Jonathan McCain: Business success runs in the family
It is hard to imagine the humble beginnings of the McCain family business. In 1957, McCain Foods had a single plant with 30 employees and earned sales of $152,678.
Today, combining both major businesses within the family, McCain Foods and Maple Leaf Foods employee more than 40,000 in plants across the world and has a combined annual revenue of $11 billion; the McCain family business is a Canadian success story.
2013 IBK Capital – Ivey Business Plan Competition
The Pierre L. Morrissette Institute for Entrepreneurship hosted the 15th Annual IBK Capital – Ivey Business Plan Competition on January, 25-26. A total of nine teams were selected to participate, representing the University of Western, University of Waterloo and the University of Arkansas.
Three teams qualified to the grand finals, which included Eyes OnSite from Ivey and two teams from Arkansas, Picassolar and ParadigMed. The first prize of $20,000 and a seat at the 2013 Global Venture Labs Competition in Austin, Texas, was won by Picassolar, who had developed a hydrogen selective emitter process that alters the material property of solar cells, boosting the relative efficiency of solar panels by 15%. Picassolar’s success was also the second consecutive triumph by a team from the University of Arkansas.
This year’s event was the 10th collaboration between Ivey and title sponsor IBK Capital, led by founder Bill White, MBA ’69 and President and CEO Michael White, MBA ’00. The competition was also supported by the MBAA Association, Summerhill Venture Partners and CIBC.The event also included sessions by Albert Behr (Behr & Associates) and Krista Jones (MaRS Discovery District) and a fireside chat between Stewart Thornhill and Ted Manziaris of Turtle Island Recycling.
2013 Scholarship Dinner
The Institute hosted its annual Scholarship Dinner to honor both donors and recipients of Ivey’s entrepreneurship awards and scholarships.
Amongst the attendees at the event held on January 31st at the National Club in Toronto, were Pierre L. Morrissette, John R. Currie, Bruce Lloyd and Paul Sabourin; all ardent supporters of entrepreneurship at Ivey.
Former John R. Currie HBA Award recipient and co-owner of WinJunkie (an online contest website) Gabe Diamond also shared his experience as a young entrepreneur and the impact of the 2009 award on his journey.
Ivey offers a range of entrepreneurship awards and scholarships in its HBA, MBA and Doctoral Programs. These include the Courthill Capital Leadership Award, John R. Currie HBA Award, Gudewill Entrepreneurial Awards, Pierre L. Morrissette HBA and Doctoral Scholarships, Nelson M. Davis Scholarship, Schulich Award and Hydrogenics MBA Award in Entrepreneurship.
Western/Ivey Wes Nicol Business Plan Competition 2013
On March 1st, the Institute hosted the 7th annual local Wes Nicol Business Plan Competition. Western and Ivey HBA students pitched their business ideas to secure a first prize of $5,000 and an opportunity to attend the National Wes Nicol Entrepreneurial Award in Ottawa. The close competition was won by a pre-booking parking service by Tomas van Stee and Aprameya Rao titled Spotlander. Judges for the event included Dennis Ensing (Tech Alliance), Carmen Gicante (Southwestern Ontario Angel Group) and Andrew Campbell (founder of ACAI Inc.).
Season 2: Ivey | 60 Second Entrepreneur Video Series
The Institute recently launched the second season of its Ivey | 60 Second Entrepreneur video series on YouTube. The series showcases successful Ivey entrepreneurs offering advice and relating experiences useful to entrepreneurs.
Follow the new season at http://go.ivey.ca/60second2
Re-watch the first season at http://go.ivey.ca/60second
Squeezing the Goodness out of Family Business
David Simpson is leading Ivey’s Business Families Centre to the next level
Dave Simpson (Right) and Jonathan McCain (Left) at the 9th Annual National Business Families Day Celebration
“The task of a family is to raise responsible adults who have high self-esteem and can function independently in their world. Acceptance is unconditional. The task of a business is to generate profits. Acceptance is based on competence, and the ability to develop skills, to produce and to perform.”
Those are the words of David Bork, an American writer and family consultant who has been a guest speaker at Ivey’s Business Families Centre. Director David Simpson says the Centre’s mission is simple: “We help families remember those distinctions.”
The Business Families Centre was established in 2005, with support from the Business Families Foundation (BFF). BFF was founded by Philippe and Nan-b de Gaspé Beaubien, founders of Telemedia, to foster research and education on issues faced by family businesses. Simpson says the name of Ivey’s Centre was chosen for a reason. “We called it the Business Families Centre, instead of the Family Business Centre, because we feel it’s more important to transfer business values – entrepreneurship, integrity, community involvement—than to pass on a specific business. That resonated with [philanthropist and Ivey alumnus] Richard Ivey, who noted that he and his sisters are from a successful business family but are now bound together by their philanthropic work.”
“It’s more important to transfer business values – entrepreneurship, integrity, community involvement—than to pass on a specific business.”
Simpson has firsthand experience of the challenges of running a business with a family member. He and his brother, both professional hockey players, were successful business partners for a decade. Eventually recognizing that “we were better brothers than partners,” they decided to go their own ways. Simpson continued as an entrepreneur. He was asked to teach a course on family business at Ivey in 2005 and then helped put together funding for the Centre. He has been at the helm ever since.
Why does Ivey need a Centre focused on family business? Because 80% of the world’s enterprises are family-controlled or family-influenced, and 35% of Fortune 500 companies are family-controlled. “Our students will undoubtedly be in a role where they advise, consult with or work at a business that is family-controlled,” says Simpson. In addition, research shows family businesses generally out-perform other business models on key financial metrics. “We need to learn from their success.”
“Our students will undoubtedly be in a role where they advise, consult with or work at a business that is family-controlled.”
The Centre has a three-part mandate – to celebrate, support and study business families. Celebration takes the form of an annual Family Business Day event, which includes a high-profile speaker (Jonathan McCain spoke this year, see below) and presentation of family business awards in partnership with the Canadian Association of Family Enterprise.
The Centre supports family businesses through a variety of outreach activities, including the annual two-day Leading Family Firms workshop and sessions on specific issues such as family cottage transitions and private equity buyouts. Ivey students can also take a Leading Family Firms course, and the Centre offers a program for advisors too. “Study” takes the form of case-writing, curriculum development and research. “Ivey is unique in using our case study method to work through challenges for families. We combine Ivey’s strength in teaching with cases with materials from the Business Family Foundation.”
