McMaster DeGroote Offers New Minor, and More – Toronto News
This week, Canadian business school have done their share to nurture innovative thinking in students and the broader community. We’ve laid out some of the high points below.
The Startup That Makes Globetrotting More Affordable– Communitech News
Rob Evans, graduate of Wilfrid Laurier University, is CEO and founder of Backpacker College, a startup that connects travelers with affordable places to stay (generally in university housing). Backpacker College allows universities to sell their unused beds during the summer, when students are on break. Through the app or website, travelers can access dorms at upwards of 115 universities, Laurier included. Speaking with Communitech News, Evans says:
“Now you don’t have to spend half an hour online judging how creepy your host might be, or what the best deal is on Google. We’ve already curated a set of great options that are affordable, we’ve ruled out the high-end and the low-end stuff and provided that mid-market that’s safe and affordable for families, sports teams, young travelers, retirees, as well as small groups and student accommodation.”
You can read more about the startup here.
New Minor In Innovation Gives Students A Head Start on Becoming Successful Entrepreneurs – DeGroote News
This fall, McMaster University’s DeGroote School of Business and Faculty of Engineering will partner with McMaster’s startup incubator, The Forge, to offer a minor in innovation to students interested in becoming entrepreneurs. The minor is meant to teach students to turn their own ideas into businesses, as well as how to think creatively within an organization.
On news of the new minor, Sue McCracken, Associate Dean at DeGroote School of Business, says, “The future of work is changing, and many of our students will be starting their own businesses within their own innovative ideas. We need to give these students the entrepreneurial skills and knowledge to take the right steps and risks to develop their ideas and build successful businesses.”
The DeGroote minor is open to all McMaster students. Beginning in September, students will be able to take The World of Entrepreneurship, which consists of case studies and prominent guest lecturers, and Lean Startup, which will teach skills like establishing a business model and testing business ideas with customers and stakeholders. Additional courses such as Founders Startup and From Founder to CEO will become available over the next three years.
You can find out more about the new DeGroote minor here.
Lessons in Leadership from MBA Leadership Day – News@Ivey
In late July, the 2018 MBA Leadership Day was held at Western University Canada’s Ivey Business School. The day kicked off with a “Learning to Become Better Leaders” panel, featuring three Ivey alumni. The day concluded with a speech from Deepak Chopra, former President and CEO of Canada Post.
(Left to right) Pat Horgan, Barbara Stymiest, and Jon Hantho, attending this year’s MBA Leadership Day at the Ivey Business School / Photo via ivey.uwo.ca
The panelists offered important insights for the budding MBA’s. The panelists talked about the value of building a solid team, taking breaks, being humble, creating a strategy, and maintaining a big-picture perspective.
You can learn more about the key advice given to those in attendance at the MBA Leadership Day here.
Degroote Prof Receives Award, and More – Toronto News
Though most schools experience a summer lull, professors and alumni from Toronto’s finest business schools are continuing to give back to their communities and lead the way to positive change. Below, we’ve laid out some of the most exciting news stories from Toronto metro business schools this week.
The Difference Maker: Mahmut Parlar Honoured for 30 Years of Exceptional Research, Teaching, and Service – McMaster News
Mahmut Parlar, Business Research professor at McMaster University’s DeGroote School of Business has been tapped to receive the Canadian Operational Research Society’s Award of Merit. Mahmut is passionate about his job, and goes out of his was to make statistics fun. He even uses a beach ball exercise to start his grad classes. After 30 years of teaching and research, Parlar still feels passionate about his work.
Mahmut Parlar / Photo via degroote.mcmaster.ca
“They pay me to do what I love; I’m a lucky person,’’ Parlar said in an interview. The professor even commented that he continues to feel grateful and excited each time he sees that someone has cited his work. This is impressive seeing as his work has been cited upwards of 6,000 times.
“You always hear people say stats is boring, it’s dull. People take a stats course because it’s a requirement, not because they find it interesting or valuable … why not make it fun?” -Mahmut Parlar
You can read more about Parlar’s work and award here.
Cryptoeconomics and the Future of the Web – News@Ivey
Ryan Zurrer, who graduated from Western University Canada’s Ivey Business School in 2006, recently gave a talk on cryptoeconomics. The Ivey alum, who is now Principal and Venture Partner at Polychain Capital, talked about the sweeping importance of cryptoeconomics and blockchain 2.0, which started in Toronto. According to Zurrer, cryptoeconomics is “the study of how we use digital incentivization to drive specific resources and behaviours among self-interested agents on decentralized networks, thereby inherently delivering security and accelerating network effects.”
Cryptoeconomics contains elements of group psychology, cryptography, network security, finance, behavioral economics, computer science, law, and game theory.
“All we’re doing here is trying to change the fabric of commerce and law, and the way society functions and politics and the very nature of the organization. We don’t have to take ourselves so seriously about it. Have fun, enjoy this process even if you’re not technical, it doesn’t mean you can’t get involved in cryptoeconomic systems.”-Ryan Zurrer
You can read more about Zurrer’s talk here.
