Learn more about Chamber Circles for Women and Entrepreneurs
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Artificial Intelligence (AI) has emerged as a double-edged sword in the realm of cybersecurity, offering immense potential to bolster defenses and creating daunting challenges that can exacerbate vulnerabilities. As businesses and organizations increasingly rely on digital infrastructure and data-driven processes, the role of AI in cybersecurity becomes crucial.
Historically, the term ‘artificial intelligence’ was first coined in the mid-1950s during a workshop held in Dartmouth by John McCarthy, a U.S. computer scientist, but the concept had already surfaced in 1921 when a Czech playwright introduced the notion of “artificial people” in a production entitled Rossum’s Universal Robots.
“AI has been around for a long time and has just scaled to what it is today, and is definitely something businesses are catching on to,” says Nick Lewis, CEO and Director of ShockproofIT, referring to AI and the issues surrounding its use.
On the positive side, AI is now a daunting ally in the fight against cyber threats due to its ability to process vast amounts of data at lightning speed which enables AI-powered systems to accurately detect anomalies and patterns indicative of malicious activities. Machine learning algorithms can analyze historical data to identify evolving attack courses, allowing for proactive defense measures.
“AI can really speed up the process and can look at the path of an infection from the root file all the way up to the end user,” says Nick. “AI can help investigate that path and how it’s happening, locating where the broken or infected link is so you can troubleshoot further.”
Insights offered for emerging threats
As well, AI-driven threat intelligence platforms can provide real-time insights into emerging threats, empowering organizations to stay one step ahead of cybercriminals. And for those who’ve already experienced an attack, it can also provide a detailed report of the incident for auditing purposes.
“AI can help you provide some verbose notes and data for creating reports about any attacks,” he says. “It can help you build that out.”
On the negative side, the proliferation of AI also introduces new challenges and risks to cybersecurity as cybercriminals continue to increasingly harness AI-powered tools and techniques to launch sophisticated attacks that can evade traditional security defenses.
“Cybercriminals can analyze and collect data much quicker now and identify other avenues and trajectories of attack,” says Nick. “Criminals can also create new and sophisticated, and original targeted phishing attacks that wouldn’t otherwise be possible without the help or aid of AI.”
As well, AI can also assist cybercriminals in creating malware that contains new vulnerabilities and then bypasses detections, he says.
Barrier lowered for novice hackers
Couple this with the fact the democratization of AI technologies has lowered the barrier to entry for cybercriminals, enabling even novice hackers to leverage AI-driven attack tools with devastating consequences, means even more threats for businesses.
To combat potential threats, Nick recommends businesses conduct thorough research when it comes to boosting their cybersecurity systems.
“You have to do your research so you can make an informed decision before you implement anything, especially something like AI,” says Nick, who also recommends talking with someone who is knowledgeable when it comes to AI-powered systems. “Talk to a professional, or someone who has been using it for a long time in many different markets and knows it from a core fundamental aspect.”
But more importantly, he recommends having a security professional audit the needs of your business to ensure you implement any AI property, safely, and effectively.
“How does your organization and your day-to-day operations work? What do you do and don’t do? What kind of logistics are going on?” says Nick. “From there, you can build a solid plan based on those things.”
Tips for leveraging AI in business cybersecurity:
Understand your cybersecurity needs: Before adopting AI solutions, assess your organization's cybersecurity posture, identify key vulnerabilities, and determine specific areas where AI can make the most impact, such as threat detection, incident response, or user authentication.
Choose the right AI technologies: Select AI technologies that align with your cybersecurity objectives and capabilities. This may include machine learning for anomaly detection, natural language processing for threat intelligence analysis, or robotic process automation for automating routine security tasks.
Invest in quality data: Ensure that your cybersecurity data is accurate, relevant, and representative of potential threats and attack scenarios. Invest in data quality assurance processes and data governance frameworks to maintain the integrity and reliability of your data.
Employ AI-driven threat intelligence: Leverage AI-powered threat intelligence platforms can analyze vast amounts of data from diverse sources, including open-source intelligence, dark web forums, and security feeds, to provide actionable intelligence for proactive defense.
Implement AI-driven anomaly detection: Deploy machine learning algorithms to monitor network traffic, user behaviour, and system activities for anomalies indicative of malicious activities.