“Family pride in ownership tends to create a culture that encourages win-win relationships. . . At the same time, the best business families remain entrepreneurial . . .”
As nearly $1 trillion in family assets change generational hands over the next decade, managing the transition from one generation to another will continue to be an important focus for the Centre. Simpson says that for first generation owners, it can be very difficult to let go of the business they birthed and nurtured. For second and third-generation owners, the issues often relate to balancing family legacy with modern business realities. “Often it’s about how they keep the business alive in today’s economy.”
In addition to its ongoing work, the Centre is currently focused on three major initiatives: populating the website with useful and practical research, articles and video recordings; collaborating with BFF to host a series of online educational materials; and working with partners to deliver an advisor in family business certification program.
Simpson says any entrepreneur can learn from the culture of family business. “Family pride in ownership tends to create a culture that encourages win-win relationships, instead of one-off transactions,” he says. “At the same time the best business families remain entrepreneurial, passing on to the next generation the notion that the business needs to be constantly re-invented to remain relevant.” As an entrepreneur himself, Simpson recognizes the important role the Pierre L. Morrissette Institute is playing in the culture of Ivey. As such, the Business Families Centre operates within the Institute, ensuring that Ivey programs support entrepreneurs from start-up phase, through growth and ultimately, through transition at the family business stage.
Family businesses are important wealth generators for the people involved, Simpson says, but just as important, they are community builders. “There isn’t a single orange grove in the St. John River valley, yet the biggest orange juice production plant in North America is there. And that’s because the McCain family lives there.”
The Business Families Centre at Ivey is pleased to present our 6th Annual Leading Family Firms Program on November 24-25, 2011 at the Spencer Leadership Centre in London, Ontario.
Who Should Attend?
The LFF program is designed to benefit all members of entrepreneurial business families:
·Owners will gain insights into their unique responsibilities; not just their rights
·Non-active family members will better understand the challenges facing the active members and learn how to influence decision making related to family
·Successors will learn and share from the experiences of others and will benefit from better intergenerational understanding
·Spouses will enlighten all family members on the impact a business has on family dynamics
**Maximum value is achieved when several family members, including multi-generations, attend the Leading Family Firms Roadmap Program.
Business families gather at the beautiful Spencer Leadership Centre for 2 days of intensive interaction with fellow family members, other business families, host facilitators and special guest speakers. While commonly referred to as a ‘retreat’ we prefer to describe this program as an ‘advance’ which sets the tone for positive growth for business families.
Thursday, November 24
Leading Family Firms, part one
9:00 am – 5:00 pm
Dinner & Fireside Chat
6:00pm – 9:00pm
Friday, November 25
Leading Family Firms, part two
9:00 am – 4:30 pm
For more information or register, please contact:
The Pierre L. Morrissette Institute for Entrepreneurship is thrilled to announce that the Richard Ivey School of Business has been selected to host the 34th annual Babson College Entrepreneurship Research Conference (BCERC) and Doctoral Consortium to be held June 4-7, 2014.
Founded by Babson College in 1981, BCERC is considered by many to be the premier entrepreneurship research conference in the world. Frontiers of Entrepreneurship Research contains the proceedings of the conference and is the most comprehensive collection of empirical research papers on entrepreneurship.
The Conference and affiliated Doctoral Consortium rotate annually among top schools throughout Europe and North America, attracting over 400 of the world’s leading academics and doctoral researchers.
The Institute and Ivey look forward to showcasing our new School facility when we welcome BCERC to Canada in June 2014.
Click for more information about the Babson College Entrepreneurship Research Conference.
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Thank you for your interest in the Ivey Entrepreneurs Index Powered by KPMG Enterprise™ To receive the report each time it is released simply enter your email address below.
The Index was launched on November 4, 2010 (Full text is below) and published semi-annually in May and November to coincide with the Quantum Shift Program and Ivey Venture Forum, respectively.
Ivey’s Pierre L. Morrissette Institute for Entrepreneurship recognizes the significance of the Entrepreneurs ability to effect change across the Canadian economy, and has developed an Index to capture and disseminate this value throughout the broader business and economic communities.
LONDON, ON, November 15th, 2012 – The Ivey Entrepreneurs Index reveals that two-thirds of entrepreneurs surveyed believe the Canadian economy will grow over the next year, a sharp 12% decline from only six-months ago. Coupled with a decline in overall economic optimism, high growth entrepreneurs are becoming less likely to hire additional employees. This past spring 84% of those surveyed planned on hiring, however, that figure now stands at 77%, marking a seven percent reduction.
In spite of diminished economic confidence, the Index found that 90% of entrepreneurs still expect their revenue to grow, a figure which has remained relatively steady over the past two years. But over the past six months the Index shows that six percent fewer entrepreneurs believe their profits will grow in the next year.
“Entrepreneurs in Canada are becoming more cautious,” says Stewart Thornhill, Executive Director, Pierre L. Morrissette Institute for Entrepreneurship at the Richard Ivey School of Business. “This may be indicative of a wait and see attitude amongst this normally bullish group. External factors such as warnings surrounding the looming fiscal cliff in the United States and unpredictable economic developments in Europe have dampened the spirits of high-growth private business in this country. While these companies still expect their revenues to increase, they seem less willing to commit to hiring additional employees until there is more evidence of stable economic certainty moving forward.”
“There is no doubt some entrepreneurs are facing headwinds in the current economic climate, however, we are still seeing many companies moving forward confidently,” said Paul Woolford, Partner, National Program Champion, KPMG EnterpriseTM. “Entrepreneurs have an advantage that they are able to be nimble in tough times, changing their course for smoother sailing.”
This is the fifth release of the semi-annual Ivey Entrepreneurs Index. For a detailed breakdown of the survey results:
The Ivey Entrepreneurs Index is based on a short survey of five questions distributed to 350 Fellows of QuantumShift™. Entrepreneurs are asked what they expect will happen in their private companies over the next 12 months, covering their outlook for the Canadian economy in general as well as prospects around revenue, profits, hiring, and borrowing.
