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MaRS Impact Week offers a vision for a sustainable recovery from COVID-19

Oct 7, 2021 , , , , by shlf

The first-ever MaRS Impact Week — five days of virtual talks, workshops and panels — will focus on technological solutions to climate change, as well as the pandemic’s impact on work and the tech sector, and the role of venture capital investment in positive change.

Yung Wu, CEO of the tech incubator, said that in the years leading up to 2020, has seen exponential growth in the revenue, capital raised and employee footprint of the ventures and entrepreneurs it represents.

“There’s absolutely an inflection point going on in the innovation economy,” he said.

Though the seeds for Impact Week were planted before the pandemic, Wu believes the topics up for discussion are more important than ever as the recovery from the recession looms.

“We believe, especially in a post-COVID world, the new economy is actually being built on the back of the innovation economy,” he said.

“Post-pandemic, I would say the connection between the innovation economy and the new economy has become even stronger than ever.”

Many of the problems that existed before the pandemic, such as climate change, as well as issues created or exacerbated by the pandemic, can be solved using technology, Wu said.

He pointed to health and the climate as two areas where he believes Canadian companies are already seeing momentum. For example, technology has been key to mitigating the pandemic in terms of contact tracing and rapid testing.

Wu believes health technology will continue to grow post-pandemic, as will technology focused on solutions to the climate crisis.

Canadian companies leading the way in the area of climate solutions include CarbonCure, a company that recycles carbon from the concrete manufacturing process back into the concrete itself; and Ranovus, which is working on reducing the heat footprints of data centres, he said.

“Canada has ruled the energy space, but we should be and could be the future of energy as well,” said Wu.

The conference will have three virtual stages, each with a theme: impact, cleantech and social finance.

Torstar is a media sponsor for the event, which runs Nov. 30 to Dec. 4. It includes speakers from companies such as OpenText, Mitacs and Lane, as well as experts such as Roger Martin of the Rotman School of Management at University of Toronto, political commentator David Frum and political scientist and author Thomas Homer-Dixon.

One such expert addressing the event is Margaret O’Mara, a professor of history at the University of Washington and author of “The Code: Silicon Valley and the Remaking of America,” which delves into the history of Silicon Valley.

She’ll discuss whether Silicon Valley is a model that can — or should — be duplicated, and about the role of venture capital funding in positive change and the post-COVID recovery.

Venture capital funding will be a big part of tackling the post-COVID recovery, as well as lasting problems such as climate change, she said, adding government needs to be involved to incentivize the right kind of growth.

“If there are government pools of money that are creating market opportunity, the private money will follow,” she said.

Unlike during the last recession, O’Mara said investment needs to be made in all sectors of the economy to ensure a more equitable recovery.

However, the pandemic has also shown that “software can only do so much,” she said.

“I think the answer is recognizing where the limitations (are).”

O’Mara said COVID has been a big disruption, but added it has also created opportunities — such as the increased flexibility of working from home — that she hopes will create lasting change.

“I think COVID has provided this strange rupture that creates space for change,” she said.

“Change is going to happen. The question is, what is it going to look like?”

Rosa Saba is a Calgary-based business reporter for the Star. Follow her on Twitter:

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‘Hopeful we have peaked’: No new COVID-19 deaths reported Oct. 7 at Simcoe Manor in Beeton, but case count still climbing

Sep 21, 2021 , , , , by shlf

Two more residents have tested positive for COVID-19 at Simcoe Manor in Beeton, but no new deaths have been reported.

In an update provided Oct. 7, the County of Simcoe said 27 residents have tested positive for the virus, an increase of three from the 24 cases reported the previous day.

All residents were tested Oct. 2 when the outbreak was declared, and most of the results for the home’s 120 residents have been received. Ninety of them came back negative and the results of four tests are still pending.

Three residents have died so far from the virus, including two on the weekend and another earlier this week.

Seven staff have also been infected, and this number remains unchanged over the previous day.

“We are hopeful, with the vast majority of our test results now being received, that this will give us an indication of the COVID exposure,” said Jane Sinclair, the county’s general manager of health and emergency services. “Moving forward, we are hopeful we have peaked and are more stable of our outbreak status.”

All of the staff were tested Oct. 5. They have been tested once every two weeks over the course of the pandemic. Another mass testing will take place again, but Sinclair didn’t say if it would happen before the next scheduled date, which would be around Oct. 19.

She said the home is working with the Simcoe Muskoka District Health Unit to determine the testing requirements for residents, but individual testing will be done if needed.

“If any resident develops any sign or symptom, we will automatically test them at that time immediately,” she said.

Eighteen of the residents are asymptomatic, and while Sinclair didn’t provide specifics on the residents who are experiencing symptoms, she said all of them are being cared for at the home.

“There’s a range of response to COVID,” she said. “As we’ve seen in the general population, individuals tend to respond differently.”

Sinclair talked again about all the measures that are in place to prevent further spread, such as enhanced cleaning, personal protective equipment requirements, and cohorting of staff.

“We have been very, very active in our prevention strategies, and we feel this indicates a positive sign for us that our steps are in fact working,” she said.

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‘It’s really hard for us’: Midland small businesses struggling to survive pandemic

Jul 20, 2021 , , , , by shlf

Business owners in Midland aren’t too concerned about the possibility of another economic shutdown; they are too busy just trying to survive.

“It’s really hard for us. A lot of businesses are having a hard time right now,” said Sarah Kitchen, owner of One Stop Beauty Shop at .

Kitchen is worried about the local small business community, as many are dealing with significant revenue loses and are struggling to make ends meet. She said she believes the worst of the financial implications stemming from COVID-19 have yet to come.

“Could businesses handle an economic shutdown? Who knows. They might not be able to handle operating another six months exactly the way they are right now, even without a shutdown,” said Kitchen.

In order to reopen, most small businesses had to significantly change the way they operate. Smaller places, like One Stop Beauty Shop, are doing less business, as they’ve had to limit the number of people in the building at one time in order to ensure proper distancing. They’ve also had to purchase personal protective equipment, cleaning supplies, protective barriers and signage.

“What’s challenging is operating a non-essential business with reduced revenue when rent, insurance and overhead are the same. You are paying 100 per cent of expenses, while you are only seeing 30 to 60 per cent of your usual revenue,” said Kitchen. 

Although her business has loyal clientele, many of those clients are cutting back on the services they receive, or extending the time between appointments and coming in less regularly than before.

“People have changed the way they spend their money,” said Kitchen. “But, much like ourselves, many of our clients were without work for a very extended period of time.”

She doesn’t blame anyone for these changes, noting that her own personal spending habits have changed. It’s just another aspect of the pandemic that’s affecting the economy.

Christine Taylor of Taylor and Co. Clothiers at . has also experienced a significant reduction in revenue.

“It’s been a struggle. Having very little walk-in traffic has really put some pressure on us this year,” said Taylor. “We are just taking it one day at a time.” 

The cancellation of weddings, proms and graduations due to the COVID-19 pandemic has also had a huge impact on her sales. And with people working from home, there is less of a need for formal wear.

“I’ve sold two suits this year. That’s it,” said Taylor.

The reconstruction of King Street has actually been a saving grace. Taylor ordered less inventory for the year, in anticipation of the construction limiting walk-in traffic. While that’s helped, she still needs to sell enough items to survive.

“I was getting concerned in September. Very concerned,” said Taylor. 

But it’s looking like I will be able to survive the year, especially if I get some Christmas shoppers.”

STORY BEHIND THE STORY: Reporter Andrew Mendler was curious as to how local small businesses were faring in the midst of the COVID-19 pandemic, so he talked to a few to find out.