Enable AI-driven incident response: Automate incident response processes using AI-powered orchestration and automation tools which can analyze security alerts, prioritize incidents based on severity and impact, and execute predefined response actions to contain and mitigate security breaches more efficiently.
Ensure transparency and accountability: Maintain transparency and accountability in AI-driven cybersecurity initiatives by documenting processes, methodologies, and decision-making criteria.
Stay informed about AI advancements and best practices: Keep abreast of the latest developments in AI technologies, cybersecurity trends, and best practices through continuous learning and engagement with industry forums, conferences, and professional networks.
Balance AI automation with human oversight: While AI can automate routine security tasks and augment human capabilities, it is essential to maintain human oversight and intervention where necessary.
Regularly evaluate and adapt your AI cybersecurity strategy: Continuously monitor the performance and efficacy of your AI-driven cybersecurity initiatives and make adjustments as needed based on evolving threats, technological advancements, and organizational requirements.
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Advocating for public policies that can benefit businesses has been a cornerstone feature of the Chamber of Commerce movement for generations.
The Cambridge Chamber of Commerce, like many of its counterparts in the Ontario Chamber network, works consistently all year striving to translate the needs and wants of their members into potential policy resolutions aimed at prompting change at both the provincial and federal levels of government.
But this work, and the work of other Chambers, is often carried out without many of their members even aware there is a widespread network advocating on their behalf.
“This isn’t unique to the Chamber movement and quite common for any advocacy organization because it’s a concept so intangible to a lot of individuals who aren’t engaging in it and don’t necessarily understand the value of it,” says Andrea Carmona, Manager of Public Affairs for the Ontario Chamber of Commerce. “Advocacy, I feel, is a little bit like a unicorn. When you’re a small business owner who is probably focused on keeping your business running, you’re more likely to be looking towards your local Chamber for what are the more tangible services they can offer – programs, events, and grants.”
She says collectively, promoting its advocacy work is something the Ontario Chamber network must communicate clearly as possible.
“It is kind of a difficult thing to explain to people, but really it’s all about amplifying issues and having a chorus of voices saying the same thing so that we can move the needle and make an impact,” says Andrea. “That’s ultimately what advocacy looks to do.”
Making that impact formulated the basis of the Ontario Chamber of Commerce’s recent Advocacy Day at Queen’s Park. This nineth annual event gave nearly 100 delegates representing Chambers provincewide, including Cambridge Chamber President and CEO Greg Durocher and Board President Kristen Danson, the opportunity to meet with MPPs to discuss various issues facing business communities.
Some of the key areas targeted by delegates included:
Although the Chamber network’s advocacy efforts are ongoing year-round, Andrea says Advocacy Day provides an ideal opportunity for face-to-face meetings and discussions with the decisionmakers.
“It’s all about ongoing engagement and follow up,” she says. “It can’t just be a single day of advocacy. We need to ensure Chambers are keeping connected with their local MPPs. A lot of this is relationship building since they see Chambers as a credible source for what is happening on the ground.”
Andrea says building those relationships sets the groundwork for support and the ability to drive change that can assist the business community.
“It’s a great opportunity to connect across party lines,” she says. “Politics is unpredictable, and you don’t know what is going to happen in 2026 so you want to ensure you are establishing relationships across the board. We are a non-partisan organization and of course the government of the day is important, but that’s not to say you shouldn’t be engaging with other parties.”
Andrea notes it’s also a two-way street for the decisionmakers who participate in Advocacy Day, as well.
“It’s such a great opportunity for them to hear about such a broad stroke of local perspectives across the province,” she says. |
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As technology continues to rapidly evolve, businesses are increasingly turning to Artificial Intelligence (AI) to streamline operations, enhance efficiency, and gain a competitive edge.
There is no question surrounding the benefits of integrating AI into business processes, but there remain legitimate concerns that accompany this technological leap.
One primary concern is the ethical implications of AI implementation. As AI systems such as ChatGPT, ClickUp, Copy.ai, or Kickresume become more sophisticated, they often require access to vast amounts of data to function effectively. This raises questions about privacy and the responsible use of sensitive information, as well as legal concerns surrounding the use of intellectual property.