QuantumShift Fellows companies have average revenue of approximately $75 million with an average of approximately 350 employees. Their businesses have achieved 31% average growth annually. The entrepreneurs surveyed are graduates of QuantumShift. Co-founded by the Richard Ivey School of Business and KPMG Enterprise, now in its 10th year, QuantumShift brings together 40 top Canadian entrepreneurs for a week-long leadership and executive development program.
About the Richard Ivey School of Business, Western University
The Richard Ivey School of Business at Western University is Canada’s leading provider of relevant, innovative and comprehensive business education. Drawing on extensive research and business experience, Ivey faculty provide the best classroom experience, equipping graduates with the skills and capabilities they need to tackle the leadership challenges in today’s complex business world. Ivey offers world-renowned undergraduate and graduate degree programs as well as Executive Development at campuses in London (Ontario), Toronto and Hong Kong. Visit www.ivey.ca.
About KPMG Enterprise
KPMG Enterprise™ is a network of professionals devoted exclusively to helping business owners and entrepreneurs build value and grow thriving enterprises in Canada. Why is that important for business owners and entrepreneurs? Based on their understanding and experience of what private companies face every day, KPMG Enterprise business advisers can provide proactive and effective advice about financial, business, and operational challenges, ultimately helping owners and entrepreneurs build value in their businesses and grow successful private enterprises. Visit kpmg.ca/enterprise.
QuantumShift™ is an intense and exclusive leadership development program for Canada’s most promising entrepreneurs, co-founded by the Richard Ivey School of Business and KPMG Enterprise in 2004. The program brings an elite group of 40 entrepreneurs together annually for a rigorous five-day developmental experience at the Ivey Business School in London, Ontario. Admission to QuantumShift is by invitation only selected from amongst hundreds of nominations annually. The curriculum explores topics that matter to high growth entrepreneurs. For further information about the program and its Fellows, visit kpmg.ca/quantumshift. Nominations for QuantumShift 2013 close December 7th, 2012. To nominate an entrepreneur, contact Donna Trifunovic at 416 228 7142.
For more information, please contact:
Kathleen Killen, KPMG Enterprise, 416-777-3447, kkillen@@kpmg.ca
The Ivey New Venture Project (INVP) is an entrepreneurial, team-based field project that takes students through the process of developing/refining an idea for a new venture, researching and analyzing that opportunity, writing a detailed and compelling Business Plan and creating/presenting a “Business Plan Pitch” to an external review panel.
INVP provides students with the opportunity to apply their business knowledge to the identification and development of a commercial enterprise and to test and refine their concept through participation in entrepreneurial skill-building classes, high profile business plan competitions and coaching sessions with Ivey faculty and established Entrepreneurs-in-Residence. INVP culminates with the submission of a written plan and a live ‘pitch’ to an external venture review panel.
For more information on the Ivey New Venture Project, click here.
All upcoming Ivey events.
This course serves as an introduction to the entrepreneurial process and other entrepreneurship classes at Ivey. Specifically, this class focuses on creating or searching for venture ideas and screening them for valid business opportunity. This is typically seen at the beginning of the entrepreneurial process: Searching – Screening – Planning – Financing – Set-up – Start-up – Harvest.
The purpose of this course is to explore the many dimensions of new venture creation and growth, and to foster innovation and new business formations in independent and corporate settings. Students will learn to effectively screen venture ideas, formulate a business strategy, assess the potential viability of a new venture, and how, when, how much and what type of financing to raise.
This course provides an orientation to what it is like to manage a high growth company. Through a series of case studies, readings and shared experience, students will analyze young, rapidly growing ventures where time and money shortages, uncertainty, and the importance of rigorous evaluation of opportunities take on high orders of intensity. Students will also look at how factors like organizational structure, partnerships and financial expectations for success not only impact a growing concern, but themselves change as a company grows.
The primary focus of this course is on the financial challenges confronting small and medium sized businesses that are growing rapidly or aspire to rapid growth. There is a focus on: (1) understanding the nature of the financing problem, (2) becoming familiar with the many sources of funds for these firms with particular emphasis on banks, angel investors, private placements, institutional venture capital and public issues of equity, (3) becoming familiar with the tax and regulatory environment within which such financing is obtained, and most importantly (4) learning the key elements that enter into the structuring of the “deal” between demanders and suppliers of funds.
The course focuses on the issues of growing the sales of high-potential ventures. Typically, these are ventures formed with the objective of either doubling sales for an existing business or building $20 million per year of new business from zero in less than five years. The high-potential setting highlights the conflicts between the expectations of employees and investors and the constraints of cash and time.
This course offers insights that are helpful to three types of audiences: (1) students that come from business families who expect to play a key role in family enterprises, (2) students that expect a career in investment banking, financial services or consulting, where there will be a high degree of interaction with business families, (3) entrepreneurs who realize that over the next decade a substantial number of family owned companies will change generational ownership, and many of these will be acquisition and merger candidates. A key purpose of the course is to make students aware of the massive economic role family-controlled businesses play in the global economy. It is a certainty that in the students future careers they will deal with an opportunity, a supplier, an employer or a philanthropic endeavor controlled by a business family. There are unique characteristics of these enterprises, and a key objective is to expose students to these characteristics and identify the strengths, weaknesses and best practices.
This course is intended primarily for students who will work in any industry in the service sector and in any functional area of the organization. It will be of particular interest to those who will conduct business with service producers, or those who will purchase service businesses. This course takes both a strategic as well as an operational perspective and seeks to improve students understanding of organizations that produce services instead of (and in addition to) goods.
This course is designed to help students “wrap their brains” around the paradox of leading and managing. Organizations need leaders with a long-term perspective. This means that they need entrepreneurs and executives who are willing to accept risk and to invest in employee development and training, market research, and research and development. Organizations and new ventures also need executives with a day-to-day perspective who define levels of required return, specify budgets and evaluate subordinates on the basis of objective financial information in addition to the strategic process that led their organization’s performance. The paradox created by the necessity for today’s entrepreneurs to be both leaders and managers is the focus of this course.
