Quarterly Publication - Ed. 02-May6 - Flipbook - Page 36
PARTNER CONTENT
How current and aspiring entrepreneurs can harness technology
and transform their business to create a positive impact.
D
A
N
A
C
E
N
TR
C
EP
ER
R
TA
EN
IN
EU
R
TY
S
N
IA
ntrepreneurs are a force to be reckoned with
— no matter the economic climate. Although
the long-term impact of COVID-19 is still
unclear, the unstoppable force of Canada’s
entrepreneurs is stronger than ever before. With new
technologies fuelling their innovation, they’re jumping
at the opportunity to fill market gaps, improve systems
and tackle some of the world’s most pressing issues.
36
GRIT
H
IT
W
Companies like Canada Goose are shifting factory
production from apparel to medical gear for healthcare
workers and patients, while others like Baylis Medical
and Danby Appliances are manufacturing new machinery to solve ventilator shortages. Meanwhile,
Canada’s largest biotechnology company, STEMCELL
Technologies, is developing cell biology research tools
and instruments that support current life sciences
research efforts.
Paula Smith, National Director of the EY Entrepreneur Of The Year Canada program, shares how
current and aspiring entrepreneurs can harness
technology and transform their business to create a
positive impact.
U
LI
K
TA
C
RE
N
G
EN
A
EY has a long history of working alongside many
of the world’s most innovative entrepreneurs through
the EY Entrepreneur Of The Year® program, and
many of these business leaders have found ways to
leverage digital tools to unlock new sources of value
for companies and communities amid COVID-19.
TE
C
HOW CAN ENTREPRENEURS UNLOCK GROWTH
BY APPLYING NEW TECHNOLOGY TO THEIR
STRATEGIC VISION?
H
New technologies allow entrepreneurs to think
bigger and bolder — and then turn those visions into
realities. Robotics, artificial intelligence, blockchain
and analytics can unearth new data that can help
entrepreneurs drive more meaningful conversations
with customers, build operational efficiencies and gain
a powerful competitive advantage. They also have the
natural advantage of being more agile than larger
companies and can use digital tools to experiment
or test new products, enter new markets and capture
new opportunities more quickly.
WHY IS DIVERSITY IMPORTANT IN EXECUTING A
DIGITAL STRATEGY?
There are countless advantages to prioritizing
diversity when creating or executing a digital strategy.
The first relates to an important truth: technology
isn’t immune to bias. That’s a real problem when you
consider how integrated it’s become in our personal
and professional lives. The talent developing new
technologies and innovations should represent the
diversity we see in our society to ensure unconscious
biases aren’t programmed into our future. The
second advantage is that diverse teams with unique
perspectives can capture more meaningful insight
from data. Entrepreneurs that embrace diversity from
the get-go and make it a priority as their business
grows will create more value.
WHAT ADVICE DO YOU HAVE FOR ASPIRING
ENTREPRENEURS MAKING THEIR WAY INTO
THE WORLD OF BUSINESS? HOW CAN THEY
PIVOT THEIR STRATEGIES TO MEET NEW
MARKET CHALLENGES?
Profound market changes mean entrepreneurial
business leaders need to think differently about how
to achieve their growth ambitions. It’s not enough to
only focus on the now — those who want to achieve
long-term sustainable growth need to stay agile and
prepare for what’s coming in the next and the beyond.
Entrepreneurs can do this by mastering the full
capabilities of technology to experiment and fail with
confidence while tackling new opportunities.
Despite the ambiguity of COVID-19, Canadian
entrepreneurs continue to be unstoppable forces –
approaching problems with the agility and imagination
necessary to evolve and prosper. Those with the
right strategic vision will take hold of unexpected
opportunities to break through uncertainty and create
something extraordinary.
How can companies navigate through
these unprecedented times? Learn more
GRIT
37