“The question is fair use or is it a violation of copyright,” says Maura Grossman, Research Professor, School of Computer Science at the University of Waterloo, whose expertise centres on AI policy and ethics.
She notes that an AI user can reference a particular article, book, or poem, despite it being copyrighted. “It shouldn’t be able to do that because that’s a copyright infraction, but it can. The law hasn’t caught up with that yet but there are a number of legal cases now pending.”
Algorithms a concern
As well, Professor Grossman says bias in AI algorithms is another major concern. AI systems learn from historical data, and if that data contains biases, the algorithms can sustain and amplify them resulting in discriminatory outcomes and reinforcing existing social disparities.
“You’re going to find that in the language as well as the images. Open AI has spent a lot of time trying to remove toxic language from the system, so you get a little bit less of that with ChatPT,” she says, referring to the problems Microsoft experienced when it released its Tay bot in March 2016. The bot, under the name TayTweets with the handle @TayandYou, resulted in Twitter (now known as ‘X’) users tweet politically incorrect phrases and inflammatory messages resulting in the bot releasing racist and sexually charged messages in response to other users. Initially, Microsoft suspended the account after 16 hours, erasing the inflammatory tweets and two days later took it offline.
“Most systems, like ChatGPT, are trained on the internet and that has its pluses and minuses,” says Professor Grossman, adding ‘hallucinations’ pose another big problem for AI users. “ChatGPT for example is trained to generate new content and to sound very conversational, so it uses what it has learned on the internet to predict the next most likely word. But that doesn’t mean it’s telling you the truth.”
Official policy needed
She says there have been instances of people using AI to conduct legal research and submitting bogus case citations in court. “I think the first case happened recently in B.C., but it has also happened all over the U.S.,” says Professor Grossman.
For businesses utilizing AI, she recommends drafting an official policy to outline usage.
“First they need to have a policy and then need to train who in the business is going to use AI because people need to understand what it does well and doesn’t do well,” she says. “Your policy needs to say what permissible uses are and what impermissible uses are.”
Impermissible uses could include creating a deep fake video in the workplace.
“Even if it’s a joke, you don’t want employees creating deep fakes,” she says, noting the policy should also outline what workplace devices can be used for AI. “If you need to save something because you’re involved in a lawsuit, then you don’t want to it be on an employee’s personal device because you won’t have access to it.”
Employees require training
As well, Professor Grossman also recommends employees clearly know what AI tools are okay to use and which are not and ensure they are fully trained.
“You don’t want them violating intellectual property rules or other privacy rights. You also don’t want them putting into a public tool any confidential or propriety information,” she says. “Some companies have turned off the ability to use these AI tools because they are terrified employees will put propriety information out there while asking a question about a problem they are working on. If you’re using one of these open-source tools, it’s like Google or anything else; it’s free rein.”
Professor Grossman says rules and regulations around AI will be gradually strengthened, noting a new regulation coming into play in B.C. pertaining to issues surrounding intimate imagery is just one example.
“As soon as this starts making its way more into politics, we will start to see more effort into creating regulations,” she says, referring to a recent ‘deep fake’ image that surfaced of U.S. President Joe Biden.
Despite these issues, Professor Grossman says AI is something more businesses will become comfortable using and should embrace this new technology.
“It will save on efficiency,” she says, noting AI can greatly assist in the creation of marketing material. “Companies need to explore it and learn about it but learn about it in safe ways and understand where it can be beneficial and not just let people experiment on their own because that’s going to lead to a lot of trouble.”
AI hurdles in business
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In the fast-paced world of business, the success of any organization hinges on the quality of its workforce. Hiring mistakes can be both expensive and detrimental to a company's growth and stability, especially in this changing job market which is now seeing an influx of potential candidates in certain fields.
“I really do feel that the market over the last year has softened,” says Lisa Marino, Senior Recruitment Specialist with H2R Business Solutions, noting there are always a handful of roles that are specialized resulting in fewer available candidates.
Her colleague Sue Benoit, Head of Recruitment Services at H2R Business Solutions, agrees.
“On the trades side there still is a labour shortage, especially since those types of roles are really hard to fill,” she says. “But if you have an accounting or bookkeeping role to fill there’s 100 plus applicants.”
