The Aboriginal Financial Institutions supported by the National Aboriginal Capital Corporations Association provide diverse opportunities for aspiring and established Indigenous entrepreneurs.

It is said that small businesses are the backbone of our economies. The Indigenous clients we support and celebrate are also the nerves that run through that spine and connect us to the lands we share and each other. Our master craftspeople weave and bead the earth into their products and costumers; Indigenous environmental monitors have served as the stewards of these lands since time immemorial; and our brands and stories are shaped by and espouse age-old traditions that are increasingly and finally being recognized under the banner of “progressive policy” such as equality of opportunity, person, and the lands that sustain us.

The National Aboriginal Capital Corporations Association (NACCA) was formed in 1997 by a collective of Aboriginal Financial Institutions (AFIs), which in turn was created to address the lack of available capital to finance Indigenous small business development. NACCA supports and promotes the network, which today includes over 50 AFIs across Canada and our nations. Our Board of Directors is 100 percent Indigenous, and all entrepreneurs supported by the AFI network are members of a First Nation, Inuit, or Métis community.

Diversifying opportunity

Our collective goal is to increase social and economic self-reliance and sustainability for Indigenous peoples and the prosperity of the Indigenous and Canadian economies. We believe that the best social program is a job. Small businesses in Canada provide 68.8 percent of the private labour force, so we can safely say that supporting Indigenous businesses will lead to large community social impact, including towards environmental, social and governance (ESG), and research is ongoing to understand its true and growing extent.

Diverse streams of funding are offered for diverse Indigenous entrepreneurs, depending on their specific needs and circumstances. All are aimed at promoting prosperous and thriving Indigenous businesses with equitable access to capital and care.

Over the past three decades, the network has provided around 50,000 loans worth over $3 billion, with a repayment rate of about 95 percent.

The Indigenous Growth Fund

The Indigenous Growth Fund (IGF) is a new $150 million investment fund that, through a network of Aboriginal Financial Institutions, provides much-needed capital to small- and medium-sized Indigenous enterprises that have historically struggled to qualify for loans through traditional banking systems.

The Fund offers institutional and social impact investors a direct vehicle to contribute to economic reconciliation and ensures that AFIs can continue to support their Indigenous clients in their communities, unlocking pent-up loan demand for new and expanding Indigenous businesses. With an open-ended fund structure, the IGF will allow AFIs to plan for the future, attract new clients and grow their existing client base.

“Indigenous businesses are hungry for capital and so many of our business owners have great potential,” says Jean Vincent, Chair of the IGF’s Board. “That’s why our network pressed for the creation of the IGF.”

Supported by current investors the Government of Canada and Business Development Bank of Canada, Export Development Canada, and Farm Credit Canada, the IGF has already begun to provide loan capital to Aboriginal Financial Institutions, which will allow them to invest in more Indigenous businesses and their unique visions. 

The Indigenous Women Entrepreneurship Program

In 2020, NACCA committed to increasing the number of Indigenous women entrepreneurs accessing financing through its AFI network by 50 percent, resulting in the launch of the new Indigenous Women Entrepreneurship (IWE) Program.

Developed in partnership with Indigenous Services Canada, the IWE program provides even further marginalized First Nations, Inuit, and Métis women with distinctions-based and targeted support, including access to dedicated Business Support Officers, workshops and training, and a new micro-loan fund. The IWE Program will help celebrate the Indigenous women making a difference in our communities, including those pursuing their entrepreneurial dreams.

“Being able to offer tailored programs and financing to Indigenous women is an important step for NACCA and the network to ensure that women have access to equitable services,” says IWE Team Lead Magnolia Perron. “Our hope is that we can continue to offer this new program for generations to come.”

The Aboriginal Entrepreneurship Program

The Aboriginal Entrepreneurship Program (AEP) promotes entrepreneurship in Indigenous communities and increases the number of viable Indigenous businesses. NACCA administers the program and distributes the funding through its network of AFIs.

The AEP provides funding to start-up and grow Indigenous businesses, support institutional development of the AFI network and deliver capacity building services for businesses.

The Indigenous Business Stabilization Program with the Government of Canada

The Indigenous Business Stabilization Program was an Indigenous-specific stream of the Government of Canada’s Emergency Loan Program (ELP), created in response to the COVID-19 crisis to provide emergency support to Indigenous small business owners in meeting their immediate operating cash flow needs amidst pandemic lockdowns.