Toronto’s Deadly Car Crisis – Medium
Richard Florida, Director of Cities at the Martin Prosperity Institute in the University of Toronto’s Rotman School of Management, recently wrote a Medium article in which he detailed the dire issues with driving in Toronto. Florida pointed out that Toronto’s rate of pedestrian deaths exceeds that of Chicago, San Francisco, Boston, D.C., Seattle, Pittsburgh, Cleveland, Portland, and Buffalo.
Though Florida acknowledged that a car-centered economy was reasonable after WWII, he believed the model no longer makes sense. He cited cities like New York and London, which have grown beyond their “geographic threshold,” due to their reliance on alternate modes of transportation.
“Torontonians like to sound off on Americans’ inability to deal with guns and gun deaths. But Toronto’ s inability to deal with the car creates its own killing fields,” Florida writes.
You can read more about Toronto’s car crisis here.
What are the Best Healthcare MBA Degrees in Toronto?
The Toronto metro is not only home to a number of the finest business schools in Canada—it is is one of the top cities in North America for healthcare and human health sciences. According to the City of Toronto, the city’s life sciences sector employs nearly 30,000 professional and contributes more than $2 billion to the local economy. In a word, Toronto healthcare is huge.
Ivey Expands MBA LGBTQ Resources, and More – Toronto News
Toronto business schools have been making waves worldwide in recent weeks. Let’s take a look at some of the week’s highlights.
An Alternative to Word-of-Mouth Advertising for Small Businesses – The Globe and Mail
Jared Lenover, digital marketing strategist at McMaster University’s Degroote School of Business, was featured in The Globe and Mail, weighing in on the effectiveness of geo-targeting to promote a local business. Geo-targeting is a form of advertising being offered by little-known platforms like Facebook, wherein a business can use location targeting and demographic data to reach specific social media users who might be interested in or have easier access to the product in question. Julie and Sheldon Harrish, a Toronto couple and owners of the 6ix Cycle spin studio in Toronto, tried geo-targeting and found it to be more effective than word-of-mouth alone. In fact, the small business saw a two percent growth in usage.
According to Lenover, geo-targeting “helps you make your audience more relevant.” Lenover emphasized the benefits of the advertising strategy, asserting that it “does allow the advertiser to be more efficient with their budget.”
Read more about 6ix Cycle and geo-targeting here.
Ivey’s MBA LGBTQ Student Club Connects With Global Organization – News@Ivey
Out & Allied @ Ivey, the LGBTQ MBA student club at Western University Canada’s Ivey School of Business, has joined forces with a global network of LGBTQ MBA students and alumni. The global network, Reaching Out MBA (ROMBA) seeks to inspire LGBTQ MBAs to be leaders in their communities. This connection will give Ivey MBA LGBTQ students the opportunity to participate in networking events, such as the annual ROMBA Conference, wherein they can mingle with industry leaders from around the globe.
“We want applicants considering Ivey’s MBA program to see the environment as safe, supportive, and open. ROMBA is a great organization to give our students access to an important and diverse network.” – Jay Kiew, outgoing President of the Ivey MBA Association (MBAA)
Read more about Ivey’s affiliation with ROMBA here.
DECA Ryerson’s TRSM Students Win Big at ICDC Competition in Washington DC – TRSM News
Ryerson University’s Ted Rogers School of Management (TRSM) is currently celebrating last month’s victory at the (International Career Development) ICDC Competition. The DECA TRSM team traveled to Washington DC from April 10-15 in order to showcase their knowledge and work. DECA is an international network with over 200,000 members, whose aim is to prepare aspiring leaders in high school and college in finance, management, hospitality, and marketing.
The students who went to DC had to place in the top three for their category (Fashion Merchandising and Marketing, Travel and Tourism, Restaurant and Food Service Management, Human Resource Management, and International Marketing) at DECA U Ontario’s Provincials. The students selected competed against upwards of 1,500 students from around the world, and went home with 24 medals and six plaques.
You can read more about DECA Ryerson’s big win here.
Will Canadian Customers Adapt to the “Basic” Airline Standard? – Toronto News
Catch up on all the exciting Toronto business schools new from the past week below.
Air Canada, WestJet Offer Cheap Basic Economy Fares for No-Frill Seekers – CBC/Radio-Canada
CBC News sought the expertise of airline analyst and York University Schulich School of Business professor Fred Lazar for an article that examined the intricacies of “basic economy” fares. Though these fares, which offer cheaper seating and even fewer benefits than standard economy, have been popular in the United States, they have only recently been adopted by AirCanada and WestJet.
Though the thought of a cheap flight is tantalizing, basic economy definitely has its drawbacks. Passengers who take advantage of the cheap fares will not earn points (Aeroplan miles or Westjet dollars) with the airlines, cannot change their flights, are ineligible for refunds, and cannot upgrade their seats.
Though some predict the limiting and cost-effective option will see backlash from dissatisfied passengers, Lazar predicts Canadian travelers will adapt quickly to the no-frills travel option.
“Just like when [airlines] started charging for food, charging for blankets, pillows, there were complaints. You rarely get them nowadays,” Lazar said.
Learn more about Canadian airlines’ “basic economy” option here.
