gap between brokers and lenders. Not only have t hese digital solutions improved efficiency between brokers and lenders, they’ve also made the mortgage application process more seamless from a client perspective. Some of these capabilities include everything from auto-population of documents and cloud-based document sharing to electronic signing capabilities and the ability for lenders to pull bank statements and income tax records from source.
The COVID-19 pandemic accelerated digital adoption While many of the digital tools to streamline the mortgage application process were already available, they didn’t experience maximum uptake until the pandemic made them a necessity.
One such success story is Sagen, the country’s largest private mortgage insurer. The greater adoption of digital technologies by brokers and lenders has allowed it to streamline the approvals process. “I would say lenders accelerated their online mortgage application portals. The entire shift from what was pre-pandemic to now, a much more accelerated digital environment, has been good for the whole industry,” says Stuart Levings, President and CEO at Sagen. “It won’t go back. The gains that have been had are here to stay, which I think is phenomenal.”
New innovations to help homebuyers A growing number of mortgage brokerages, broker networks, and lenders recognize the shift to greater digitalization of the mortgage process and are now getting serious about implementing technology in their financial offerings (also known as fintech). As of 2019, there were at least 98 mortgage fintech firms operating in Canada, according to research by Deloitte. Many have been working to improve and innovate not only the mortgage process, but the entire homebuying experience. Take Properly, for example, a new service that allows homeowners to unlock the equity in their home and finance their new home purchase before listing the current home. Or Unreserved, which is bringing the concept of online auctions to the real estate market while also improving transparency in the process.
Throughout the COVID-19 pandemic, countless buyers and sellers also relied heavily on virtual appraisals and home inspections. Throughout the COVID-19 pandemic, countless buyers and sellers also relied heavily on virtual appraisals and home inspections. While the lockdowns necessitated such solutions, Canadians are starting to embrace the use of this technology moving forward. According to a survey from the Ontario Real Estate Association, 4 out of 10 Ontario homeowners say that they’re now open, or at least “somewhat open,” to buying a home while only able to view it through electronic means.
The importance of mortgage brokers While the mortgage journey is improving for borrowers, mortgage brokers continue to be a crucial partner in complementing that experience. More than 4 out of 10 Canadians (42 percent) obtained their mortgage through a mortgage broker in 2020, according to data from the Canada Mortgage and Housing Corporation. For most people (85 percent), that decision was based on the expectation that a mortgage broker was best-suited to get them the best mortgage rate or deal, while 84 percent cited the convenience and time savings.
Connect with one of the over 13,000 licensed mortgage professionals across Canada represented by Mortgage Professionals Canada by visiting FindMeABroker.ca. This article was sponsored by Mortgage Professionals Canada.
No one is born knowing how to get the best mortgage. That’s why we’re here.
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With rapidly expanding options, securing the best mortgage has become increasingly complex. A professional Mortgage Broker will ensure you get the rates and solutions that are best for you. Rates you want. Solutions you need. Visit FindMeABroker.ca
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Markham’s Innovation District Set to Expand Its Leadership Position Globally The city’s extraordinary new employment site connects product and innovation by attracting high-tech collaborators and manufacturers devoted to future growth. Michele Sponagle
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he momentum in Markham continues to build as it stakes its claim as a leading hub for high-tech innovation. Located in York Region in the heart of the Greater Toronto Area, Markham is Canada’s most diverse city and is home to Canada’s second-largest technology cluster. With that success and its sterling reputation as a business-friendly city as a foundation, plans are underway to determine what’s next.
A project like the MiX has never been more important. As Canada leans into the COVID-19 pandemic recovery, it’s clear that supply chain gaps were exacerbated during the pandemic and need to be solved now. The MiX is part of the solution, as Joe Berridge, a highly-regarded urban planner and partner with Urban Strategies Inc., confirmed in his July 2021 presentation, Where Innovation Is Realized. In it, he revisited Markham’s initial objectives and shared his findings before Markham Mayor Frank Scarpitti and City Council.
What’s in the MiX? The Markham Innovation Exchange (also called MiX) will play a key role in that future. As Ontario’s first innovation cluster, it will connect the dots between knowledge and production centres of varying scales in one place. It’s unlike any other industrial park in the country because of its expansive size (1,920 acres), scope, and location in the core of Canada’s biggest economic region. Despite pressure to use these lands for residential housing and other commercial uses, the City of Markham is committed to attracting high-quality businesses. By staying true to its original vision, it will attract essential, high-value employment to the area.