The ELP was advocated for, developed, and delivered by NACCA and the AFI network, providing over $155 million in loans and non-repayable contributions to over 3,000 Indigenous businesses, many of whom were not existing AFI clients and wouldn’t have qualified for programs being offered to other Canadian businesses, between April 2020 and June 2021. This support provided a vital lifeline to Indigenous entrepreneurs and communities throughout the pandemic.

“For Indigenous, by Indigenous.” The past cannot be changed, but what happens to our future generations can look very different. Over and over, our network has shown that Indigenous organizations are best positioned to serve as lenders to Indigenous businesses.

If you are an aspiring Indigenous entrepreneur, find the right solution for you through your local AFI.

All partners and allies of economic reconciliation are also invited to join us at the Indigenous Prosperity Forum, taking place May 4-5, 2022, at the Hilton Lac Leamy in Gatineau, QC, on the unceded territory of the Algonquin.

The post Learn About Diverse Opportunities for Diverse Indigenous Dreamers and Creators appeared first on HiveInnovates.

Indigenous communities are increasingly playing an active role in Ontario’s energy sector in the areas of conservation, generation and new, major transmission projects.

We’re at a pivotal point in the evolution of Ontario’s power system. One critical aspect of this transformation is the growing role played by Indigenous communities and organizations in the energy space. Now more than ever before, many Indigenous leaders across Ontario are pursuing projects that support greater energy independence and provide new opportunities.

By developing generation and storage systems, becoming equity partners and leaders in major infrastructure projects, prioritizing energy efficiency as a way to reduce their carbon footprint, and engaging in important conversations about system planning, Indigenous communities are seeking greater autonomy and becoming catalysts for change.

Ontario’s Independent Electricity System Operator (IESO) is supporting these leaders on their respective energy journeys. Through a variety of different programs and initiatives, we’ve spent more than a decade working with Indigenous communities and organizations to build local energy capacity, including skills and connections.

While there’s still work to be done, developing Indigenous capacity is an important step towards a longer-term goal of achieving fair, equitable and inclusive participation in the energy sector. Ontario is already witnessing the rapid growth of Indigenous-owned and Indigenous-led projects and initiatives in a number of areas, often with funding from the IESO’s Energy Support Programs (ESPs).

While there’s still work to be done, developing Indigenous capacity is an important step towards a longer-term goal of achieving fair, equitable and inclusive participation in the energy sector.

Indigenous energy leadership can be found across Ontario, but one initiative that stands out is the Wataynikaneyap Power Project. Through an innovative partnership between 24 First Nations, Fortis Inc. and other private investors, this multi-year initiative will connect 17 remote communities in northern Ontario to Ontario’s high-voltage transmission system.

To date, more than 20 unique communities and organizations that are part of this project have received over $5.7 million in ESP funding in the areas of energy planning, capacity building and project development, among others.

This landmark project, whose name translates as “line that brings light,” is scheduled for completion by mid-2024. Communities are starting to be connected to the grid, and the project is already creating employment and development opportunities while improving the communities’ environmental performance.

In another example, Fort Severn First Nation — the most northern community in Ontario — powered up a 300-kilowatt solar energy system late last fall. This array is expected to significantly reduce the community’s diesel consumption and deliver more than $300,000 in annual energy savings, which will be used to build much-needed housing.

In addition to delivering economic and environmental benefits, this project has also created well-paying jobs in the community. Going forward, residents hope to build on the progress made to date by installing solar panels on other band-owned buildings and developing wind generation.

Developing the energy leaders of today and tomorrow is an important aspect of this work and a vital contributor to long-term success. In partnership with Opiikapawiin Services LP and Relay Education, we will launch the Plugged In to a Brighter Future program this year. This program will provide hands-on training to youth in Wataynikaneyap owner communities with the goal of building their energy knowledge and developing their skills for future employment in the energy sector or a related field.

A reliable supply of electricity can power opportunities. Indigenous leadership is an essential component of Ontario’s clean energy transition — and the momentum for change continues to build, delivering valuable results for communities and for the province as a whole.

