tag:blogger.com,1999:blog-51823070449234352092024-03-05T11:00:03.815-04:00Walk with a Swagger"Walk with a Swagger" is targetted toward those people wanting to confidently move forward.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.comBlogger55125tag:blogger.com,1999:blog-5182307044923435209.post-21012485077434162042019-03-20T21:39:00.000-03:002019-03-26T07:00:22.504-03:00<div class="m_-625204236097994154WordSection1" style="-webkit-text-size-adjust: auto; caret-color: rgb(49, 49, 49); color: #313131; font-family: -apple-system, HelveticaNeue; font-size: 16px; word-spacing: 1px;">
<div class="MsoNormal">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Our experience buying a condo.<u></u><u></u></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Originally written in April 2016.<br />
Edited and refined in March 2019, with knowledge and experience over almost three years in our condo.<u></u><u></u></div>
<div class="MsoNormal">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b>
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Our Context:<u></u><u></u></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Janice and I raised our three children in a large 5 bedroom, 2 car garage home just outside of Halifax. We lived on a quiet street with great neighbours and nearby friends.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
We worked hard to keep our property and home well maintained and updated. Over the past decade we had replaced the furnace, landscaping, and roof shingles. We had renovated the kitchen, master ensuite and main bathrooms. Some of these investments were necessary, while others could be considered cosmetic upgrades.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
Beyond the normal amount of families moving in and out due to job transfers etc., some of the homes in our neighbourhood had started to transition from original owners to new younger families. It was nice seeing parents with strollers in our neighbourhood.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
As our three children made their way through university, we began to consider our future. We loved our home and the neighbourhood, but knew that we would soon be only two people in a large suburban home. We planned on travelling more and being more mobile in general.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
Maintaining and proactively updating your home is expensive. Those in the market to purchase a home have very high expectations. Higher "updated” sensitivity exists especially in the kitchen, bathrooms, flooring, windows, and roof shingles. Further, we knew that current and future homebuyers would have lots of choice. Putting ourselves in their shoes, would we buy new or older construction? Our home, while beautiful in our eyes, was over 25 years old.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
Both Janice and I have experience with family members holding on to their homes well beyond their ability to maintain and proactively update them. Later in life, people are typically financially and or physically less able to properly maintain their homes. The result being, homes sell for considerably less than owners expected to sell them for.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
<b>Our</b> <b>Approach</b>:<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
We began discussing the concept of downsizing almost two years before we purchased a condo. There was no panic, we were in our early fifties, healthy, and relatively financially stable. This, we felt, was the exact right time for us to begin planning, rather than being in a situation where were in some sort of "back to the wall" situation.<u></u><u></u></div>
<div class="MsoNormal" style="margin-left: 36pt;">
<i data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></i>
<i data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Some may argue the above logic. Many friends shared their vision of having room for grandchildren to visit, gardening, space, privacy, etc. It is a very personal situation and we respect everyone's right to chart their own path.<u></u><u></u></i></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
We envisioned preparing our home for sale and ideally timing the sale with moving into our new home. We began to research townhouses and condominiums in the Halifax area. On many Sundays we would visit open houses to get a feel for what was available.<br />
<br />
We used <a data-originalcomputedfontsize="16" data-removefontsize="true" data-saferedirecturl="https://www.google.com/url?q=http://viewpoint.ca&source=gmail&ust=1553213860582000&usg=AFQjCNHN8faYBHCQ0xQJNgO_rwH805MbFg" href="http://viewpoint.ca/" style="color: #4285f4; font-size: 1rem;" target="_blank">viewpoint.ca</a> to both look at potential townhouses or condominiums to buy, set alerts on specific properties to know when the sales status changed, as well as gather intelligence on the likely value of our current home.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br />
