In The News

As reported by the New York Times, Virgin America has chosen Toronto as its first international destination. Pending a decision by the Department of Transportation, the three-year-old airline will begin offering direct flights to Toronto from Los Angeles and San Francisco later this year.

"The new routes come on the heels of Virgin America's announced plans to expand its fleet of aircraft by as much as one-third by 2011. The airline's low fares and in-flight amenities like Wi-Fi at no extra charge and power outlets have helped build its brand and strengthen customer loyalty, according to Abby Lunardini, a spokesperson for the airline."

"Being based in San Francisco, we have a lot of very tech-savvy flyers," she said. "And our proposed expansion to Toronto in particular will link two of North America's largest high-tech centers � so we foresee that this will be a strong market for us as well."

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original source the New York Times

A new Toronto start up titled SwapSity allows residents to barter their possessions or skills with other members online. Featured on BlogTO the Toronto-based company was founded by local Marta Nowinska and currently has over 2,500 active members in the GTA.

"SwapSity somewhat awkwardly bills itself as "the premier consumer bartering community for Canadians that helps keep it local while taking it easy on both wallets and the planet."

"Once you've registered for a free account on the site, you can start posting the items and skills you can offer to other members. The site offers suggestions on what you can swap -- from items (clothes, electronics, rental properties) to skills (scrapbooking, computer support, piano lessons); to time (dog walking, administrative help). After posting what you have on offer, you can start building your wish-list -- the items and services you'd like in return. The site then matches users, who can either meet in person or ship items to each other."

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original source BlogTO

Loblaws stores throughout Ontario will soon be sporting rooftop solar panels as Canada's largest supermarket chain takes advantage of the province's new renewable-energy program. According to the Globe & Mail, Energy Minister Brad Duguid spoke at a Loblaws Supermarket in Toronto early last week to announce the Loblaws contract under the feed-in-tariff program (FIT), "which pays premium prices for renewable power".

"The program, billed as the first of its kind in North America and a cornerstone of the McGuinty government's Green Energy Act, has generated enormous interest from potential participants since it was launched last September."

"Officials from Loblaw Cos. Ltd. and the Ontario Power Authority, the province's planning arm responsible for the FIT program, declined to comment yesterday. But sources in the energy sector said Loblaw plans to use solar panels on some of its stores as a renewable source of electricity."

"The number of companies that applied to the FIT program far exceeded the expectations of officials at the Ontario Power Authority, the sources said. The government is luring green-energy investors with the promise of generous long-term contracts that include a guaranteed revenue stream. Contract holders receive a fixed price over 20 years for the electricity they produce - 13.5 cents a kilowatt hour for on-shore wind farms and up to 80.2 cents for solar power."

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original source the Globe & Mail

A recent feature in the Wall Street Journal looks at the reasons American pro-athletes are falling in love with Toronto. The city's "international vibe", relative freedom from paparazzi and diverse nightlife are among the many attributes credited with making Toronto so attractive.

"American pro athletes used to think of Toronto as a backwater. High taxes and low temperatures combined with a woeful lack of television exposure back in the States made playing here about as appealing as Canada's national dish of french fries soaked in gravy and cheese curds."

"Today, however, Toronto is a road trip just about every pro athlete looks forward to. Some say the city has a cool, international vibe that increasingly stands out. Some like the plentitude of cheap concert tickets�a boon for athletes with big posses�or the convenience of the must-be-19 drinking law�"

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original source the Wall Street Journal

A change to Canadian tax law has made it significantly easier for foreign companies hoping to invest in Canadian startups. According to the Washington Post, the new law will likely lead to increased U.S. venture investments in Canadian startups "and make Canada less of a leper colony for tech entrepreneurs".

"The change allows foreign investors in most Canadian startups to avoid "literally hundreds of pages of documents" to be filed and processed on a sale of a startup, sometimes by each limited partner in a venture fund.designed to spur U.S. venture investments in Canadian startups and make Canada less of a leper colony for tech entrepreneurs.The change allows foreign investors in most Canadian startups to avoid "literally hundreds of pages of documents" to be filed and processed on a sale of a startup, sometimes by each limited partner in a venture fund."

"The change allows foreign investors in most Canadian startups to avoid "literally hundreds of pages of documents" to be filed and processed on a sale of a startup, sometimes by each limited partner in a venture fund. That burden meant that most venture firms simply ignored the Canadian market, says Deloitte:A 2007 survey by Deloitte and Canada's Venture Capital & Private Equity Association (CVCA) of 528 VCs from around the world found."