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AI for business

The advances made in Artificial Intelligence (AI) over the past decade have transformed the world of business. New AI-powered consumer goods and services such as self-driving cars and smart homes are now available to the public. Both traditional business practices such as hiring processes and new business models such as Industry 4.0 all rely on AI as a cornerstone. And new career options, such as machine learning developer and data scientist, are available to AI specialists. A recent Accenture study shows that over 80% of Canadian businesses consider the adoption of AI as a necessity for growth and see failure to do so as a guarantee of bankruptcy; a number on par with international respondents.

Faced with this new reality, the Canadian government has acted resolutely to embrace AI and its applications to industry. Through new programs and increased funding, it has used its research organizations NSERC and MITACS to foster research collaborations between Canadian universities and industries. In addition, it appointed the research organisation CIFAR to lead its Pan-Canadian Artificial Intelligence Strategy, the world’s first national AI strategy, with one of its goals being to translate Canadian AI discoveries into real-world applications.

These actions have created a healthy AI ecosystem where universities and companies work together to create and market innovative ideas, and the benefits are being reaped by everyone in our country. The number of AI firms in Canada has increased exponentially over the past decade, and includes both major international players, such the new offices opened by Microsoft, Google and Facebook, as well as AI start-ups which are supported by unprecedented levels of funding. These new businesses create new career opportunities in AI and technology, and as a result the number of jobs in AI is increasing at twice the national average rate. University research labs also benefit from increased research funding and new research collaborations, which attract quality students (enrolment in computer science programs nationwide is nine times higher than the average post-secondary enrolment) and fosters a quality learning environment (three Canadian universities are among the top-25 for machine learning education worldwide). Nowhere is this symbiosis more visible than at the Canadian Conference on Artificial Intelligence, the annual meeting of university professors, graduate students, and industry researchers, where fundamental research breakthroughs and applied solutions to industrial problems are presented side by side.

AI and business for good

Of course, we should not talk about the rise of AI in business and industry without mentioning its darker consequence: the rise of algorithmic discrimination. Indeed, most AI systems learn from examples, and most examples come from human experiences or human decisions. This means that human biases and prejudices taint these examples and are learned by the AI systems. Those systems then naively repeat these prejudices and discriminate in their decisions based on them, negatively impacting both customers and companies.

But even in the face of this major complication, Canada has taken a leadership position. Canadian researchers wrote the Montreal Declaration for Responsible AI , which AI researchers here and internationally are encouraged to sign to commit to working on ethically-responsible AI projects. They also created the International Observatory on the Societal Impacts of AI with the mission of maximizing the positive impacts of AI and technology. Research labs and individual researchers across our nation are increasingly incorporating societal impacts and ethical responsibility in their research programs and integrating them into the curriculum of AI courses. After taking the leadership in AI for business, Canada is now taking the leadership in AI and business for the good of humanity.

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Did you always know that you wanted to be an entrepreneur?

I always knew that I wanted to own a business. At a young age, I would create sample business plans for ideas that I had. When I was older, I was able to do the Junior Achievement program and then at the University of Toronto, I realized that people who weren’t very different from me made careers out of their small businesses. This is what led me to start my own company with a friend. It was so fun to build something from scratch, even though the business was never able to launch officially. These experiences gave me the confidence to create my next company, Dunk, a social media-focused company. That experience led me to co-found Trufan, which I’ve been working on for the last three years.

Have you had any mentors? What did they provide you in terms of support? How has that helped you?

Yes, Trufan especially has taken a whole community to start and grow. Partners like our investors, advisors and even customers have helped guide us. In my personal life, I always like to talk to people who I find successful and generous. To get in touch with some of these people I started a LinkedIn article series, interviewing these people and building a relationship with them from there. I would talk to them about my ideas and run problems by them. The benefit of putting yourself out there to find mentorship is that your mentor will be someone who comes from your world, who knows your struggles and helps you succeed. Most people don’t have these relationships, and that’s where you may need to think outside the box like I did to find a mentor.

Startup Canada says that finding financing is the largest roadblock to overall growth. Does that align with your experience?

The biggest thing early on that helped was that I had a network, so get started early. If you don’t have a network, just know that money is out there and it’s your job to meet the right people who control those channels. When it comes to pitching, it’s important to strategize on how you reach leads, how you handle the “noes” that will inevitably come your way, and with those “noes” how you can learn from them. Another point to note is that fundraising is not always about getting two or three big-ticket investors. At Trufan, we have a larger cap table of investors with smaller amounts of funding. We’ve found that to be beneficial in terms of our expanded network.