The professional service firm represents the confluence of two major trends in the global economy: the growing importance of the service sector and the increasing number of knowledge workers. A fundamental premise of this course is that, irrespective of the profession, professional service firms share a host of management challenges that are different from those in any other sort of organization. These differences are related to a common form of firm ownership — partnerships — the characteristics of professional work, and the needs and personalities of professionals. The course develops frameworks for analysis, classification and management. The objectives of the course are to study the special characteristics of professionalism, to improve our ability to succeed as professionals, and to improve our ability to manage professionals.
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A rigorous five-day developmental experience, QuantumShift annually challenges forty of Canada’s most promising entrepreneurs to improve their leadership style, inspire their business partners and maximize their growth opportunities.
QuantumShift is for CEOs whose businesses are past start-up. They’re innovative, insightful business leaders. And they’re ready to shift a thriving enterprise to a whole new level of success.
Click to visit QuantumShift.
David Simpson, MBA
Director, Business Families Centre
Pierre L. Morrissette Institute for Entrepreneurship
Richard Ivey School of Business
The University of Western Ontario
1151 Richmond Street North
London, ON N6A 3K7
Tel: (519) 661-3080
Fax: (519) 850-2306
The Business Families Centre at Ivey is pleased to invite you to our Fourth Annual Leading Family Firms (LFF) program on February 3rd and 4th, 2011 at the Spencer Leadership Centre in London Ontario. Please see the full event details HERE.
In partnership with the Business Families Centre at the Richard Ivey School of Business on Thursday, October 22nd 2009 in London Ontario from 8:00am - 12:00pm at the historic London Hunt and Country Club. Keynote Speaker: David Bork, one of the world’s leaders in the field of counseling family business. Please see the official invitation HERE.
On Wednesday, October 22, Hartley Richardson, seventh family president, James Richardson & Sons, and his cousin, Carolyn Richardson Hursh, Chairman of the Board, shared the joys, challenges and secrets to success of family business at the 5th annual National Family Business Day celebration hosted by the Canadian Association of Family Enterprise (CAFE) Southwestern Ontario and the Business Families Centre at the Richard Ivey School of Business. See a full album of pictures on our Facebook Page HERE.
(l to r) David Simpson, BFC Director; Carolyn Richardson Hursh, Chairman of the Board, James Richardson & Sons;
Hartley Richardson, seventh family president, James Richardson & Sons; Larry Wynant, Acting Dean, Richard Ivey School of Business.
(l. to r.) Entrepreneur Philippe de Gaspe Beaubien; Dean Carol Stephenson; David Simpson, BFC Director
The Centre’s formation recognizes the positive and pervasive effect family businesses have on global economies and the benefits accruing from a healthy understanding of the form. We chose “Business Families” (versus the historic tag of Family Businesses) to begin a new chapter of positive discussion, research and support in this area and to link this Centre with Ivey’s support of Entrepreneurs.
At inception, business families begin with an entrepreneur’s initiative. The transition from entrepreneur to business family can take many forms including multi-generational family management, a shift to family ownership (with professional managers), a sale of an enterprise leading to ‘re-seeding’ of capital to a new generation of entrepreneurs, or switching to philanthropic endeavour’s with the accumulated capital. The Centre supports the activities of these business families.
To enhance family business management through outreach programs, applied and academic research and the development of future family business leaders.
The family business structure is the oldest, most enduring form of commercial enterprise worldwide. In Canada, Family owned enterprises produce 45% of GDP, create nearly 70% of new jobs and employ 50% of the workforce. In the U.S. nearly 60% of public companies are controlled by families, and fully 30% of the S&P 500 are family controlled.
Over the next ten years, it is expected that nearly 75% of these businesses will transition to the next generation due to retirement or death.
Often negatively portrayed (smallness, nepotism, succession squabbles), recent research suggests in fact these firms out perform their counterparts, last longer, enjoy better worker relations and are superior contributors to their respective communities. There is a need to “celebrate” these achievements, understand and promote the strengths, and learn how to avoid the weaknesses.
To achieve the purpose of the Centre, we shall engage in three general areas:
The Centre shall be actively engaging family business owners and service providers by:
Delivery materials and programs developed by the Business Families Foundation
Celebrating Family Business through local and national awards
Hosting Family Forums and Speaker series
Providing executive education opportunities
Creating custom programs, and offering Ivey student support via consulting internships
The Centre will develop a base of intellectual capital by:
Publishing the definitive North American casebook series
Developing an Asian case series with the Ivey Asian institute
Creating a functional resource centre including data base of relevant materials for families and advisors
Publish advocacy papers and relevant research in association with the Lawrence Centre on Public Policy, The Chamber of Commerce and other alliance partnersFuture Leaders
The Centre will enhance the development of the leaders of family businesses or their advisory firms by:
Delivering the MBA/HBA elective course “Managing the Family Firm”
Ensuring that new Family Business cases are included in a variety of course offerings including governance, entrepreneurship, strategy, finance and negotiation
Promoting executive education offerings to our Family Business owners and advisors
Offering a specialty program “Leading the Family Firms” modeled on the successful Harvard (US) and IMD (Europe) programs
The Centre will be a semi- autonomous body with its own Advisory Board and Executive Director and Academic Director. The Centre will have numerous faculty associates from within Ivey with a variety of research and teaching interests. In addition, the Centre will have outside associates who are practitioners in this field. The Centre itself will be an initiative under the Institute for Entrepreneurship with appropriate reporting procedures.
Funding for the Centre includes the J.R. Shaw Chair in Family Business (for the academic Director), a “Founding Families Initiative” raising funds (and active advisory roles) from firms and families who are active in this area, and The Business Families Foundation (the de Gaspe Beaubien family).
“There are infinite possibilities…..when a family unites in business”
Business Families Foundation
Ivey Entrepreneurs-in-Residence are people with an outstanding track record as owner-leaders or through their involvement in startups, who share their expertise and exceptional knowledge with HBA and MBA students enrolled in the Ivey New Venture Project (INVP). Students gain real life knowledge through one-on-one coaching to develop a thorough business plan ready to take to market.
Steve Gunn, MBA ‘81, Chairman, CEO and co-founder of Sleep Country Canada Inc., serves as an Entrepreneur-in-Residence for the New Venture Project
Steve Gunn modestly says that his role in the New Venture Project is to share with Ivey students the mistakes he’s made along his entrepreneurial road. But clearly it hasn’t all been mistakes. Over the past 20 years Gunn and his partner, Christine Magee, also an Ivey grad, have created a mattress retail empire, with more than 140 stores across Canada and the U.S.