We engaged a realtor to assess the value of our home. We used the same realtor to sell and help us purchase a condo. They went to work and recommended we have work with a home staging professional. We did, and it was worth it.<u></u><u></u></div>
<div class="MsoNormal">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b>
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Some Lessons learned:<u></u><u></u></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b>
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Selling Price |</b> Pricing and selling our home was a lesson in supply and demand economics. In 2016, the Halifax area was a buyers’ market. Homes were being sold for less than asking price. New home construction seemed more popular than older homes. Ultimately our home was worth what someone was willing to pay for it. We accepted an offer that was less than $5,000 than an offer we entertained a few months before.<u></u><u></u><br />
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Neighbours commented that the buyers got an amazing deal. It would be natural for neighbours to be concerned that homes in the area are taking months to sell and are selling for lower than they might expect.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Rent vs. Buy | </b>We considered rent vs. buy. Financial logic suggests, renting an apartment/condo is a better move.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
In our case, we settled on buying because we found the right price value AND right location for us. We were able to buy a place we loved and which would be our home potentially for the next 25 years+. Looking back this was the right decision for us.<u></u><u></u><br />
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Financing | </b>We worked with our bank (actually ended up working with the branch manager rather than the mortgage specialist in this case) to plan for a scenario where we had a credible offer on our home and would want to close quickly on our condo. <u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
We could not afford own two homes at the same time. Inappropriate to get into our personal details, but the trick for us was to; establish a large line of credit secured by our existing home, and obtain a pre-approved mortgage. We used these instruments to successfully finance the selling costs of our current and purchase of our future home.<b><u></u><u></u></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Condo Fees</b> | When we were considering a condominium, I was sceptical about Condo Fees. It was difficult to grasp the concept of paying $X00/month for ever.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Owning our own home, I felt, enabled us to build equity in our home not send cash to some black hole condo fee scenario. What I failed at the time to consider, is the amount of money we were spending every year to operate and maintain our home including: water, home heating fuel (4,000 sq.ft. is costly to heat) and system maintenance (replaced the furnace in 2012 for $7,500) roof maintenance (replaced the roof shingles in 2014 $14,500) landscaping maintenance (replaced front step stonework 2013 $2,700), snow removal (remember the winter of 2015), windows (estimated to cost over $25,000), home insurance, cost of running 2 vehicles, etc.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Condo fees should be less costly than maintaining the typical free hold home, primarily because the cost of maintenance is shared across all of the condo owners. Further, money from the condo fees is proactively set aside for maintenance, emergencies, and longer term repair/replacement of systems.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Age</b> | Buying a condo is not an indication you are old or nearing retirement, it is a lifestyle choice. While there are many 55+ neighbours, there are many 30, 40 something’s also. The neighbourhood we now live in is vibrant and diverse.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b>Stuff</b> | <span style="font-size: 1rem;">We all collect way too much stuff and a large home hides it well. </span></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<br /></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Even though we rarely use much of the stuff, we struggled with how we could live in a condo which had less than half the space?<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
The classic 70's 80's Canadian family of 4 or 5, 3 bedroom suburban home was around 1250 sq.ft. How did we get to a place that “needs” 3000+ sq.ft. for 3 to 4 people?<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
We needed to purge. Take a hard objective look at the stuff we had but never actually used.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
There seems to be an oversupply of used furniture. Exploring Kijiji one finds no end of dining room and bedroom sets, family room furniture, large screen TVs, etc. It's not uncommon for people to want to pay half of asking price and ask for you to deliver.<b><u></u><u></u></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
