Surprising Political Divides, and More – Toronto News
Toronto’s finest business schools have seen some exciting developments this week, including new research from Rotman on the U.S. political divide. Check out some of this week’s highlights below.
Like Race and Class, Commute and Homeownership Divide Us – CityLab
Richard Florida, Professor at University of Toronto’s Rotman School of Management and co-founder and editor of CityLab, recently wrote a piece for the publication that detailed how lifestyle and transit decisions impact America’s political divisions. The article references research performed by Florida and urban studies alum and instructor Patrick Adler. Adler’s research found that congressional districts with higher levels of homeownership were more likely to support Trump, as opposed to renters.
The political divide research also found that districts where the majority of people drive to work alone were more likely to vote for Trump, and areas where commutes were mostly via mass transit were likely to oppose his agenda. Perhaps surprisingly, commute and homeownership correlated as heavily with political stance as race and more so than education.
You can read more about Florida and Adler’s political divide research here.
‘Extraordinary’ Gift Will Help Establish Ivey Business Centre for Innovation – The London Free Press
John F. Wood, Western University Canada Ivey Business School 1964 graduate, has donated $7 million to his alma amter. The gift will go toward establishing the John F. Wood Centre for Innovation in Business Learning.
On the announcement, Mark Vandenbosch, Dean of the Ivey Business School, says:
“John’s extraordinarily generous gift will benefit students at Ivey and throughout management education for generations to come.”
For over 30 years, Wood served as president and CEO of W.C. Wood Company Limited, one of the largest manufacturers of freezers, dehumidifiers, and refrigerators in North America. Now, he has utilized the payoff from his years of work to give back to future generations of business students.
According to the London Free Press, Wood’s donation “will also be used to develop new courses and teaching programs, expand Ivey’s educational outreach to secondary school students, provide permanent administrative support for the centre, and establish a global symposium on innovation in business learning.”
You can read more about the donation here.
McMaster’s New Innovation Minor Sees Unexpectedly High Enrollment – Silhouette
This was the first year of the McMaster University Engineering School and the DeGroote School of Business joined to offer an innovation minor. McMaster faculty teamed up with The Forge, a Hamilton startup incubator, to develop the curriculum for the minor.
“The innovation minor is a nexus where academics meet startup culture,” says Monika Yazdanian, Director of The Forge. The minor has far exceeded enrollment expectations, due in part to the breadth of networking opportunities and hands-on learning embedded in the curriculum. Courses rely heavily on guest lecturers and, in their third and fourth years, students even get the opportunity to develop their own startup.
Learn more about McMaster’s innovation minor here.
Adam Grant’s Favorite Books, Olympic Winners, and More – Toronto News
Recent weeks have seen exciting developments and events for Toronto metro business schools. We’ve laid out some of the high points below.
17 Business Leadership Books That Have Helped MBA Students Succeed in the Business World – Business Insider
Business Insider contributor Adam Grant, perhaps the most famous business school author in the world today, just released a list of 17 books that he finds beneficial for MBA’s entering the workforce. His list includes “The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers” by Ben Horowitz. Noura Sakkijha, co-founder of Mejuri and graduate of McMaster University’s DeGroote School of Business, was highlighted as someone who found Horowitz’s book particularly beneficial:
“I love learning through successful people’s real-life experiences and this book provides an extremely practical and honest experience about running a company, managing people, and handling tough problems.”
Grant also highlights “Power Up: How Smart Women Win in the New Economy” by entrepreneur Magdalena Yesil, who was one of the primary investors in what would become multi-billion dollar tech powerhouse SalesForce, and “Delivering Happiness: A Path to Profits, Passion, and Purpose” by Tony Hsieh, the CEO of online shoe giant Zappos. Check out the rest of Grant’s 17 favorite books here.
Tessa Virtue and Scott Moir: “The Perfect Partnership” – News@Ivey
Olympic figure skating medalists Tessa Virtue and Scott Moir recently spoke at Western University Canada’s Ivey School of Business, delivering the keynote address for HBA Leadership Day. In addition to providing advice on how to succeed in a competitive sport, the couple offered insight into what has made their relationship work over the past two decades.