Gunn says he took on the volunteer position in part to give back.
“Ivey was an important step in my business career and personal development,” he says. “It’s easy and fun for me to share my experience with students.”
As Entrepreneur-in-Residence, he meets with a group of students several times throughout the project, providing help and advice. This year, he worked with the MBA group working on a sensor pad designed to prevent bed sores.
Here’s some advice from Gunn:
• Be sure your business idea addresses a problem. With the sensor pad idea, the group zeroed in on solving a big, obvious, and expensive problem. Sometimes students come up with a solution in search of a problem.
• As you develop your idea, focus on the consumer who is going to buy your product. Ask yourself what it would take for him or her to part with the purchase price. Work to understand his or her perspective at the point of purchase.
• In the case of health care, know specifically who makes purchasing decisions in the hospital or long-term care home and what evidence he or she needs to make a decision. The best way to find out is to interview someone in the right position. For this group, it was also critical to have an institution willing to conduct a pilot study once the prototype was ready.
• In preparing your presentation put yourself in the investor’s shoes. Ask yourself, what it would take for him or her to write a cheque? Ultimately, that gets down to your understanding of the consumer, and your model for how the investors are going to make money.
Gunn says the NVP is a valuable experience for young businesspeople, whether or not it leads to a real business.
“Theory is great but nothing beats taking theory for a spin,” he says.. “Developing a business from soup to nuts brings all the theory to life and makes it real. It sticks in your brain with a deeper and richer meaning.”
For more information, please visit Ivey Entrepreneurs-in-Residence or contact:
Director, Ivey New Venture Project
John R. Currie Executive Entrepreneur-in-Residence
INVP/EIR Program Coordinator
Tel: 519-661-2111 Ext. 85409
In September 2005, Ivey introduced a model for business education that recognizes and encompasses fundamental changes in the business world due to globalization and technological advances and their impact on the role of the ‘general manager’. Cross-Enterprise Leadership is an action-oriented approach that prepares high-performing Ivey graduates to look beyond the walls, org charts and silos and to approach issues from a perspective that spans the entire organization.
Cross-enterprise leaders need to be able to look beyond specific functions such as finance, marketing and operations to tackle issues of growth, innovation, productivity and globalization - and they must understand how every part of the business fits into a complex business environment. This, of course, is exactly how successful entrepreneurs have always worked, and it explains the role of the Entrepreneurship Research Centre within the Cross-Enterprise Leadership initiative.
For more information on recent publications visit our searchable Research Publications Database or contact Associate Professor of Entrepreneurship and Director of the Entrepreneurship Cross-Enterprise Leadership Centre Simon Parker.
The following links are organized into categories for Small Businesses, Associations and Federal Government. If you know of any additional links that would be informative and beneficial for others please email Ellen Brown. (Please Note: Links will open in a new browser window.)
Canadian Chamber of Commerce National association which delivers programs and services (such as training and networking opportunities) to its members to help them improve their market performance.
Canadian Federation of Independent Business National association that offers information and support to its members.
Canadian Venture Capital Association Promotes Canadian business through the use of venture capital and through networking, research and education.
Canadian Youth Business Foundation A non-profit, private sector initiative designed to provide mentoring, business support and lending to young Canadian entrepreneurs.
Centre for Women in Business Provides support and information to women who own, or are considering opening a small business.
Entrepreneur.com This website provides interesting articles for entrepreneurs as well as for people starting a business, small business and how-to’s.
Fast Company Is a magazine that is published monthly. Their website features the current issue of Fast Company, archived issues, are other articles that are helpful for entrepreneurs.
Inc.com Is a magazine on business-management issues providing strategies for starting, growing and running your own business more effectively and successfully.
Profit Magazine This website offers resources to Canadian entrepreneurs focusing on a “how to” approach to growth strategies including marketing and finance, making technology work, developing export markets, innovation and motivation.
TechAlliance Is an umbrella organization formed with five key technology groups in London Ontario including the boards of the London High Technology Association, Biotech London Council, IT London Council and London Venture Groups.
The Ontario Business Service Centre Provides links to several useful financing resources.
Business Development Bank of Canada Offers a complete range of services, particularly financial, management training and specialized consultation services, to assist small and medium-sized businesses.
Canada Business Service Centres (CBSCs) CBSCs are a collaborative effort between federal, provincial and private-sector organizations which provide information on government services, programs and regulations. Centres distribute videos, publications and offer seminars. A CBSC is in a major urban centre in each province – check your telephone directory, contact your nearest Industry Canada office or visit the web site.
Canadian Commercial Corporation As an export facilitator, the CCC provides Canadian companies with access to market opportunities and a wide range of export contracting services.
Export Development Canada Provides a full range of trade finance services that helps exporters and investors do business in up to 200 countries, including higher-risk and emerging markets.
Industry Canada Offers a wealth of information, programs and services. Refer to its web site or publication Guide to Government of Canada Services and Support for Small Business for contact points and details on everything from getting started to accessing new markets. Also operates Strategies, Canada’s largest business information web site.
Statistics Canada Collects and disseminates data on social and economic issues. Its Small Business and Special Survey Division provides information such as small business profiles, up-to-date details about financial expense and operating ratios, balance sheet information and provincial data for most industries. Regional offices listed in telephone directories.
The NewVenture Website is the academic version of the award winning expert assessment tools The NewVenture Template and the NewVenture Profile. These online tools can help anyone involved with starting a venture, anyone involved in improving an on-going business and any corporation evaluating new business opportunities.
The Advisory Council exists to help further the vision and aims of the IFE at the Richard Ivey School of Business. It acts as a powerful and visible body of leadership, influence and support within the constituencies the Institute serves.