In our case we ensured items found homes with family, sold some, then gave other items to the furniture bank. Smaller items were delivered to Value Village. We tried our best not to let items go to the landfill.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Neighbours |</b> Living in a condo, similar to a neighbourhood, is much more pleasant when you get along with folks. There are actually more opportunities to run in to neighbours and meet people because you are travelling through common entrances, walking the dog on similar paths, etc.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Overnight Guests | </b>With our large suburban home we had many family and friends visit for the weekend. We wanted to make sure this was still possible when we moved to a condo.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
We are fortunate to have a 3 bedroom condo so we still have space, and we have as many times used the condo’s “guest suite” which is a nicely appointed bachelor apartment in our building which is available to book for a modest fee. Our guests love it.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Man Cave | </b>Like most guys I liked my garage, place to store things, place to work on and clean my bike.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
One indoor parking spot and a nicely sized storage room came with our condo. We rent an additional indoor parking space. While I prefer to go to local Rubber Ducky car wash to clean my car (did so when we had a house), I could if I wanted to wash my car in the car wash bay within our building.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Rules |</b> Yes condos have rules, but they are common sense and in place to ensure a pleasant environment for everyone. There are no rule police. Good neighbours give each other slack. We have never had an issue.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Outside | </b>Having your own yard and space to get out and around is a good thing, we love being outside.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
We are fortunate enough to have a large patio with a great view. Within a few blocks of our place are several paths, parks, and all kinds of interesting things to do outside.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
As a cyclist, I can take my bike out of my storage room and be on the road in minutes.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Don’t miss |</b> mowing the lawn, shovelling snow, managing ice buildup on the driveway, the guy down the street who over used his leaf blower, whipper snipper, and chainsaw.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;"><br /></b></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
<b data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">Miss |</b> Neighbours, that feeling you get when you <b><i data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">finish</i></b> shovelling snow and mowing your lawn.<u></u><u></u></div>
<div class="MsoNormal" data-originalcomputedfontsize="16" data-removefontsize="true" style="font-size: 1rem;">
Will edit and refine over time<u></u><u></u></div>
</div>
<br class="Apple-interchange-newline" style="-webkit-text-size-adjust: auto;" />Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-17286211115546772582011-09-08T23:51:00.003-03:002011-09-09T00:01:15.222-03:00By whom? Why? What would happen next?I was travelling a lot at that time. Eight weeks out of ten on the road travelling all over the world. So it was somewhat strange for me to be home that day.<br /><br />I got up about 5.45 am, got ready for work, went down to make coffee, ironed a shirt, chatted with our dog Gus gave him his grub, read the paper, answered a few texts from colleagues in Europe. The phone rang when I was just about to leave for work. Janice answered. It was her mom calling from Canada. <br /><br />Her first question was, “Where is Dan”? Janice answered, “He’s here and just about to leave for work.” She said, “You should turn on the TV, there is something terrible happening.”<br /><br />We turned on the TV to CNN. Given we were in California therefore three hours behind New York time, we looked on in disbelief as the reports, chaos, and speculation of what was happening flashed across the screen. When the plane crash reports came in from Washington things escalated fast.<br /><br />It was surreal. Could the United States really be being attacked? By whom? Why? What would happen next?<br /><br />I felt the need to get to work. We had staff in New York and 100’s of others travelling. <br /><br />As I jumped in my car and proceeded to the highway, traffic was moving slower than normal. You could literally see other drivers listening to their radios and shaking their heads. In spots where the traffic slowed to a near stop, people had their windows down and were comparing notes.