In The News

According to the New York Times Toronto-based TD Bank Financial Group is on track to open its first Rhode Island TD bank branch within the year.  

"TD Bank said Thursday it plans to open its first Rhode Island branch later this year in Barrington.

TD Bank has about 1,000 branches in 12 states in New England, the Mid-Atlantic, Florida and the District of Columbia."

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original source the New York Times

An article published in the Toronto Star last week highlights the significant cultural, social, and economic contributions of Toronto's Indo-Canadian entrepreneurs.

"From technology to real estate to manufacturing, Indo-Canadians have made a major impact on the economy. The new Indo establishment includes Calgary-based real estate landlord Bob Singh Dhillon, Steve Gupta, who has a string of hotels throughout the GTA, Vancouver-based broadcast mogul Kulwinder Sanghera, and Hari Panday, former president and CEO of ICICI Bank Canada."

"Today, about half a million Indo-Canadians work in diverse sectors of the economy. Recent forecasts from Citizenship Canada project that India will replace China in the near future as the No. 1 source of immigrants to Canada."

"Over the last two decades characteristics of Indian-born newcomers have shifted dramatically. Earlier immigrants largely comprised families with low educational and skill qualifications and limited English abilities. A large proportion now arrive as skilled professionals�"

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original source Toronto Star

According to the Montreal Gazette Southern Ontario's auto manufacturing industry, while it continues to face challenges, has bright future ahead. Ontario's relatively strong and competitive position in the industry can be attributed to its mix of products.

"The good news is Canada's auto industry -- primarily centred in southern Ontario -- is in "remarkably good shape relative to the product mix it has going into 2010 and beyond," said Pochiluk [president of AutomotiveCompass -- an automotive research and consulting firm]"

"Home to assembly plants for Chrysler Group LLC, Ford Motor Co., Toyota, Honda and General Motors, Ontario produces vehicles across key segments -- minivans in Windsor; mid-sized sedans in Brampton, Oshawa and Cambridge; crossover utility vehicles in Oakville, Ingersoll and Woodstock; compact cars in Alliston."

"Operating on three shifts, the Windsor assembly plant -- which builds Dodge Caravan and Chrysler Town and Country minivans -- "is going to be fine" despite strong, new entries from Honda and Toyota next year, said Pochiluk."

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original source Montreal Gazette

In an examination of successful small business in Toronto's Beach neighbourhood, the Toronto Metro found, not surprisingly, that a connection to the community is essential for building the loyal customer-base needed for a Toronto small businesses to thrive.

"With a clientele that is as discerning as it is loyal, small businesses at The Beach thrive on being a part of their customers' daily lives and acting more like good friends than just business operators...in a tight-knit community of loyal, local-shopping customers like The Beach, carving a niche is crucial."

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original source Toronto Metro

Guelph's Hammond Power Solutions received almost $1.5 million in stimulus funding last week according the Guelph Mercury. The company, which manufactures dry-type transformers and magnetic products, will use the funds to substantially increase their workforce with the goal of stimulating Guelph's struggling manufacturing economy.

"In Guelph Tuesday, the minister of state for the Federal Economic Development Agency for Southern Ontario announced almost $1.5 million in funding for the maker of dry-type transformers and magnetic products. The day before, Goodyear gave more than $825,000 to CRS Electronics Inc. of Welland, Ont. The two projects are among scores benefiting from $62,7 million in federal funding this fiscal year in southern Ontario. The stated intention of the fund is to create jobs and support business through a difficult recession."

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original source Guelph Mercury

Toronto's Rotman School of Management at the University of Toronto was praised by the New York Times last week for its initiative approach to business education. The article highlights that Rotman's multifaceted approach to business training - focusing on critical and creative thinking - is now common practice in successful business schools across North America.


"A decade ago, Roger Martin, the new dean of the Rotman School of Management at the University of Toronto, had an epiphany�'The 'Eureka' moment was when I could draw a data point between a hotshot, investment bank-oriented star lawyer and an elementary school principal," Mr. Martin recalls. "I thought: 'Holy smokes. In completely different situations, these people are thinking in very similar ways, and there may be something special about this pattern of thinking."

"That insight led Mr. Martin to begin advocating what was then a radical idea in business education: that students needed to learn how to think critically and creatively every bit as much as they needed to learn finance or accounting. More specifically, they needed to learn how to approach problems from many perspectives and to combine various approaches to find innovative solutions."