David Wright, HBA ’83 - Council Chair
Agora Consulting Partners Inc
Ian Aitken, HBA ’87
Pembroke Management Ltd
Bennett Jones LLP
Andrew Barnicke, HBA ’83
DTZ Barnicke Investment Group
Michael Boyd, MBA ’76
Corporate Advisor & Director
Connie Clerici, QS ‘08
Closing the Gap Healthcare Group
Ron Close, HBA ’81
Richard Ivey School of Business
Bob Dhillon, EMBA ’98
Mainstreet Equity Corp
Stephen Gunn, MBA ’81
Sleep Country Canada
James Hall, HBA ’71
James Hall Advisors Inc
Pamela Jeffery, HBA ’84, MBA ‘88
The Jeffery Group Ltd
Melinda Lehman, MBA ’94
Pierre Morrissette, MBA ’72
Pelmorex Media Inc
Richard Ivey School of Business
Alexa Nick, MBA ’95
Customer Realities Group Inc, myPractice Canada Inc, myPractice LLC
Larry Rosen, MBA ’81
Harry Rosen Inc
John Rothschild, MBA ’73
Prime Restaurants of Canada Inc
Paul Sabourin, MBA ’80
Polar Securities Inc
Stephen Suske, MBA ’77
Suske Capital Management
Richard Ivey School of Business
Michael White, MBA ’00
IBK Capital Corp
The Institute is fortunate to enjoy the support of alumni and friends who are committed to celebrating academic excellence in entrepreneurship. To that end, the Institute is pleased to offer a number of scholarships and awards for students engaged in entrepreneurship at Ivey.
Best efforts have been made to furnish accurate data. Award amounts and other details are subject to change without notice. All award amounts are subject to University approval. (Updated: February 2012)
Courthill Capital Leadership Award
1 at $5,000
Awarded to a full-time undergraduate student at the Richard Ivey School of Business who has been accepted into the Certificate in Entrepreneurship. Preference will be given to a female candidate who best personifies the spirit, passion and drive necessary to become a successful entrepreneur. This award was established by Carolyn Cross, HBA ‘84, to support and recognize outstanding women in management who are in pursuit of excellence.
Gudewill Scholarships for Entrepreneurship
2 at $10,000
Awarded to an incoming student with a minimum average of 80% who attended a publicly funded high school. Preference will be given to residents of British Columbia and/or students with an entrepreneurial spirit. These awards were established by the Gudewill Family to help recruit and retain the best and brightest students to Ivey.
John R. Currie Award in Entrepreneurship
1 at $5,000
Awarded to a full-time second year HBA student who is entering the Certificate in Entrepreneurship at the Richard Ivey School of Business. Preference will be given to a Canadian student. This award was made possible through a donation by Mr. John Currie, HBA ‘60.
Pierre L. Morrissette HBA Award in Entrepreneurship
1 at $5,000
Awarded to a student entering first year of a full-time undergraduate program at Western, who has also applied to the Advanced Entry Opportunity (AEO) at the Richard Ivey School of Business. In addition to illustrating outstanding academic quality (minimum 90% admission average), the successful applicant will have expressed an interest in entrepreneurship as per the student’s application to AEO. This award was established by Pierre Morrissette, MBA ’72, Chairman to recognize the 10th anniversary between The Weather Network (Canada) and Weather Channel Networks (USA).
Sabourin Family HBA Scholarship in Entrepreneurship
1 at $5,000
Awarded to a full-time undergraduate HBA student at the Richard Ivey School of Business who is applying for acceptance into the Certificate in Entrepreneurship and who personifies the spirit, passion and drive necessary to become a successful entrepreneur. This scholarship was made possible through a donation from Mr. Paul Sabourin, MBA ‘80.
Tevya Rosenberg HBA Award in Entrepreneurship
1 at $5,000
Awarded to a student who is entering HBA 1 at the Richard Ivey School of Business. Preference will be given to a female student who has been accepted into the Certificate in Entrepreneurship. This award was established with a gift from Tevya Rosenberg, HBA ‘73.
Hydrogenics MBA Award in Entrepreneurship
1 at $4,750
Awarded to a full-time student entering the MBA program who has been accepted into the Certificate in Entrepreneurship at the Ivey Business School. This award was made possible by a gift from Pierre Rivard, MBA ’83.
Nelson M. Davis Scholarship
2 at $4,800
Awarded to a student entering the MBA program who demonstrates academic performance, leadership ability, entrepreneurial skills and an interest in contributing to the development of both the Canadian economy and one’s own community. These awards were made possible as a result of a donation from the Nelson M. Davis Trust Fund. Mr. Davis (1906-1979) was a prominent Toronto businessman whose knowledge, breadth of vision and accomplishments were outstanding endorsements of the free enterprise system.
Schulich Award in Entrepreneurship
3 at $2,500
Awarded to an MBA student at the Richard Ivey School of Business with outstanding academic achievement (minimum 78% average) and an entrepreneurial drive and spirit. This award was made possible by a gift from Mr. Seymour Schulich.
Pierre L. Morrissette Institute for Entrepreneurship Doctoral Scholarships
3 @ $25,000
Awarded to a full-time doctoral student pursuing a PhD in General Management with a declared interest in entrepreneurship, as well as demonstrated academic and professional achievements. A student may receive the Pierre L. Morrissette Institute for Entrepreneurship Doctoral Scholarship for up to four years.
This award was established by the Pierre L. Morrissette Institute for Entrepreneurship at the Richard Ivey School of Business.
For complete details on any of these Awards and Scholarships, and for information on how to apply, please contact the Ivey Financial Aid Office.
Case studies are interactive, dynamic, and participant-driven teaching tools designed to guide students through real-world case examples of business issues. Students learn to analyze information, develop rational alternatives, make decisions, and recommend implementation tactics in time-sensitive situations, just as they would as practicing managers.
Ivey is the second largest producer of management case studies in the world. These cases are used extensively in our degree and executive education programs, and are also available to other universities, business and government organizations.
The Institute has undertaken the laborious task of both identifying entrepreneurship cases within the Ivey database and classifying them into subcategories. We have also undertaken a major case writing initiative that will add cases to areas (subcategories) that have had minimal to no coverage. The outcome of this exercise will potentially be the publication of a series of entrepreneurship case books.
Categories of Entrepreneurship Cases
For more information on Entrepreneurship cases please contact Ivey Publishing.
The PhD program is an important means of providing entrepreneurial research assistance to faculty, and increasing the overall academic output of Ivey. Educating PhD candidates at Ivey is important because it gives us the opportunity to train teachers of the next generation of entrepreneurs.