Why Students Make Their Ideas Commercial Faster – Forbes
This week, a Forbes article about student entrepreneurs featured a paper authored by three experts, including University of Toronto’s Rotman School of Management professor Joshua Gans. The book, “Control Versus Execution: Endogenous Appropriability and Entrepreneurial Strategy,” whose other authors include Kenny Ching of University College and Scott Stern of MIT Sloan, explored entrepreneurship in technological innovation.
The researchers looked at the successes of student-led and faculty-led entrepreneurial endeavors and found that students prioritize bringing an idea to fruition quickly, rather than obtaining intellectual property assets. Forbes used the findings in the paper to suggest that student entrepreneurs are more successful due to their emphasis on speed over caution.
“Our analysis suggests that student entrepreneurs, with less time and with less access to university intellectual property institutions, are more likely to choose an execution-oriented strategy. Compared to University faculty, who are more likely to be patient, wait for delayed market entry and pursue a control-oriented strategy with formal protection.” – Kenny Ching
Learn more about why student entrepreneurs are often successful here.
New Course Explores Intersection of Business and Community – McMaster’s Brighter World Daily News
First year students in the Integrated Business and Humanities (IBH) program at McMaster University’s Degroote School of Business have been traveling to downtown Hamilton to attend a weekly class at CityLAB. CityLAB is a hub that allows students from community institutions (McMaster University, Redeemer University College, and Mohawk College) to collaborate with municipal staff and engage with the community to tackle pressing projects and issues.
Integrated Business and Humanities meet at the CityLAB space / Photo via dailynews.mcmaster.ca
“It’s a totally new way of learning,” said IBH student Yael Morris. “We’re finding out how we can apply social innovation not just to business, but to our everyday lives so we can build relationships and interact with people in our communities.”
The class, IBH 1AD3 allows students to gain a new perspective on challenges facing their community, and to tackle these challenges from a business perspective. IBH was a collaboration between that Business and Humanities faculties aimed at producing industry leaders apt to address societal issues such as sustainability and business ethics.
“Through a combination of instruction, community-based guest speakers, field trips and projects, students have been learning about the concepts that underpin community engagement and social innovation, as well as about social enterprise and the business models used by community organizations.”
Read more about McMaster’s CityLAB course here.
DeGroote Professor Workplace Policy Helps Shape New Law, and More -Toronto News
This week, Toronto business schools discuss substantial contributions to the workplace, researchers from DeGroote and Ryerson have each worked to make workplaces more just and equitable, and a new book by Rotman professors gives practical tools for incorporating AI into business.
Doing Right By Employees Ultimately Pays Off – McMaster Brighter World
Research from Isik Zeytinoglu, professor of human resources and management at McMaster University’s DeGroote School of Business, has shown that treating employees well may be a shrewd move for employers. Dr. Zeytinoglu, whose research influenced the World Health Organization’s WHO Healthy Workplace Framework, has been touting the benefits of a healthy relationship between employers and workers for over 30 years. The Fair Workplaces, Better Jobs Act, which came into effect at the beginning of April, had many benefits and protections for workers, including a requirement that part-time and temp employees must receive the same pay as full-time staff for the same work.
“In the long term, equity helps society, the community, and the economy,” Zeytinoglu said. “Throughout history, there have been employers who considered fairness and behaved justly toward their workers, and they are the ones who have prospered.” It is no coincidence that the new law aligns with much of Zeytinoglu’s research; in fact, the government consulted the professor during the bill’s formative stages.
Read more about the new bill and Zeytinoglu’s work here.
These Are the Workplace Gender Equity Tactics That Actually Work – Canadian Business
This week, professors at Ryerson University’s Ted Rogers School of Management, Martin Fabro and Chris MacDonald, wrote an article on gender equity for Canadian Business; a follow-up to one the authors wrote in late March, “A Seven-Step Plan To Improve Gender Diversity At Any Company.” While the first piece offered actionable instructions to improve gender diversity, Fabro and MacDonald focused their follow-up on which of the most popular gender diversity tactics were rooted in evidence-based practices.
The Ryerson researchers explored which gender equity practices helped to either, “actively improve gender diversity (and in particular to increase the number of women in leadership roles), and to reduce underlying gender bias and discriminatory attitudes within the organizational culture.”
Learn more about improving gender equity in the workplace here.
PREDICTION MACHINES: The Simple Economics of Artificial Intelligence – Rotman New Releases
In their new book, PREDICTION MACHINES: The Simple Economics of Artificial Intelligence, Ajay Agrawal, Joshua Gans, and Avi Goldfarb took on the task of theorizing the possible role of artificial intelligence in business. In the past, the possible effects of AI on business seemed so vast, they were difficult to tackle. Agrawal, Gans, and Goldfarb demystify AI, by re-framing it as a prediction tool.
“More than just an account of AI’s powerful capabilities, PREDICTION MACHINES shows managers how they can most effectively leverage AI, disrupting business as usual only where required, and provides businesses with a toolkit to navigate the coming wave of challenges and opportunities.”
A book launch was held at the Rotman School of Management on April 16.
You can read more about PREDICTION MACHINES here.