As a result, finding the right person to fill those types of positions means putting systems in place that can help you avoid potential pitfalls, such as taking too long to decide on a potential hire which is a common mistake many employers make, says Sue.
“If they’re taking too long in the decision or interview process, they can lose that great candidate who might have been hard to find in the first place,” she says. “Then it it’s a matter of having to start over a lot of the time because employers are not going to just settle, necessarily.”
As well doing their due diligence regarding reference checking, her colleague suggests making a select group of others in the company part of the hiring process.
“Bring in one or two other people from the company into the process rather than letting the hiring manager do it all because somebody from another department may be instrumental helping you gain a different perspective of the candidate,” says Lisa, adding incorporating some of type of skills testing during that process, depending on the level of the role, can also be helpful. “It can give some insight of how a candidate thinks.”
She also says once a candidate has been hired, an employer should be diligent when it comes to monitoring the performance of that person during their 90-day probationary period and watch for potential ‘flags’. These can include absences, struggling to meet deadlines, or an overall disconnect with their new workplace or colleagues.
“Hopefully, the recruiter is good enough to catch some of those flags in our pre-screen conversations,” says Sue. “How interested are they in the organization? Have they done any research? Employers really want someone who is truly interested in what they’re doing.”
Tips for avoiding hiring mistakes
Define Clear Job Requirements Before posting a job opening, employers should thoroughly analyze and document the skills, qualifications, and experience necessary for the role. This not only ensures that candidates are well-informed but also assists in filtering applicants more effectively.
Create a Comprehensive Recruitment Strategy Develop a well-thought-out recruitment strategy that includes a timeline, sourcing channels, and a structured interview process. By outlining the steps from job posting to offer, employers can maintain control and consistency throughout the hiring journey.
Leverage Technology The use of technology can significantly streamline the hiring process, from applicant tracking systems (ATS) to video interviews. These tools help in organizing candidate information, assessing qualifications, and conducting efficient interviews.
Thoroughly Assess Cultural Fit A candidate might have an impressive resume, but if they don't align with the company culture, it can lead to a discordant team dynamic. Incorporate questions and assessments during interviews that delve into a candidate's values, work style, and how well they would integrate into the existing team.
Conduct Behavioural Interviews Conducting behavioral interviews allows employers to gain insights into how candidates handled situations in their previous roles. This approach provides a more realistic preview of a candidate's capabilities.
Check References Thoroughly Reach out to previous employers, colleagues, and supervisors to gain a comprehensive understanding of the candidate's work ethic, reliability, and interpersonal skills. A candidate's performance history can reveal valuable information that might not be apparent during interviews.
Utilize Probationary Periods Implementing probationary periods for new hires allows both the employer and the employee to assess the fit within the organization. This trial period provides an opportunity to evaluate job performance, integration into the team, and adherence to company values before making a long-term commitment.
Invest in Continuous Training for Hiring Managers If possible, equip hiring managers with the skills necessary to conduct effective interviews, assess candidates accurately, and make informed decisions. Continuous training on fair hiring practices, diversity, and inclusion can help mitigate biases and enhance the overall quality of hiring decisions. |
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In this digital landscape, businesses are increasingly reliant on web-based platforms for their operations, communication, and customer interactions.
While this technological shift has brought convenience and efficiency, it has also opened the floodgates to a myriad of cyber threats – many no longer just centred on email-based breaches.
As the digital realm expands, the need for robust web-based security becomes paramount for businesses of all sizes due to the escalating frequency and sophistication of cyberattacks.
Hackers are becoming more adept at exploiting vulnerabilities, often targeting sensitive data such as customer information, financial records, and intellectual property. The consequences of a successful cyberattack can be devastating, ranging from financial losses and reputational damage to legal repercussions.
These security breaches can erode customer trust and a single security incident can shatter the perception of a business as a reliable custodian of sensitive information, leading to a loss of clientele and tarnished brand image.
To address these challenges, businesses need to invest in cutting-edge web security solutions. These include regularly updating software and systems, implementing multi-factor authentication, encrypting sensitive data, and conducting regular security audits. Collaborating with cybersecurity experts and staying abreast of the latest threats intelligence is equally crucial in maintaining a proactive defence against emerging cyber hazards.