What are some personal roadblocks that entrepreneurs need to overcome?

Remember that your mental health is important. This is something I see throughout the whole community. As an entrepreneur, you shouldn’t be in it for the short run, so you need to take care of yourself. If you let yourself burn out, your business will, too. Try as much as possible to take time off when needed. Block off times during the day to go for a walk and to think. It’s also very easy to think, “I need to be a billionaire by this age.” Get that thought out of your head, especially if you’re under 30 because it puts unnecessary pressure on yourself.

Any upcoming projects you want to highlight?

We just launched a new consumer product called Surf. It’s a browser extension that rewards people for their everyday browsing.

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Unlike learning a new skill or hobby, there is no “how-to” handbook for entrepreneurship – that’s where non-partisan, well-connected support organizations come in. In an ecosystem filled with hyper-specialized, regionally diverse entities, there is a benefit in having access to a “30,000 foot overview” of the resources and opportunities within the startup landscape. Support organizations and their teams can point new and existing founders in the right direction, help them make informed decisions, and empower their success through connections and collaboration. Ecosystem connectors are also uniquely poised to identify the support gaps that really exist in the space.

There is much to consider when launching a new business – everything from financing and HR to marketing and legal. According to Startup Canada’s 2020 census, founders in the space are looking for more streamlined, centralized overviews of support available across the ecosystem. Startup Canada is committed to creating and fostering an entrepreneurial environment in Canada that is as supportive to new projects as it is to those that are established. Knowing that no two journeys are the same, we have created a list of resources for all aspiring and existing founders.

Here’s a good place to start:

Financing

• Hockeystick connects startups to funding using AI and data to drive connections.
• Clearco is a lending firm specializing in non-dilutive revenue-share agreements with startups.
• Backstage Capital is a venture capital firm specializing in funding women, People of Colour, and LGBT+ led startups.
• The 51 is a Financial Feminist platform where investors and founders come together for democratized access to women-led capital for women-led businesses.
• The National Angel Capital Organization is a steward of the angel capital asset class and informs evidence-based policy in partnership with the government.
• The Government of Canada has many loan and grant programs meant to empower Canada’s founders.
• Bank loans for SMEs: BDC, Scotiabank, etc.

Pitching

Volition brings a community-building approach to advising and events for entrepreneurs.

Human Resources & Hiring

Essential HR provides streamlined HR relief to small businesses through hands-on support.

Marketing & PR

• THINK DIFFERENT[LY] is a PR company helping organizations build, test, and measure effective growth strategies.
• Comms Bar works like an Apple Genius Bar, helping founders to use PR, marketing, and publicity to grow their business.

Global Growth

Startup Global connects a pan-Canadian cohort of entrepreneurs wanting to build global businesses through workshops, bootcamps, pitch building, advisory support, digital resources, and more.

Mentorship & Community

• Mentorly is a leading online mentorship platform connecting emerging and seasoned entrepreneurs for meaningful, one-on-one mentorship.
• Startup Communities are local, grassroots networks on a mission to fuel a culture and environment of entrepreneurship at the local and industry level.

Demographic-specific Support

Women-identifying Support

• FLIK is a curated portal allowing ambitious women to take on a mentorship-based apprenticeship under a woman leader.
• Startup Women helps women founders through mentorship, events, and resources.

Rural Support

• Rural on Purpose is a social purpose business with a global mission to introduce a new era of rural entrepreneurship.
• Clearing a New Path Podcast amplifies the underrepresented voices of rural women founders across the country.
• Community Futures operates 267 non-profit offices across Canada providing small business services to those in rural communities.

Indigenous Founder Support

• Okwaho Equal Source is a social purpose enterprise on a mission to fuel social impact through human-centred design, innovation, and Indigenous-led research.
• NACCA is a network of over 50 Aboriginal Financial Institutions dedicated to stimulating economic growth for Indigenous people in Canada.
• Pow Wow Pitch is a grassroots community of Indigenous entrepreneurs purpose-built to provide a platform for education, celebration, mentorship, and reconciliation.

Black Founder Support

• The Black Entrepreneurship Program is a partnership between the Government of Canada, Black-led business owners, and financial institutions which includes an investment of up to $350.8 million over four years.
• Black Entrepreneurs BC provides advocacy, access to funding facilitation, advisory and mentorship services to help Black businesses grow, scale, and become sustainable.