Olympic figure skating medalists Tessa Virtue and Scott Moir, the keynote speakers at the Ivey School of Business HBA Leadership Day / Photo via ivey.uwo.ca
“We always skate well when we’re on the same page both on and off the ice,” Moir says. “Having each other’s back was our biggest advantage over our competitors.” Virtue also shared the obstacles that come with being a woman in an athletic field. She indicated that as her success rose, so did the amount of scrutiny, criticism, and vulnerability she experienced.
“Every time you get to the top of a mountain, there’s another summit. You’re at one of the best—if not the best—business schools in Canada. You’ve already accomplished so much. But this is where you take off. This is the beginning of a great journey for you.” – Scott Moir and Tessa Virtue
You can read more about the skating duo and the recent Ivey HBA Leadership Day here.
Ryerson, Maple Leafs Announce New Future of Sport Lab – MetroMBA
The brand new Future of Sport Lab, was announced on Tuesday, Sep. 11, 2018 as a brand new partnership between Maple Leaf Sports and Entertainment, Ltd. (MLSE) and Ryerson University. The school, according to a recent press release, notes, “the objective of the FSL is to be Canada’s leader in sport innovation, creating a sport business ecosystem that will connect Canadian sport properties and industry partners, entrepreneurs, faculty, and students. Together, they will support and foster innovative sport business solutions and technologies along with sport industry research, insights, and education.”
The new program will be directed by Dr. Cheri L. Bradish, the Loretta Rogers Research Chair in Sport Marketing with the Ted Rogers School of Management. In an interview, Bradish says, “Toronto is truly a world-class sport business city. The Future of Sport Lab will bring together the incredible talent that’s already here and give them a chance to collaborate and create solutions with real world impact. This will be the new home of sport innovation in Canada.”
Cheri Bradish, Director of the Future Sport Lab (back, right), with Humza Teherany, Sumit Arora, Teresa Resch, and Jennifer MacInnis / Photo via ryerson.ca
You can learn more about the Future of Sport Lab here.
Millennial Men Taking on Parental Leave, and More – Toronto News
Toronto’s finest business schools have been contributing to social, political, and scientific advances this week. We’ve laid out the highlights below.
How Testosterone May Be Influencing Men’s Purchasing Decisions – The Globe and Mail
Nature Communications recently published research from Western University Canada’s Ivey Business School that explored the relationship between testosterone levels and luxury brand purchases in men. The study finds that levels of the hormone, typically associated with sex drive and masculine features, could play a role in predicting shopping choices.
The study involved 243 men between the ages of 18 and 55, divided into two groups. The men in one group were given doses of testosterone, and those in the other group received a placebo. Those with higher levels of testosterone were more likely to purchase high-end brands than those with lower levels of the hormone. Researchers posited that this is due to an evolutionary drive to demonstrate high social status, and therefore a high mate value.
According to the study, testosterone, “elevates men’s desire to promote their social status through economic consumption.”
You can read more about the study here.
How Millennial Men Can Champion Workplace Equality – Forbes
Though, externally, it seems society has made remarkable strides toward gender equality, subconscious bias is more difficult to measure. Harvard’s Project Implicit study, however, attempts to gain data about implicit gender bias. Nearly 80 percent of participants were more comfortable associating men with the work and public spheres and women with the domestic spheres than vice versa.
According to the research, working mothers tend to be faced with skepticism surrounding their commitment and ability to do their jobs when they return from parental leave. However, millennial fathers, may have the chance to help alter this perspective. In her Forbes article, Mary Beth Ferrante sites the work of Erin Reid, Associate Professor at McMaster University’s DeGroote School of Business. Her work explains the concept of breadsharers, or, “husbands who value enabling each partner to pursue their work and family goals.”
Erin Reid, Associate Professor at McMaster University’s DeGroote School of Business, notes that the more millennial men take parental leave, the more normalized the practice becomes / Photo via gsb.stanford.edu
Milliennial fathers are more open to breadsharing, and could thus influence the way new mothers are seen in the workplace. Ferrante insists that it is essential for men to take their full parental leave in order to challenge implicit bias surrounding the roles of men and women in the workplace and at home.