We asked John Svazic, Founder and Principal Consultant of EliteSec Information Security Consultants Inc. in Cambridge to share his thoughts on what businesses can do to ensure they are prepared for potential web-based security threats:
Q. When did more browser-based cyber threats begin to surface as opposed to spam emails?
A. This is a hard question to answer, but these types of attacks aren't new and have been around for a while, likely since the early 2000s at least, but not in any volume. Most cyber-criminal attacks are based on opportunity and ease, so the rise can generally be attributed to companies adding more sophistication to their websites, especially as they try to go online.
Q. What brought on this apparent shift?
A. Opportunity is the biggest reason here. With the rush to go online, which the pandemic only exacerbated, some companies may be taking shortcuts to get online by going with free/low- cost options to maintain margins. While I can sympathize with this point, losing most of your margins to fraud may be reason to re-evaluate.
Q. Are there warning signs business owners should watch for indicating they might be susceptible to an attack?
A. Unfortunately, not. The best way to prevent this is to go look for vulnerabilities yourself or get someone who is skilled to go looking for you. Having said that there are a few things that can be done on your own to better protect yourself, including:
Q. What is one of the first steps they should take in terms of boosting their security?
A. Make sure that whatever you're using is fully patched. If this is offloaded to a hosting company or some other third-party provider, ask them what their patch cycle is. How frequently do they update, and do they do any third-party testing of their own infrastructure? If a company is doing online sales, using a trusted partner like Shopify, Squarespace, etc., is a great way to check these boxes as these are reputable firms that take security seriously, which helps to offload the risk to someone else, albeit at a cost.
Q. Are smaller businesses more susceptible to potential attacks than larger ones?
A. Sadly yes. While news headlines often focus on bigger named companies getting hacked and having to pay ransoms, the reality is that hundreds of smaller companies are getting hacked each day and not making headlines because they're just not big enough to report on, or they're too scared to report the attacks themselves out of fear of losing customers/reputation. Smaller companies often lack the resources or money to seek out help, so it can be a real catch-22.
Q. If an attack has occurred, what should be the first step a business owner should take?
A. First check your business insurance to see if you have cyber insurance. Often, these policies will dictate who to call and what to do. Many brokers will recommend this type of insurance if you have an online presence, so it never hurts to start there. As most of these attackers are coming from outside the country, law enforcement won't necessarily be able to help, but report a cybercrime. Start with the Canadian Centre for Cyber Security and report the incident. I would then recommend reaching out to a cybersecurity professional that specializes in incident response to help rectify the situation. Again, if you have a cyber insurance policy, this should be covered by insurance.
Q. Is it possible to become too paranoid regarding cyberattacks?
A. Absolutely. But it's best to always put things into perspective before things become too overwhelming. If you take some basic precautions, you can put most of these concerns aside. It's always about perspective and the realization that raising the bar on cybersecurity isn't hard, and even small changes can deter potential attackers. Most cyber criminals are lazy, so they won't put in a lot of effort for minimal rewards. But if they can pull of a hack because it's easy, then they're willing to put in the effort for a few hundred to a few thousand dollars of potential payoff.
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Effective leadership communication is the cornerstone of any successful business or organization.
A leader's ability to convey their vision, build trust, and inspire others can determine the difference between an average outcome and an extraordinary one.
But to arrive at that point requires the ability to be a good listener.
“There’s a lot of people that listen but they don’t hear,” says career consultant and corporate soft skills trainer Murray Comber of Life Concepts. “You cannot be a good communicator unless you are a good listener. It’s all about understanding yourself and understanding others.”
Since 2001 he has trained more than 8,000 people, noting that many in the workplace don’t realize becoming a better communicator is a very learnable skill.
“It’s all about the pattern of human dynamics,” says Murray, adding that boards of education or even in families, do not teach people how they are hard wired. “I teach my clients that. I always say to them you need to know who you are, and you need to know who you are not.”
He says at least 71% of companies that fail do so because the leader didn’t understand who they were and who their employees were.
He admits this type of soft skills training is often considered ‘fluff’ and is usually one of the first things cut from the budget or put on the backburner when economic times get tough.
“The truth is when things are going south, that’s when they should be put on the front-burner,” says Murray. “Training shouldn’t be seen as an expense but as an investment.”