The IFE is offering a scholarship for PhD students who wish to study entrepreneurship. IFE would like to have a minimum of one PhD student per year (for a total of 4). The fall of 2003 will saw the enrolment of the first Ph.D. student in the area of entrepreneurship funded by the Institute. We are encouraged by our progress in this regard, and excited about the future potential of entrepreneurship research and study at Ivey. Research output from these students will help raise the profile of entrepreneurial research at Ivey, and give the Institute academic credibility in this field. Special thanks to Starcan Corporation for their generous support. The first recipient of the Starcan Doctoral Scholarship is Vanessa Strike.
For more information on a PhD in the area of entrepreneurship please contact Stewart Thornhill at the Institute for Entrepreneurship.
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Reprints are available for most Ivey Business Journal (print) articles and all the contents of Ivey Business Journal online.
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Ivey Institute for Entrepreneurship is very active in the community. Below are a few photos of past events.
See a full collection of photo albums on our Facebook Page.
By Stewart Thornhill
Executive Director, Pierre L. Morrissette Institute for Entrepreneurship
There’s a tension in the air at Ivey. It’s not a bad tension, but you can feel it all the same. It’s the tension that comes when something that has been, prepares to give way to something that has yet to be. It sounds a bit Zen but with so many ongoing transitions, finding a higher plane of perspective seems like a good idea.
Some transitions relate to the annual cycle of graduation and intake of students. Just as one group sprints to the finish line, another is queuing up to take their place. They’ll be in new, shiny classrooms, imbued with that “new building” smell. For the first time in years, MBA, HBA, MSc, faculty and staff will be under one roof. The opening of the new building will also coincide with Dean Carol Stephenson stepping down after ten years with Ivey, where she will leave behind a legacy of tremendous growth.
There is transition within the Entrepreneurship Institute as well as our John R. Currie Executive Entrepreneur in Residence, Ron Close, will be returning to a full-time, private sector CEO role this summer. For the past five years, Ron has grown and transformed our New Venture Project stream in the MBA and HBA programs. We were incredibly fortunate to have Ron – with his passion, energy and mentorship – as part of our team and he will be deeply missed. In the next newsletter, I’ll introduce you to our new Entrepreneur(s) in Residence.
And yet, as the past makes way for the future, there are elements of continuity that remind us that all is not in flux. In January, Ivey hosted the 15th annual IBK Capital business plan competition, which amid strong performances by our Ivey teams, was won by Picassolar from the University of Arkansas. We held our annual Scholarship Dinner in Toronto this January as well, where entrepreneurship scholarship recipients had an opportunity to meet their benefactors and share the experiences that brought them together. We also celebrated the 9th National Family Business Day Celebration with Jonathan McCain HBA ‘07, of the famous McCain family.
So, as we prepare for the new, we can do so with the confidence that we’re also keeping a wonderful legacy alive.
An increasingly strong and vibrant entrepreneurial spirit in Canada is creating unprecedented demand for entrepreneurship education. More business students than ever are seeking entrepreneurship programs and courses, including those who continue to pursue more traditional career paths in finance and consulting.
Full 2011 Annual Report HERE.
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Check out news and upcoming events
Check here from time to time for video of lectures, interviews and activities and events sponsored by Ivey.
Check out the lastest articles in Entrepreneurship below.
Welcome to Ivey’s Entrepreneurship Blog. We’ll keep track of entrepreneurial thoughts and activities taking place at Ivey and offer insight with interviews and feature posts of successful leaders in our community.
Click a ‘category’ link in the left hand side bar or click the blog title below for recent posts in the IVEY Entrepreneurship Blog.
Also, don’t forget to subscribe to our RSS feed by clicking the ‘rss’ icon to the right or check back frequently for regular updates.
One of the most important roles for any business school is the generation of intellectual capital – the continuous development of new insights and new models for the discovery of best practices that have direct relevance to managers today. Schools that deliver cutting edge research not only provide real value to the academic community but also ensure that their programs are consistently renewed with new insights, which have a direct effect on the business community.
Families in business must learn and grow together, which is why Ivey’s Business Families Centre (BFC) seeks to engage all members of the business family - from the entrepreneurial founders who contemplate succession planning as they seek to transition out of active leadership; to second and third generation owner-leaders who must innovate and respond to continually evolving industries, economies and consumer preferences; to Generation Y who, on the threshold of launching their careers, are often faced with the complex decision of whether or when to enter the family firm.
The BFC is also committed to helping family-controlled businesses remain entrepreneurial, a key factor in ensuring long term viability, and to fostering deeper understanding of the strengths and challenges of the business, the family and the complex relationship that ties one to the other.
At Ivey, HBA and MBA students learn about the influence and impact that family-controlled companies have had on the economies of both Canada and the world, gain insight into the motivations of successful business family owner-leaders, and perhaps be inspired to one day launch or return to their own family firm and, in so doing, continue the Ivey tradition of studying, supporting and celebrating business families.
Dave Simpson, MBA ’88
Director, Business Families Centre
Below: Dave Simpson with Bernie Bierbaum, President of CAFE Southwestern Ontario.
The Pierre L. Morrissette Institute for Entrepreneurship has created a unique opportunity for Ivey HBA and MBA students to meet with and learn from several of the School’s most succesful entrepreneurial alumni.
3+5 Dinners create the opportunity for three established entrepreneurs with a common area of expertise to have dinner with five dynamic Ivey students who are passionate about entrepreneurship.
This table of eight will discuss one of any number of topics relating to entrepreneurship such as:
...to name but a few.
Participation is limited to HBA and MBA students actively engaged in entrepreneurial courses and initiatives at Ivey. Dinners are hosted by the entrepreneurs at a restaurant or club of their choice. Entrepreneur and student bios are circulated to the participants in advance of the dinner.
If you are interested in hosting a 3+5 Dinner or would like more information about this or other entrepreneurial initiatives offered by the Institute, please contact Deanna Bond, Initiative Coordinator, Phone: 519.661.3530
The IBK Capital - Ivey Business Plan Competition is Canada’s premiere student business plan competition. With entrepreneurial teams drawn from universities throughout North America, the Competition offers graduate students an opportunity to present innovative new ventures to potential investors, while providing investors with an advance look at up-and-coming entrepreneurs.