LGBT+ Support

• The CGLCC is the only chamber of commerce uniting and advocating for Canada’s 28,000+ LGBT+ owned and operated businesses.
• Pride at Work uses dialogue, education, and thought leadership to empower Canadian employers to build workplaces that celebrate LGBT+ employees.
• TransFocus Consulting brings systems-thinking to gender inclusion, helping organizations transform from the inside out.

Disability Support

Liberty Co is a consultancy focused on increasing the participation of Neurodiverse individuals in the workforce.

Youth Support

Futurpreneur provides financing, mentorship, and support tools to aspiring founders aged 18-39.

Specialized tools and resources have their benefits, but to truly empower Canadian entrepreneurs we need centralized, reliable, dedicated support spaces where founder success is central to mission and mandate.

Kayla Isabelle is the Chief Executive Officer at Startup Canada, the gateway to Canada’s entrepreneurial ecosystem that points you in the right direction, eliminates barriers, and champions your needs to private and public sector partners. Startup Canada’s mission is to connect Canada’s entrepreneurs with the tools, community, and support they need to start and build their businesses. Kayla has dedicated her career to supporting entrepreneurs, both in Canada and internationally. As an award-winning strategic communications consultant and change management facilitator, Kayla is passionate about leveraging the power of storytelling in the entrepreneurial community.

The post Entrepreneur Support Organizations: Helping to Understand the Ecosystem appeared first on HiveInnovates.

Oftentimes, entrepreneurs and business owners find themselves hampered by a lack of robust market intelligence. With that in mind, the City of Abbotsford, BC, has set out to provide tools that business owners need — online, interactive, mobile-friendly data to guide their decision-making, especially when crisis hits, such as a pandemic or natural disaster.

Nicknamed “the Sitefinder,” the first tool that Abbotsford introduced for local and new businesses was the Geographic Information System (GIS) ZoomProspector tool back in 2016 — making it the very first community in British Columbia to put tens of thousands of data variables alongside available commercial properties for analysis.

Powered by technology from GIS Planning Canada, and augmented by five additional interactive tools the following year, investors and businesses could use the tool to research, analyze, export, and share demographic, wage, consumer spending, business, and industry data. The information comes from a variety of regularly updated sources, including Environics Analytics (based on Statistics Canada data), Emsi and Data-Axle. But the Sitefinder makes these sources of data interactive and highly visual – and available to any business looking online for solutions.

“Abbotsford’s location is right next to the border as well as the port, which helps us to get our product anywhere in the world. Also, we have a lot of industries here to support our manufacturing. If a saw breaks down at the mill, we’re not going two hours out of the bush to get it sharpened, we’ve got a guy right next door that can do that for us,” says Nav Sangha of North American Forest Products.

This ability to “shop local” took on a new urgency for businesses when the COVID-19 pandemic hit. With lockdowns, enforced closures and supply chain disruptions, everything became that much harder for businesses. Abbotsford responded by launching Open for Business (ZoomBusiness), which allowed area residents to quickly map and find local businesses that were open; to learn about modified hours, contactless delivery, gift card programs and more. The tool was one of the first to launch in Canada and remains a great way for businesses to list themselves and to see others around them. Moreover, with the help of this tool, people could spend their dollars at home instead of online.

As the pandemic dragged on, it became clear that important, long-lasting shifts in how business was being done were underway. Businesses were pivoting. And Abbotsford followed, leveraging a third, highly customizable GIS tool to its data toolkit. The virtual ZoomTour uses Google Maps technology, supports images, video, sound and can link to business websites or the City’s other GIS Planning data software.

Abbotsford’s “Passport to Patios” tour showcases restaurants offering extended outdoor patio service to customers wanting a safe eating experience at their favourite locales. The “Abbywood Walk of Fame” tour leads visitors down the main street and through town to discover locations and businesses popular with film and video producers. And the newest “Agriculture Resource Map” offers help, funding and support for farmers and other agri-business affected by the 2021 flooding disaster.

“Although we have hundreds of clients across North America, the City of Abbotsford is one of the first places we contact with any new data tools. We know they intuitively understand the importance of supporting businesses and investors with critical information,” explains GIS Planning Canada’s VP Marketing, Alissa Sklar, PhD.

The City of Abbotsford remains a model for how communities can actively support their local businesses in the ways that count, by giving them easy access to the information they need when they need it.