In terms of advice for business leaders looking to take their first step at becoming better communicators, he says there must be a willingness to learn and connect with employees not just as a manager with subordinates.
“What I’ve learned is that there is more emphasis put on product knowledge than there is people’s knowledge,” says Murray. “When you respond to what you’ve heard and have listened, you build trust with your employees and good communication is built on trust.”
To lead effectively, one must be a skilled communicator who can inspire, guide, and unite a team. A few things to consider:
By honing these skills, leaders can create a positive and productive work environment, foster strong relationships with their teams, and achieve success in their leadership roles. |
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The one constant thing business owners can count on is change, something the last three years have clearly shown.
But as business leaders continue to navigate in a changing economy shaped in the aftermath of the pandemic, many have not taken a moment to appreciate how resilient they’ve become.
“A lot of people haven’t been able to validate how many changes they’ve had to make doing business, and the transitioning and pivoting,” says Tracy Valko, award-winning mortgage broker and owner of Valko Financial Ltd. “They haven’t been able to look at their business, their goals and what they value in life and take the time to realize how resilient they’ve been.”
Tracy says in particularly, women business leaders are less likely to appreciate themselves and what’ve they been through and hopes to help rectify that by leading an informative and interactive workshop at our Women Leadership Collective Breakfast Series: Resilient Mindset later this month at Langdon Hall.
“I still see so many women spending time second guessing their skill sets,” she says, noting men seem to have more resiliency and forgiveness for themselves when it comes to pivoting in business. “Women spend more time judging themselves, thinking ‘maybe I shouldn’t speak up because someone’s going to say something’. I think in this world, especially now, women have to stand their ground and come together to support each other.”
At our Women Leadership Collective event Tracy will provide strategies for women to become more resilient by offering them a look inside what she refers to as her ‘resilient toolbox’ and share personal stories of what she has gone through creating a successful business over the course of the last 25 years. Besides being named one of Canada’s top individual brokers, she is also a published author and motivational speaker.
“I will provide a lot of different affirmations of ways to look at resiliency,” says Tracy, referring to her presentation. “A lot of people just don’t take the time to appreciate how far they’ve come and be able to pivot very quickly in an ever-changing world.”
Click here to learn more, or to register for our Women Leadership Collective Breakfast Series: Resilient Mindset which takes places Wednesday, Nov. 29 from 9-11 a.m. at Langdon Hall.
Tips about a resilient mindset
Embracing Change and Uncertainty A resilient mindset begins with the willingness to embrace change and uncertainty.
Learning from Failure Failure is a common part of life, and a resilient mindset allows us to see failure as a valuable teacher.
Cultivating a Positive Mindset Resilient people focus on the positive aspects of a situation and avoid dwelling on the negative.
Building Strong Social Connections Resilience is not a solitary endeavor. Building and maintaining strong social connections is a crucial aspect of a resilient mindset.
Setting Realistic Goals While having big dreams is important, setting smaller, attainable milestones helps build confidence and motivation.
Practicing Self-Care Resilient individuals recognize the importance of taking care of their physical and mental well-being.
Adaptability Those with resilience are not rigid in their thinking and are open to new ideas and solutions. They can adjust their plans as circumstances change and are willing to try different approaches to achieve their goals.
Developing Problem-Solving Skills Resilient individuals are excellent problem solvers. They break down complex issues into manageable steps and work through them systematically.
Seeking Support and Seeking Help - Resilient individuals are not afraid to seek support and help when they need it.
Maintaining Perspective In the face of adversity, resilient individuals remind themselves of the bigger picture. They recognize that the current challenge is just a chapter in their life's story and that it will pass, making way for new opportunities and growth. |
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It’s no secret small and medium-sized businesses play a crucial role in our community’s economic landscape, but they continue to face many challenges that impact their growth and competitiveness.
Knowledge is key when it comes to finding business solutions which is why the Cambridge Chamber of Commerce has organized its inaugural Small Business Summit: Evolve and Thrive to provide entrepreneurs the opportunity to learn from local experts on a variety of topics relevant to operating their businesses.
“Business changes every single day, and we need to always stay focused ensuring we are working on our business and not just working in our business,” says Cambridge Chamber President and CEO Greg Durocher. “And working on your business can mean participating in programming that helps you uncover new techniques in management, inspiring your employees and leadership training.”