<br /><br />When I got to work, the management team met and spoke about what we should do. We decided to gather the staff for an all hands meeting, speak to the fact that we were busy contacting all staff who were travelling (most all were already accounted for), and that anyone who wanted to could go home.<br /><br />Staff were visibly shaken. There were all kinds of rumours of other potential targets. Our building was near an US Air Force base and some folks wondered if we were safer as a result or not. We had a moment of silence. It was the most silent minute I have ever experienced.<br /><br />I can remember a guy at work that day speak about Afghanistan and the Taliban. I had never heard the term Taliban before. I can remember wondering how he could know this. Others began to get more and more angry, looking for revenge, but toward who?<br /><br />Most folks, including me, headed home around noon. <br /><br />Like most, Janice and I were glued to the TV for the entire day, seeing those twin towers fall and the reruns of the planes hitting the towers over and over.<br /><br />Stories of colleagues stranded here and there, and the stories of strangers pooling together to rent cars to drive in some cases 1000’s of miles to get home were common.<br /><br />A few days later, I can remember talking to our folks in New York City from our office on Broad Street. They told us about how when after the first tower fell, their windows were covered in grey soot in seconds. Many of these folks walked for hours to get to their homes in New Jersey etc.<br /><br />Up and down our street in San Jose, US flags flew on every home. <br /><br />I can remember being very proud of Canada for being so hospitable to stranded passengers. <br />I can remember business travel basically coming to a halt. <br />I can remember watching planes approach their landings into the San Jose airport and being hyper sensitive to what looked like any strange moves.<br />I can remember commercial flights starting back up, and how people stared at each other especially people who looked different.<br /><br />In November 2001, I travelled to New York City on Business. I can remember being totally shocked by the buildings whose windows were blown out and boarded up. I can remember walking down the street and feeling some kind of airborne dust in my mouth.<br /><br />As I look back at all this, like 100’s of millions of people around the world, I was only an observer from a far. A person not personally affected in terms of lost love ones or friends. Yet so many others were directly impacted that day or the days, months, and years later.<br /><br />The world changed forever that day.<br /><br />Thoughts are with all those who were affected that day and since.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com1tag:blogger.com,1999:blog-5182307044923435209.post-28160269002006970912011-03-26T13:43:00.005-03:002011-05-04T19:41:44.987-03:00Democracy Works!Well, here we go again. <br /><br />Another election, more shenanigans, more promises, more spin, more attack, fewer real issues tackled, more sarcasm, more voter apathy.<br /><br />The average voter turnout for federal elections since 1867 has been 71.2%. Since the year 2000, the average has dropped to 61.4%. [Reference: Elections Canada http://bit.ly/eMsAC4 ]<br /><br />Some among us feel that their vote doesn't matter, that nothing will change, that all politicians are the same, that it is all a bunch of BS, that there are better causes to feel passionate about where they can make a real difference. I feel the same way some days, when I see/hear blatant lies and dirty tricks. <br /><br />We need to try to understand and appreciate this perspective. We must not preach or force our own views. <br /><br />What keeps me grounded and truly appreciating our democracy, even with all of its faults is a look around the world.<br /><br />Hundreds of thousands, maybe millions, of people in dozens of Middle Eastern and African countries are pouring into the streets, and in some cases giving their lives, to establish democracies. Many of these societies have been ruled by brutal dictators for decades. They are fighting for the very basics in human rights and security.<br /><br />Meanwhile we find ourselves debating who is or isn’t likeable, who promised to deliver and did or didn’t, who is more trustworthy, etc. Not suggesting for a moment that these are not good things to discuss, any discussion about the alternative is good. <br /><br />I am suggesting that we have the luxury of debating and openly sharing our views about the details, while millions of people around the world wouldn’t dare.<br /><br />Democracy is not perfect, but it is better than any other system. <br /><br />Democracy is ours to work on and improve overtime. <br /><br />We must use it, or risk losing it.<br /><br />Democracy works!<br /><br />Check out which party your opinions seem to line up with:<br />http://federal.votecompass.ca/page/1/#top<br /><br /><br />Please exercise your right to vote and bring a friend on May 2, 2011.<br /><br /><br />**** Update ****<br /><br />Thinks are looking very different all of a sudden:<br /><br />- Advance poll turnout largest ever.