You can read Ferrante’s full piece on millennial men influencing parental leave here.
What is the Most Democratic and Effective Way to Govern a City the Size and Economic Import of Toronto? – The Globe and Mail
Richard Florida, professor at the University of Toronto’s School of Cities and Rotman School of Management, and Alan Broadbent, Chair of Avana Capital and Maytree, recently co-authored an article for The Globe and Mail that explores Toronto’s future in the wake of Doug Ford’s announcement that he plans to drastically reduce the size of Toronto’s city council.
With different parties vying for a say in how Toronto ought be governed moving forward, the co-authors insisted that, “The province and the country as a whole can’t afford to have an economic entity of this size and economic importance kicked around like a proverbial political football.” Florida and Broadbent advocate for finding a system that would empower the city rather than dividing it.
The two say:
“We need to create a new governance system that enables Toronto to truly govern itself, act on its strengths and address its many problems and challenges. The future prosperity of our city, province and nation depends on it. It’s an issue that must be front and centre in this mayor’s race and beyond.”
You can read more about Toronto’s economic future here.
York Schulich Alum Designs for Meghan Markle, and More – Toronto News
Representatives from Toronto’s top business schools have been making the news this week. See what they’ve been up to below.
Canadian Designer Bojana Sentaler Goes Global After Meghan and Kate Made Her Coats Famous – Notable Life
Bojana Sentaler, graduate of York University’s Schulich School of Business, has attained enviable success in fashion design after both Kate Middleton and Meghan Markle were seen wearing coats from her collection. After years in the corporate world, Sentaler moved in a different direction, and decided to pursue her passion for design. Her business acumen was not wasted in her new field, as Sentaler quickly identified a need in Canada for outerwear that balanced elegance and warmth. She filled this need using alpaca fabric, which she discovered on a trip to Peru. In a recent interview, Sentaler said:
“There are some truly brilliant designers here in Canada, that deserve to be recognized on a global platform. But first our consumers need to support Canadian by proudly wearing Canadian, and our industry as a whole needs to support and recognize Canadian potential.”
Learn more about Sentaler’s journey here.
CMHC Moves to Make It Easier for Self-Employed to Get a Mortgage – CBC News
Traditionally, self-employed people in Canada have encountered more difficulty getting mortgages, making it much more complicated for them to purchase a home. However, the Canada Mortgage and Housing Corp. (CMHC) has made changes that will increase the flexibility of mortgage grants. Lenders can now use factors such as predictable earnings and previous training and education to justify giving a mortgage to someone who is self-employed.
Cynthia Holmes, Chair of the Real Estate Management Department at Ryerson University’s Ted Rogers School of Management, was optimistic about the changes, particularly insofar as they might help younger professionals lay down roots more quickly.
“This change could especially help young self-employed people access a mortgage more quickly, which supports innovation and entrepreneurship,” Holmes says to CBC News.
Learn more about the CMHC’s changes here.
All Work And No Play Can Make Us Less Productive, Research Shows – Australia Financial Review
A forthcoming study has demonstrated that long hours and stressful work have long-term negative impact on employees. The study (“Implications of work effort and discretion for employee wellbeing and career-related outcomes”) demonstrated that running employees ragged could have long term effects on their health and success.
According to the study, which was authored by Argyro Avgoustaki and Hans Frankfort, working more hours at a higher intensity does not enhance career prospects down the line. Efforts to protect the health of employees have generally emphasized shorter hours, but the study shows that controlling the intensity of the workload may actually be more important. Other researchers in the field have shown support for this perspective.
Erin Reid, associate professor at McMaster University’s DeGroote School of Business, co-authored an article with Lakshmi Ramarajan, assistant professor at Harvard Business School, for the Harvard Business Review. According to the article, “Valuing work time over work product—which motivates people to deceive others about how many hours they’re clocking—is an easy trap to fall into, especially for professionals, whose knowledge-based work is difficult to evaluate.”
Read more about the new research here.
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.