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original source New York Times

Toronto-based consulting firm Decode, a 15-year old company which helps organizations reach youth markets, is expanding its business into the UK. According to the Globe & Mail, Decode CEO Robert Barnard, is hoping to have three- to four- international offices within five years.  

"Mr. Barnard and his team recently decided to open a UK office. His goals for it illustrate an entrepreneur living modestly and, at the same time, maintaining a big vision: "Year one for us in the UK is all about three things: getting the core team of three or four set up in London, meeting as many 'useful' people as we can and breaking even. By year five, I see London as a full 10-person office working on truly influential projects that engage young people as consumers, employees and citizens. By then, it will be a part of a three- to four-office global network."

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original source Globe & Mail

The National Post recently reported on the career of entrepreneur Carissa Reiniger, founder and President of Silver Lining Ltd. Silver Lining, a Toronto-based marketing company which was launched in 2002 with $5,000 of Reiniger's personal savings, was generating over a million in sales within two years. Originally in the business of public relations Reiniger is now focusing on mentoring owners of emerging small businesses.

"No longer a public relations machine, Silver Lining mentors business owners, to help them overcome their most common and powerful problems: understanding their best purpose; identifying their target market; and staying accountable for getting things done."

"There are a lot of people running businesses like hobbies, she says. "90% of businesses never go anywhere. We want to help small business grow."

"Reiniger contends most entrepreneurs need a SLAP - Silver Lining action plan - a 13-month program that helps entrepreneurs create and achieve a one-year plan. The program is mainly delivered online, for $100 a month, or there is a $12,000-a-year option in which entrepreneurs get weekly one-to-one coaching and benefit from monthly meetings with other SLAPhappy business owners who share their challenges, learnings and resources."

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original source National Post

As reported by the Toronto Star, the federal government recently committed $58 million to the development of clean-technology through the federal government's granting agency Sustainable Development Technology Canada (SDTC).  Brampton's SunOpta BioProcess Inc. (clean fuel developers) and Toronto's Morgan Solar (specializing in making solar power more efficient) are among the businesses benefiting from the grant.

"SDTC has completed 15 funding rounds since it was formed in 2002, putting $464 million into 183 projects and leveraging another $1 billion from the private sector. Vicky Sharpe, chief executive of SDTC, emphasized the importance of funding technologies that achieve both environmental and economic goals.

"Otherwise it won't last," said Sharpe, pointing to a Chinese delegation in the room that is interested in licensing SunOpta's cellulosic-ethanol technology. "I think there's a lot of opportunity to get some early exports in this area."

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original source Toronto Star

According to the Globe & Mail, Cogniciti, a new Toronto-based non-profit company, could be on the cutting edge of adult memory enhancement technology and services. The company, a partnership between two non-profit organizations, Baycrest and the MaRS Discovery District, is hoping to help adults extend and enhance memory and cognitive abilities. Launched in December 2009, the company is developing their first product "Memory@Work".

"Memory@Work is Cogniciti's first product not only because of the opportunity the ballooning baby boomer population presents, but also because it's the most commercially ready and will be rolled out this year. Baycrest researchers have already piloted a version of the product with 120 participants. Among other positive results, participants reported an improved ability in remembering job-related tasks and information."

"Where the pilot program focused on one-on-one lectures followed by pen and paper exercises, Cogniciti's product will comprise group workshops followed by computer games and exercises designed to sharpen memory and improve problem-solving and multi-tasking skills. Participants will also have access to one-on-one coaching via phone and Internet. Cogniciti will partner with existing corporate wellness program distributors to sell Memory@Work to corporate clients, at a cost comparable to that of other wellness-at-work programs. Corporate training courses typically cost between $250 and $1,000 per employee".

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original source Globe & Mail

According to the Toronto Star, the GTA's flat rooftops (of which the city has an abundance) have become a sought after commodity. Due to the province's booming green energy industry, companies are "racing" to snatch up rooftops conducive to solar power. It's a win-win for building owners. Energy firms compensate them for the use of the rooftop space that would otherwise remain unused.

"It's kind of like a gold rush right now," said Justin Woodward, director of solar development for Toronto-based Greta Energy Inc., which is focusing its efforts on smaller towns outside the GTA."