Organized by student volunteers and funded by private sponsorship, the winner receives automatic entry to the Venture Labs Investment Competition at the University of Texas at Austin, to compete for over $100,000 in cash and prizes.
View Competition pictures here.
Launched in 1997, The Nicol Award is a national program designed to generate and reward interest in entrepreneurship on the part of undergraduate students in any faculty or field of study at participating universities across Canada.
At Ivey, the West Nicol Business Plan Competition invites HBA students to pitch their new venture for a chance to win cash and the opportunity to compete against Canada’s top undergraduate entrepreneurs for The Nicol Entrepreneurial Award, in our nation’s capital - Ottawa, Canada.
Founded in 1991 by Ivey MBA students. LEADER - Leading Education and Development in Emerging Regions - deploys teams of Ivey students to international sites where they teach foundational business decision making and entrepreneurial skills over a 2 week period. This rich exchange of knowledge and culture benefits both the overseas students and Ivey volunteer instructors.
While LEADER’s primary mission is to provide a unique and valuable learning opportunity to eager students in eastern Europe and Russia, the program also challenges Ivey student instructors to find effective ways of adapting and conveying their knowledge and expertise to students who are often operating in substantially different business environments.
The Institute supports LEADER through funding and the development of curriculum designed to engage individuals with entrepreneurial talent and ambition in moving forward through their own invention.
Visit LEADER for more details.
Entrepreneurship-minded HBA and MBA students lead and participate in Clubs dedicated to educating, encouraging and inspiring entrepreneurship among members.
The clubs provide opportunities for members to realize their goals through networking events, idea exchanges, and support from Ivey faculty and alumni. In addition, the Clubs have provided opportunities for students who want to work in an entrepreneurial environment, develop and hone entrepreneurial skills, or become global leaders, entrepreneurs and venture capitalists.
The Entrepreneurship clubs work closely with the Institute in planning events and networking with Ivey alumni. Past events include: Financing for Entrepreneurs, The Ivey Film Festival, Social Enterprise Bootcamp, Lessons from an Angel Investor (Video), Summer Business Ideas, Microfinance Day, and Craig Simpson - Business and the Team (Video).
The Certificate in Entrepreneurship was created to engage Ivey students in the knowledge and practice of entrepreneurship, which aims to enhance their ability to achieve their professional, economic and personal dreams.
Students enrolled in the Certificate undertake a coordinated set of courses and experiences that will position them to begin their entrepreneurial journeys.
The Certificate is a valuable experience for students who: are committed to starting a new business at some point in the future; or know that many of the best employers seek employess with entrepreneurial skills and abilities.
For Certificate requirements and how to apply, please visit:
Certificate for Ivey MBA
Overview and Requirements
Application (MBA) - Closed
Certificate for Ivey HBA
Overview and Requirements
Application (HBA) - Closed
While knowing how to write a compelling business plan is important to the successful launch of a new venture, students who spend all their time doing this will be good at writing business plans but not necessarily good at being entrepreneurs.
At Ivey, we believe it is more important to be immersed in a variety of entrepreneurial experiences, so that students learn HOW to become an entrepreneur rather than ABOUT entrepreneurship.
To this end, the Institute delivers courses and experiential programs for Ivey HBA, MBA, MSc and EMBA students that empower them to explore entrepreneurship in a challenging yet supportive environment.
Assistant Professor of Entrepreneurship
Assistant Professor, Strategy
David G Burgoyne Faculty Fellow
John R. Currie Executive Entrepreneur-in-Residence
Professor Emeritus, Marketing
Assistant Professor of Entrepreneurship
Donald G & Elizabeth R Ness Faculty Fellow in Entrepreneurship
MBA ‘80 Professor in Entrepreneurship
Assistant Professor, International Business
Walter A Thompson Faculty Fellow
Professor Stewart Thornhill
Executive Director, Pierre L. Morrissette Institute for Entrepreneurship
Director, Ivey New Venture Project and Entrepreneur-in-Residence Program
Do you have an entrepreneurial spirit? There is always something happening for you at Ivey. See the latest posts for the most recent entrepreneurial activity at Ivey.
The Pierre L. Morrissette Institute for Entrepreneurship endeavors to be the premier entrepreneurship centre in Canada and respected throughout the world. Our goal is to serve entrepreneurs from start-up to succession.
The institute works with students to build a foundation from which to successfully launch new businesses; with Canada’s best entrepreneurs to take their businesses to the next level; and with business families to facilitate a successful transition to next generation or next opportunity. The Institute supports all of this work through attention to research in areas of high growth and entrepreneurial learning.
Entrepreneurship at Ivey
Launched in 1995 under the banner Institute for Entrepreneurship, Innovation & Growth, the Institute’s initial focus was to create case studies unique to entrepreneurship and family business, and to teach the core principles of business plan development. Under the leadership of Dr. Eric Morse (2002-2008) and Dr. Stewart Thornhill (2008-present) the Institute broadened its research focus, implemented dynamic new student programs and fulfilled a mandate to secure independent funding.
In January 2007, the Institute was renamed the Pierre L. Morrissette Institute for Entrepreneurship in honour and appreciation of a generous gift by Pierre Morrissette, MBA ’72, Chairman, President & CEO of Pelmorex Media Inc.
Today, the Institute endeavours to be the premier entrepreneurship centre in Canada and respected throughout the world. Our goal is to serve entrepreneurs from start-up to succession.
The Institute works with students to build a foundation from which to successfully launch new businesses; with Canada’s best entrepreneurs to take their businesses to the next level; and with business families to facilitate a successful transition to next generation or next opportunity. The Institute supports this work through research in areas of high growth and entrepreneurial learning.
The Entrepreneurship Cross-Enterprise Leadership Centre is the Institute’s research arm, which serves as a forum for faculty and doctoral candidates with a diverse range of research interests to cultivate collaborative theories, develop teaching cases and advance research for publication in peer-reviewed journals. The Centre is also involved in disseminating the work of its members through academic conferences, workshops, media and outreach. In June 2014, the Centre will co-host the 34th annual Babson College Entrepreneurship Research Conference (BCERC) and Doctoral Consortium.