The Small Business Summit: Evolve and Thrive will focus on a variety of areas over the course of several hours at Tapestry Hall. The discussions will centre around:
The summit speakers are leaders in both the business and post-secondary sectors who will share with participants some of their vast and practical expertise on these topics.
Among them is John Stix, co-founder of Cambridge-based Fibernetics, who will lead the session on intrapreneurship and Jay Krishnan, CEO of The Accelerator Centre in Waterloo, who will outline how AI is revolutionizing business. As well, mental health advocate and meditation practitioner and serial entrepreneur Iman Grewal will also provide her expertise.
“We hope by hosting this summit we can provide entrepreneurs of SMEs with the tools they need to help them better navigate what may be some very choppy waters in our economy over the next few months,” says Greg.
The Small Business Summit: Evolve and Thrive takes place from 8 a.m. to 2:30 p.m. on Wednesday, Nov. 22 at Tapestry Hall.
Click here to learn more about this informative learning event. |
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In the opening chapter of The E-Myth Revisited, a nearly 30-year-old book that is still relevant today, author Michael E. Gerber describes “The Entrepreneurial Seizure” or that moment when you decide to go into business for yourself.
Once the idea of entrepreneurship enters your mind it is life changing. Your imagination explodes with dreams of independence and success that will flow from turning your technical skills or passions into a be-your-own-boss enterprise. “Do what you love,” they say, “and you will never work another day in your life.”
This leads to what Gerber calls “The Fatal Assumption” which is that if you are good at the technical work of a business or are passionate about the work you will offer to the marketplace, then it follows that you will understand the business of delivering your goods or services to your customers. In the early days of your business this assumption can appear to be true.
You launch your business filled with entrepreneurial energy, find customers, provide your products or services, build your reputation, and get more customers.
The growth cycle continues. Everyone is happy until one day you discover that your success is crushing you and the fatal assumption is revealed: That the technical skills you have are just one small part a of a complex set of business skills that you need to ensure your success.
For you to succeed as an entrepreneur you need the following four foundational elements:
Usually, a business starts with your product or service idea that has market demand or perceived market potential and perhaps you have competency in one of the other three foundational elements.
But no one is proficient in all four so entrepreneurial energy and grit to succeed will only take you so far. Then the weaknesses in your business structure and practices reveal themselves as your business grows and your entrepreneurial dream begins to crack. It happens to all businesses.
When your business grows to the point where your success is crushing you, you must make a choice to either:
Both options are valid. If you want to be a self-employed technician, where you are in control of your job then option 1 is for you but if your entrepreneurial goals include growth beyond your personal time and talent limitations you must choose option 2.
Option 2 requires the strategic hiring of people with talents that you do not have that will enable you to delegate and entrust parts of your business operations to them.
This may be accounting, sales, HR, communications and/or production personnel and managers. Some of these services may be contracted out and some are better achieved if hired into your company.
These are important strategic decisions that will enable you to grow beyond your previous limitations. As you delegate to competent people your job changes to a true company president.
When you have good people in the right places in your business you can look up from your day-to-day operations and look out into the marketplace for new opportunities. Sales grow, production increases, cash flows better, and employees, customers, and vendors are satisfied.
This sounds easy, but giving up control of parts of your business to other people is a challenging and necessary growth step for small business entrepreneurs. You may want to enlist a business coach who can also help you stick to your growth plan when it gets hard, as it always does.
Remember, at this stage of your business growth what you really need is good people with leadership skills and business management talents that are different and complimentary to yours so that you can set yourself and your business up for success in the next phase of your entrepreneurial journey.
Submitted by Murray Smith, President of Blue Cancoe Consulting
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The following piece is one of several appearing in the special summer edition of our Insight Magazine celebrating Cambridge’s 50th anniversary as we recognize just a few of the people, businesses and institutions that have made our community great.
A variety of components are required to build a successful community.
Among these is a strong link to higher education, something Cambridge has been fortunate to have since its amalgamation courtesy of Conestoga College.
Founded in 1967 as Conestoga College of Applied Arts and Technology, it was among 22 community colleges established by the Ontario government between 1966-69 to provide diplomas and certificates in career-related, skills-oriented programs.