"I predict that over time this farsighted tax legislation will help propel Canada's extraordinary technology into global industry leadership in numerous markets, and will likely be viewed in the future as a defining moment for the Harper government in Canadian innovation," says Stephen Hurwitz, a partner at U.S. law firm Choate Hall & Stewart.That may be a bit optimistic, but the tax change is a nice start."

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original source Washington Post

The Toronto Cycling Union was recently presented with the 2010 "innovation of the year" award by the US-based Alliance for Cycling and Walking. As reported by Spacing Toronto, the award, presented to the cycling organization in Washington, DC early last week, was in honour of the Union's "partnership with Culturelink Settlement Services to promote cycling amongst newcomers to the city".

"The program, known as the Partnership for Integration and Sustainable Transportation, includes posters, a cycling handbook and workshops. All material has been made available in sixteen of Toronto's most commonly spoken languages."

"The award recognizes that the program not only brings better transportation options to the city's newcomers but also promotes an inclusive cyclist movement. Culturelink Executive Director Ibrahim Absiye explains, "In Toronto, 52% of people 15 and older are newcomers to Canada, and green initiatives must speak directly to them to be effective."

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original source Spacing Toronto

Canadian banks continue to gain international attention as the banking system remains among the most stable in the world. As reported by the Financial Times, five of the country's largest banks--Royal Bank of Canada, Toronto-Dominion, Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce--have seen "unexpectedly robust first-quarter earnings".

"Canada's five big banks have again shown their mettle with unexpectedly robust first-quarter earnings driven by strong growth in mortgage lending and other domestic business."

"The Canadian banks are among the least scarred by the credit crisis, thanks to conservative lending practices and minimal exposure to subprime mortgages. Apart from liquidity support, they have survived without government bail-outs; all have maintained their dividends."

"We're feeling pretty good," Ed Clark, TD's chief executive, said in an interview. "We took a view when the downturn hit that we were going to aggressively lend into this crisis. We had a business opportunity and a moral obligation to show what a functioning bank could do."

"TD, which also reported record profits from Canadian operations, doubled its net income to C$1.3bn over the quarter."

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original source the Financial Times

The Globe & Mail hosts an interview with Toronto entrepreneur Toufik Sarwa, the "brains" behind the Yorkville lounge Amber and owner of the new Cinq 01 restaurant on College.

"Toufik Sarwa remembers spending Sundays in Damascus, Syria, doing gymnastics. Flash forward a few decades and he has a pommel horse in the dining room of his restaurant Cinq 01, which opened in October. But as much as the eclectic aesthetic, courtesy of Commute Home, gets a thumbs-up from well-heeled patrons, it's Mr. Sarwa who's the main attraction."

"Cinq 01, so named for its address on College Street, is a bona-fide place to sup, whether on braised bison short ribs or foie gras hot dog. Of course, some people go just for a drink � the wine list was created by master sommelier Jamie Drummond � while others pop in simply to say hi to Mr. Sarwa, because rare is the night he's not there".

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original source the Globe & Mail

As reported by the National Post Markham firm Living Realty Inc., has announced an ambitious expansion proposal for the city's Pacific Mall. Already the largest Asian mall in North America--with 270,000-square-feet of retail space--the new plan calls for another 250,000 square-feet for retailers, an on-site hotel and five new layers of parking.

"The mall, which sits at the northeast corner of Kennedy Road and Steeles Avenue East, is a popular tourist attraction: It's "like Christmas shopping there every weekend," said Mr. Wong, who has been in charge of marketing and sales for the mall since it began selling units in 1993."

"Unlike conventional shopping centres, the Pacific Mall has cubicle-like units, starting at a standard 145 square feet. Stores are comprised of one or more units. Due to the small nature of the stores, Mr. Wong said the mall often attracts new immigrants looking to start businesses."

"The project has not yet been approved by the Town of Markham. Mr. Wong said he estimates the project will be completed in about four years."

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original source the National Post

Mantella Venture Partners, a new Canadian venture capital firm, plans to invest C$20 million in over a dozen Toronto technology companies. According to the Wall Street Journal, the company (a partnership  between real-estate firm Mantella Corp and two Toronto early-stage investors) is an important step in a country where "the venture investing scene�has been fairly bleak in recent years".

"While limited partners have increasingly moved their investments away from private equity and into other asset classes, the tide could be beginning to shift in Canada, as other players move into areas being left behind by traditional LPs. Canadian real-estate firm Mantella Corp., for example, has tapped two Toronto early-stage investors to spread a new, C$20 million ($19.3 million) venture fund to more than a dozen fledgling technology companies."