The post How Abbotsford Is Supporting Businesses with Critical Market Intelligence Data appeared first on HiveInnovates.

Canadian startups need to think internationally in order to succeed. Learn how the DMZ can help mitigate the risk involved in expanding to new global markets.

Despite Canada’s small market, many Canadian startups are not exploring the potential that global expansion may bring to their company.

While every founder wants their company to access new customer bases and capital, only about 12 percent of small businesses in Canada currently export their goods and services. However, for companies who want to look into expanding, it might be time to start looking global from the get-go.

“The majority of tech startups don’t realize it, but they are in a business that can be global from day one,” says Abdullah Snobar, the Executive Director of the DMZ. “We need to help tech startups and early entrepreneurs see themselves as exporters, even if they don’t have a physical product.”

The DMZ has helped to raise over $1.5 billion in seed funding for startups and has provided mentorship and support, utilizing its worldwide network, to turn Canadian startups into world-class, global tech businesses.

Looking beyond Canadian borders

According to Snobar, for Canadian startups in a small domestic market, considering global expansion is a necessity, not a nice to have. This was the case for Softdrive, a DMZ incubator company, where only 3 percent of their total addressable market was in Canada.

“The US has about 24x the amount of organizations than Canada, making it critical for Softdrive to expand internationally,” says Leonard Ivey, Founder of Softdrive. “If we don’t, we’d be stunting our growth significantly and mitigating our chances of success.”

However, there are a few barriers that make global expansion difficult for Canadian startups. For pet-tech company Charmy Pet, navigating the regulations to comply with federal agencies like the CFIA and U.S. FDA was one of them—but the support of the DMZ and their connections made the process much easier.

“We were fortunate to have the support of the DMZ and their in-house supply chain experts to help us expand,” says Zach Sheng, Co-Founder and CEO of Charmy Pet.

Building a reputation in a new market, while trying to find support, trustworthy global partners, and dealing with cultural differences, can be difficult. “It can take a few years for a startup to build a solid reputation in their local market and transferring that trust to a global market is challenging,” says Mohsen Omrani, Co-Founder and CEO of OPTT. “A good way to bridge local trust to a new market is being associated with reputable organizations, like incubators and VCs, with proven track records.” It helps to have a team like DMZ in your corner where these past experiences can be used as leverage.

How the DMZ’s network can help

But Snobar says one of the biggest barriers to expansion is the founder’s own mindset. “If they don’t want to go global, then they’ll find every excuse not to go. But there’s always risk anywhere you operate,” says Snobar. “If you don’t look to expand into a new market, someone else will.”

For those who do want to expand globally, the DMZ offers founders a deep understanding of different local ecosystems, countries, and economies through their network of global offices and incubators in over 10 countries. For example, if a Canadian startup wanted to expand into India, the DMZ could connect them to other founders and partners in their field who are already involved in the Indian market. This is due to the DMZ being an enabler to global expansion—they can help founders access peers who’ll understand their journey and their struggles.

“There’s never been a more important time than today to think about how to take your business and expand to your full potential,” says Snobar. “The whole team is glad we’re helping in that journey with creating opportunities for founders entering these new markets.”

The post Why Canadian Startups Need to Look Beyond Borders appeared first on HiveInnovates.

Community boosters are worth a lot. Schools, arenas, parks, and libraries in Strathmore share stories of people pulling together to get the project finished. More businesses are discovering that the community is proud to help them grow, too.

Investments in agri-business, manufacturing, and renewable energy are setting records for the largest volume of capital investment in Strathmore’s history. It’s a town focused on the future and growth that welcomes a variety of startups but has retained its rural roots and a commitment to its community.

More businesses are discovering what Strathmore offers

That is just one reason why Borea Construction has been so pleased with its partnership with Strathmore. It is constructing two major solar projects in the area and has received an incredible level of support from the town. “Strathmore is really willing to go farther to help us succeed,” says Chelsea Million, the company’s talent advisor. When explaining what sets Strathmore apart from other places, she cites the successful job fair hosted locally, the quality of local candidates, and the town’s willingness to share resources in order to help meet the firm’s goals.