"Greta Energy is one of dozens of emerging ventures that are approaching commercial property owners with an offer that is difficult to refuse. Give them 20-year access to your building's unused rooftop and they'll kindly compensate you for the space � similar to how farmers over the years have earned income by allowing wind turbines on their property."

"With that secured access, companies will design, build and own the rooftop solar system at no expense or risk to the building owner. They'll then apply to connect the system to the grid as part of the Ontario Power Authority's feed-in-tariff program, which for large commercial rooftops pays between 53.9 cents to 71.3 cents per kilowatt-hour and guarantees quick connection to the grid."

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original source Toronto Star

A story on Blog TO looking at the best new fashion retailers in the city, declared 2009 as "the year of the homegrown designer".

"Of the 15 best new fashion stores the city introduced last year just under half carried Canadian lines...Canadian designers can compete with the best of 'em, and it's wonderful to see that Toronto's shop owners trust that our city's fashion fiends are finally buying local and loving it".

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original source Blog TO

According to CBC News, e-Radio-Inc. and CBC Radio "have successfully tested a new technology which uses the FM airwaves to control household appliances at energy-saving times of the day". The technology--which works via a chip inserted into household appliances that responds to radio airwaves--was created to minimize energy use at peak hours. The appliances would be timed to go on during periods of lower energy use.

"The value of a smart appliance is that it can be programmed to start on its own when electricity rates are at their lowest. For example, a homeowner could load his or her dishwasher, washing machine or clothes dryer at 6:00pm, which is peak demand time and walk away. Later in the evening, when electricity rates are lower, a signal would be broadcast from an FM radio station, in this case the CBC, which alerts the appliances that it is now time to turn on."

"CBC/Radio-Canada's FM signals are ideal in Canada since they reach close to 99% of the Canadian population. The company's say the added information has no effect on the quality of the radio signal."

"This is an innovative way for CBC/Radio-Canada to maximize the use of its radio infrastructure for the benefit of both Canadian consumers and the environment, without affecting the quality our radio service," said Michel Tremblay, Senior Vice-President, Corporate Strategy & Business Partnerships. " We're proud to help pioneer this new made-in-Canada innovation."

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original source CBC News

As reported by the Toronto Sun, the Canadian Toronto-based toy company Spin Master Ltd is catching up to toy giants Mattel and Hasbro. The third-largest toy maker in North America, Spin Master Ltd saw 30% revenue growth last year  "a year when the toy market was generally flat."

"So how did they do it? Aside from collaborating with some of the best innovators in the business, Spin Master invested considerable time and money in advanced technology to streamline operations in Toronto and Hong Kong. The company implemented smart software to manage virtually all aspects of its business, from product development cycles, to manufacturing and delivery, to sales, marketing and reports.

Spin Master's Chief Financial Officer Mark Segal said the software, called SAP, has been a "game changer" for the company. The technology has helped increase inventory turns, reduce carrying costs, lower order processing times and speed up the product development cycle, all profit-enhancing factors in manufacturing and retail circles.

"We've almost doubled our sales," Segal said. "We would have never been able to do that."

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original source Toronto Sun

A feature in the National Post last week examined the success of Toronto-based Gripped Publishing, a recent arrival on the Canadian print magazine scene. Started by Sam Cohen and David Chaundy-Smart  (neither of whom had any experience in the print business) the company began with one magazine Gripped (focused on rock climbing) but quickly expanded its publishing roster to include Triathlon Magazine Canada and Canadian Running and plans to launch a fourth magazine, Cycling, in March.

"The climbing magazine, which tests products and reviews rock faces across Canada, has a circulation of about 12,000, making it a niche player in the overall national magazine market. Its best-selling title, Canadian Running, has gained about 31,000 subscribers since its launch two years ago, putting it at the lower end of the mainstream market.

...

Toronto-based Gripped employs 10, including Mr. Chaundy-Smart and Mr. Cohen. The two are avid rock-climbers while the rest of the staff is a collection of either record-holding marathon runners or triathletes.

Industry experts say there may be another reason for Gripped's success: It has come up with a publishing model that is working at a time when others are failing -- identifying and satisfying narrow but profitable markets.

"I think what we're going to see over the next little while is what they [Gripped] seem to be doing, which is looking for niche markets to develop magazines for," says Prof. Chris Waddell, director of the School of Journalism and Communication at Carleton University in Ottawa."

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original source National Post