An unwavering commitment to innovation To ensure the MiX meets real-world innovation needs, more than 30 key innovation leaders were consulted, including those from sectors such as information and communications technology, automotive, medtech, real estate, academia, and accelerators. “Based on the feedback, we confirmed the validity of the MiX concept and that it was indeed necessary,” Berridge concluded. “It’s an extremely viable project for Markham to undertake, based on the broad support from the sectors we canvassed about the need for a new tech district.”
He also added that market conditions for the MiX are more favourable now than a few years ago. He asserted that the MiX not only plays a critical role for Markham, but for the province, too. Mayor Scarpitti agrees and adds, “We’re proud of the fact that we’re seen in such high regard in relation to political stability and corporate reputation. All the necessary ingredients and the companies are here.” It’s clear that the MiX can optimize Markham’s established innovation and tech ecosystem to create critical mass innovation. Made-in-Ontario productions can be supported where businesses can scale up quickly and test domestically to shore up supply chains. Here, modern facilities and innovation are designed to enhance connections, allowing like-minded disruptors to collaborate and serving as a living laboratory to help ideas take flight.
Learn more about the growth vision and opportunities offered by the MiX today to build success for tomorrow at business.markham.ca. This article was sponsored by the City of Markham.
Vaughan Emerges as an Epicentre of Health Care Excellence in Canada In an innovative partnership, the City of Vaughan creates a health innovation hub for Canadians. Janice Tober and Tania Amardeil
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ommunity health care services and innovation are urgently needed in Canada, especially as the pandemic persists. Our federal government aims to double the size of the health and biosciences sector and become a top-three global hub by 2025. To this end, the City of Vaughan is creating a health innovation hub, anchored by Canada’s first smart hospital. The Vaughan Healthcare Centre Precinct (VHCP) is a ground-breaking public-private partnership between the City of Vaughan, Mackenzie Health, ventureLAB, and York University designed to improve the health and health care of citizens in the York Region and GTA through research and innovations in public policy, services, technology, clinical practices, processes, and treatments, and to train the next generation of world-class health professionals.
A smart hospital for the future The $1.7 billion Cortellucci Vaughan Hospital opened in July 2021, marking the first new hospital to open in Ontario in over 30 years and the first hospital in Vaughan. The hospital is vital as an anchor for the VHCP’s development of the remaining lands. “The remarkable technological innovations make this hospital stand apart from the rest,” says Vaughan Mayor Maurizio Bevilacqua. “It’ll generate over 1,000 jobs in the community and has the ability to adapt over time as new technologies and industry standards emerge.” The hospital is home to specialized programs including Mackenzie Health’s Woman and Child and Inpatient Mental Health programs and the Inpatient Integrated Stroke unit. It also offers a full-service emergency department, core services such as critical care and medicine, modern surgical services, and advanced diagnostic imaging capabilities.
Through fully integrated systems and medical technology that share information, we are ultimately improving the patient experience. “Through fully integrated systems and medical technology that share information, we are ultimately improving the patient experience to provide the best possible care to our patients,” says Mackenzie Health President and CEO Altaf Stationwala.
The next generation of health talent In May 2021, it was announced that partner York University is moving forward with plans to establish a School of Medicine, which will be an important part of the VHCP project. As a research-intensive university, York is also home to centres of research excellence in global health, healthy aging, muscle health, anti-microbial resistance, disease modelling, health informatics, vision research, neuroscience, data visualization and advanced robotics, among others. “York University has long been committed to establishing a community-focused medical school to help address Ontario’s unmet health care needs,” says Rhonda Lenton, President
and Vice-Chancellor of York University. “We look forward to continuing to build on our partnership with the City of Vaughan and our collaboration on the VHCP to expand access to modern medical education that considers the social and economic determinants of health to enhance prevention and rehabilitation.”
Entrepreneurs create transformative solutions for health care Commercialization partner ventureLAB is a leading global founder community for hardware technology and enterprise software startups and scaleups. Its growth-oriented initiatives focus on raising capital, commercializing technology and IP, talent retention, and customer acquisition, enabling founders to scale quickly. Through the VHCP, ventureLAB will leverage the success of its Hardware Catalyst Initiative to enable founders to build innovative medtech solutions. “Vaughan is a leader in health care innovation,” says Melissa Chee, ventureLAB’s President and CEO. “We look forward to working with scale-ready tech founders building a new generation of anchor Canadian companies with transformational hardware and enterprise solutions.” Innovation York, York University’s innovation unit, will also partner with ventureLAB to foster collaborative innovation and entrepreneurship opportunities in Vaughan. The VCHP represents an unprecedented partnership that will transform health care delivery for Ontarians while developing talent, increasing jobs, and powering economic prosperity.
To learn more, visit vaughanbusiness. ca or contact ecd@vaughan.ca. This article was sponsored by the City of Vaughan.