"Mantella Venture Partners is aiming to back between 10 and 15 early-stage companies in Toronto, where the two are based, which would enable them to work closely with the companies the fund supports, the investors said. The fund will provide initial rounds of between C$100,000 and C$500,000, reserving some dry powder for follow-on rounds and syndicate investing with other firms."

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original source Wall Street Journal

Toronto residents can now officially enjoy sap from inner city trees. As reported by Toronto Life, entrepreneur Laura Reinsborough's Not Far From the Tree initiative, originally rejected by the city has now been given the go-ahead to tap urban trees.

"The city has officially backed down from its stance on tapping inner-city trees for sap. A few weeks ago, we reported that the powers that be were turning down requests from environmentalists wishing to extract the gooey goodness from maple trees in local parks. Beth McEwen, the city's forest and natural environment manager, even warned that people would have to pay a fine if they damaged a tree. But now, Laura Reinsborough's Not Far From the Tree initiative has been given the green light, and several trees have already been tapped."

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original source Toronto Life

As reported by Earth Times, The Canadian Cleantech Competition, ("The Clean 15") -- a national competition which recognizes and promotes the country's most promising clean tech companies -- is now accepting 2010 nominations. Launched in 2009, the Clean 15 Series connects Canadian clean-tech organization with potential customers by providing access to national and international companies interested in clean-tech services.

Toronto-based companies featured prominently in the 2009 list. And it was Toronto's own Vive Nano Incorporated which took home last years's grand prize, valued at approximately $80,000.

The 2010 "Clean 15 Series"  is sponsored by Drayton Weissenfels Inc. "in collaboration with The Canadian Business Journal, and its strategic partners yet2.com and OCETA".

"The Clean 15 cleantech competition prize is designed to help bridge the gap between research labs and commercial markets for Canada's clean-tech companies. Valued at approximately $80,000, the Grand Prize will give direct access to top targeted Global 500 executives at Yet2.com's exclusive Fortune 500 "vote in" Conferences to Go webinars and entry to an ultra exclusive executive briefing held in Toronto, Canada. Access includes a one on one meeting with an influential investment syndicate, as well as the opportunity to present directly to executives seeking clean technologies. The winner will also receive legal consultation, strategic marketing consultation and commercialization and partnership services."

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original story Earth Times

Sprouter.com, Toronto-based online community, is quickly becoming a hub for emerging national and international entrepreneurs. As reported by the Toronto Star, Sprouter.com, an online forum "where entrepreneurs can network, ask questions, trade answers about best practices and find out about events for entrepreneurs in their area" and has already attracted more than 10,000 members in just under two years.

"Four years ago, Sarah Prevette was a new entrepreneur with many questions�The experience led Prevette to develop Sprouter.com, an online community where entrepreneurs can network, ask questions, trade answers about best practices and find out about events for entrepreneurs in their area."

"It's "something I would have liked years ago when I was first starting out," says Sprouter's dynamic young CEO who won't reveal her age, but acknowledges she's under 35."

"Besides Prevette, Sprouter has three employees. The small company, which is based in Toronto, has big goals."

"We want to be for entrepreneurs what Google is for search and YouTube is to video," Prevette says."

"Becoming the No. 1 online destination for entrepreneurs will take time but Sprouter is well on its way. The company, which is less than two years old, has attracted more than 10,000 members, who come from a wide range of industries and include owners of tech start-ups, hair salons and restaurants."

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original source the Toronto Star

As reported by CBC News, Toronto's Hospital for Sick Children recently received a $10-million grant from the federal government to develop the Kids Arm, an innovative new device that aims to make pediatric operations smother and safer. The device, a pair of robotic arms that will assist surgeons operating on children, will be developed "in partnership with surgeons, engineers and software developers from universities and businesses" and will contribute to the creation of over 80 new jobs in the GTA.

"This project is a prime example of how research and technology can be transformed into clinical applications, which lead to improved health outcomes for our children," Mary Jo Haddad, president and CEO of the Sick Kids, said in a release."

"Surgeons will be able to operate the tabletop tool by using a pair of hand controllers, allowing them to safely and efficiently perform less invasive procedures on pediatric patients."

"As the first technology of its kind in the world, this project will contribute to the innovation and diversification of Ontario's knowledge-based economy," Gary Goodyear, minister of state for science and technology, said at a news conference at the hospital."original source CBC News