In the beginning, Conestoga College offered only part-time classes out of Preston High School as construction began on its Doon campus site in the south end of Kitchener, and by 1969 had already expanded by setting up Adult Education Centres in Cambridge, Guelph, Stratford, and Waterloo. It also began offering 17 full-time programs set up in portables at its Doon site to accommodate 188 students, with 67 of them attending its very first convocation in 1969.
But the college faced growing demand which resulted in the opening of a permanent campus in Guelph in 1970. Within a few years, not only did construction began on its Early Childhood Education Centre at its main Doon campus but the college also established its nursing program when the responsibility of four regional schools of nursing was transferred to Conestoga.
Throughout the next few decades as Cambridge expanded, the college continually added additional programs to keep pace with growing demands, to the point where it currently serves approximately 26,000 students (12,500 full time) through its eight campuses and training centres in Cambridge, Kitchener, Waterloo, Stratford, Guelph, Ingersoll, and Brantford.
Being designated in 2003 as one three Institutes of Technology and Advance Learning by the province, along with Humber and Sheridan colleges, opened even more possibilities for the college now that it could award degrees to students in its Mechanical Systems Engineering program and Bachelor of Architecture Project & Facility Management program. Additional degree programs were added in the years that followed.
“I think the college has come a long way because we have a vision, we have a purpose and we’ve been trying to get a little better,” said Conestoga College President John Tibbits, who took on the job in 1987, in a previous interview with the Chamber.
In the fall of 2006, he shared some of that vision when plans were unveiled for a proposed Cambridge campus to be located on a 136-acre site near Blair. According to an article published in the Cambridge Times that September, the campus was to become home to four centres of excellence with the consolidation of many existing engineering technology and industry trade programs from the Doon and Guelph campuses.
The cost for this venture was pegged at $47 million and would include a 200,000-square-foot building to house 1,600 students by 2009.
In the end, the college’s Engineering & Technology Campus opened on Fountain Street South in Cambridge in 2011. The 260,000-square-foot building – awarded a LEED (Leadership in Energy and Environmental Design) silver certification - not only houses innovative technology labs and shops, but the Institute of Food Processing Technology (IFPT) which features processing lines for beverages, baked goods, vegetables, and a food testing laboratory. This 8,000-square-foot plant is a one-of-a-kind learning facility in Canada.
A year later the college established its Centre for Smart Manufacturing, with funding from the Natural Sciences and Engineering Research Council of Canada, to provide students from various IT and engineering programs with a hands-on chance to work with industry partners in the robotics, automation, and manufacturing sectors.
In 2018, the Conestoga Applied Research Facility opened at 96 Grand Ave. South in downtown Cambridge and now plays host to the rebranded SMART (Smart Manufacturing and Advanced Recycling Technologies) Centre which made the move from the Doon campus. It now occupies 10,000 square feet of space in the historic Grand Innovations building for applied research with another 7,000 to 8,000 used to house the centre’s fully operational recycling plant.
“SMART Centre is all about engagement with industry and the ability for us, as subject matter experts in advanced manufacturing, recycling and digital innovation, to engage with students and industry partners to help solve industry challenges,” said Ignac Kolenko, Executive Director of the SMART Centre, in a previous Chamber interview.
However, the college made an even bigger investment in Cambridge when it transformed the former Erwin Hymer Group North America manufacturing plant into its state-of-the-art Skilled Trades campus.
The 250,000 square foot building on Reuter Drive, the former home to the BlackBerry repair centre, was purchased by Conestoga College in 2019 at a cost of $33.5 million with the aim to bring all its trade schools together under a single roof.
“It’ll give us a chance to have one of the most comprehensive and high-quality trades facilities in the province,” Tibbits told the Waterloo Record at the time. “This is a game-changer.”
The campus opened in 2022 and features more than 150,000 square feet of shops and labs designed and equipped to meet the unique requirements of trades education and training. Additional phases for the 40+-acre property are currently underway.
But the college’s commitment to education has also been matched by its ongoing commitment to the local community and its $1.5 million partnership with the City of Cambridge towards the creation of the Fountain Street Soccer Complex is the perfect example. The site will feature seven fields – four with natural turf and three with synthetic turf – as well as a 6,500 square-foot-service building.
Just the facts
* Courtesy of Conestoga College |
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