The town has a long tradition of being innovative and solution-focused. Its Marigold Library System, established in 1981, was a game-changer. The not-for-profit municipal collaboration provides state-of-the-art library services, now serving over 300,000 people across 44 municipalities. It joined forces with Western Irrigation District (WID), which supplies irrigation water to almost 100,000 acres of farmland, to build a new shared headquarters this year. It’s a prime example of Strathmore’s strong collaborative spirit.

Focus on success and innovation

Local businesses are expanding their reach. Origin Malting drew on five generations of farming expertise when they launched their malting plant in 2016. As pioneers of soil conservation and traceability, they brought a focus on sustainability to their operations. Producing the finest malt for craft brewers has brought customers from across North America.

We have great people that work hard here. Some of the finest people you’ll ever meet…they work right here. We’re much like a family I guess.

An unexpected start-up has its origins in a local farm as well. G&S Airport Conveyor, which builds and maintains baggage conveyor systems for airports around the world, started out of a garage on an area farm. Since moving into Strathmore, the company has grown and invested in newer, more advanced technology. Owner Jim Goertz appreciates how business-friendly Strathmore is. He also likes the inviting small-town feel, something that makes it easy to attract and retain employees. It’s a desirable place to work and to live in. “We have great people that work hard here. Some of the finest people you’ll ever meet … they work right here. We’re much like a family I guess.”

Strathmore is well-positioned to keep the momentum going. “Strathmore offers start-ups a great place to grow. Our team offers personalized support you can’t find in large centers” says Mayor Pat Fule. “We’re a friendly, welcoming community that helps each other to succeed.”

The post Small Towns Are Friendly — And Startups Succeed with Lots of Friends appeared first on HiveInnovates.

Why is financial literacy important for young Canadians?

Youth financial literacy puts them in control of their own decisions and finances which is important especially in today’s society where the cost of living is on the rise. Children need to learn early in life that there are differences between needs and wants and how this impacts our financial decisions. It will ultimately play a key role in making them lead a happier and more financially stable lifestyle.

What’s something you wish you told your younger self when it comes to money management?

I would tell my younger self that a healthy financial life begins with effective money management skills. Apart from creating a budget and sticking to it, many other financial practices can alter the course of your life drastically.

There are many strong pieces of financial advice that I would tell my younger self:

• Contribute towards your retirement fund
• Get life insurance when you are still young
• Make an effort to learn about investments
• Don’t spend money on frivolous things
• Focus on your strengths
• Don’t use too many credit cards
• Spend money on experiences
• Save for rainy days
• Build your contacts and career network
• Learn about the stock market

What are your top money management tips for new businesses?

Being a small business owner is all about following your dreams and calling your own shots. But it’s also about managing your money responsibly and keeping a tight grip on your finances.

• Create a Budget and Adjust Accordingly
• Get Your Cash Flow Organized – When you’re getting your business started, keep track of all income and expenses from day one — even if most of your numbers are zero.
• Establish an Emergency Fund – An emergency fund isn’t just for personal finances. Business owners should have one, too. Odds are, your business will eventually face a less than a stellar month or an unexpected expense, so it’s essential to plan for these cash crunches.
• Remember That Time Is Money – New business owners often start out with one person running the show. Marketing and sales, accounting and product design, shipping and customer service — it’s all in a small business owner’s job description. But as you grow, it’s important to know which tasks you excel at and which ones you probably have no business doing.
• Running a small business is no easy task, but it’s easier when you stay organized and disciplined.
• When you dive in and get comfortable with your business finances, you’ll have a better idea of how your business is really doing, where improvements are needed and where growth is possible.

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November is Financial Literacy Month, which raises awareness of the importance of financial literacy skills. Financial literacy skills have the power to improve confidence around financial decisions. Money Matters is a free program that aims to build these skills.

Here are 5 financial literacy tips from participants of the program:

Ask yourself if the item you “need” is actually more of a want than a necessity. If you still think you need it, wait 14 days before purchasing to see if it’s really that important.

Put some money away. Putting just $50 a month away in an RRSP can make you $500,000 if you start before you’re 30.

Don’t be afraid to borrow. Borrowing money isn’t always bad, especially if you’re using it to buy something like a house.

Talk to people who are more knowledgeable about money. While it might seem daunting to ask people about money, you shouldn’t feel bad about asking simple questions. By asking them why they made their financial decisions, you’ll become more confident in making your own decisions.

You don’t have to put all of your investments in “high-risk” or “low-risk” stocks or mutual funds. You can diversify your investment portfolio.

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