<br />- Student Vote Mobs in virtually every university in the country.<br />- NDP heading for 2nd place ??? Including in Quebec. Wow !<br />- Who ever wins this is very good for Canadian democracy<br /><br />**** Update ****<br /><br />Well, you know the story by now.<br />Not sure if anyone would have predicted this.<br />But ! The people have spoken.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-36150423201137681702011-03-16T20:50:00.004-03:002011-03-16T22:19:38.486-03:00Mother-in-lawMother-in-law<br /><br />Thanks to Hollywood, the term mother-in-law brings up some stereo typical images of meddling interfering opinionated middle aged woman.<br /><br />My experience has been very different.<br /><br />I first met Margaret McGonnell, who would become my future mother-in-law when I was 17 years old. Yes, that’s right 17.<br /><br />My early memories of Mrs. McGonnell (AKA Mernie, later AKA Nanny) included her amazing cooking, sense of humour, intelligence. and strong opinions on things that really mattered to her.<br /><br />I spent a lot of time at the McGonnell’s and enjoyed Mernie's great meals. <br /><br />As a shy, slim, relatively fit 17 year old [Yes, that’s right shy, slim and fit'ish] Mernie seem to always insist I was well fed. I could sense her keeping an eye on me as I ate. When I finished what was on my plate, she was right there with more insisting I needed to “finish it off, it would only go to waste, etc, etc”.<br /><br />I will always remember,<br /><br />- the words she said to me the day Janice and I got married<br />- how quickly she came to help out for a few weeks when our three children were born<br />- how she made a cake at the kitchen table with a couple of kids standing with make shift aprons helping out<br />- how she and my 2 year old son marched around the house banging pots with wooden spoons in some kind of parade<br />- how genuinely interested and proud she was of everything that was happening with our family, and how I would hear the tiniest details replayed back from other family members months later<br />- how she had so many great friends and how much fun they always seem to have. It was cool to hear much later how she was often the life of the party<br />- while she never once said anything to me, how sad she must have been when we move too far away for her to see her grandchildren on a regular basis<br />- when she and Roy drove all the way from PEI to Ontario in the middle of the winter to visit us, and brought us a 50lb bag of PEI potatoes :)<br />- how our birthdays were only a few days apart and she always reached out to remind me that all the special people were born in November<br />- how later in life, even when she was not well, she never lost her spunk and drive to make things better for people<br /><br />Mernie passed away just about two weeks ago now. It was amazing for me and our children to hear stories of how she touched peoples’ lives in all different ways.<br /><br />While it was not that obvious to me then, I now realize how privileged I was to have a mother-in-law like Mernie.<br /><br />Rest in peace.<br /><br />Your son-in-lawDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-39138721360520311062010-12-30T08:42:00.005-04:002010-12-30T09:15:57.205-04:00Would have, could have, should have, ...It is hard to believe we are about to transition to the year 2011.<br /><br />I think it is healthy to "glance back" at 2010 before we move boldly forward.<br /><br />2010 at a Glance:<br /><ul><li>Spouse doing very well with in university, while working and being an amazing mom</li><li>Son working hard at university while achieving personal trainer certification</li><li>Daughter 1 went and returned <em>safely</em> from South America, then went off to university</li><li>Daughter 2 started high school and plays varsity hockey Record as of late Dec: 15-0-1</li><li>Gus (small white dog) essentially running household</li><li>Me: I have a new challenging and rewarding job, healthy enough to cycle 1500'<span id="SPELLING_ERROR_0" class="blsp-spelling-error">ish</span> <span id="SPELLING_ERROR_1" class="blsp-spelling-error">kms</span> this summer with great friends</li></ul><p>Everything perfect? No, but things are great.</p><p>I am proud to say that I have no "would have, could have, should have,..." list for 2010. Don't mean to preach, but that kind of second <span id="SPELLING_ERROR_2" class="blsp-spelling-corrected">guessing</span> only serves to slow us down.</p><p>2011? More of same with a twist here and there works for me :)</p><p>All the best to you and yours for 2011 !</p><p>Dan...</p>Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-88030404966217709172010-12-11T13:31:00.003-04:002010-12-11T13:38:15.049-04:00And it just started Snowing !Timing is everything.<br /><br />Janice and I have been working all morning to decorate for the holidays.<br />We have been crazy busy with work and stuff.<br /><br />We purchased a nice tree (real of course) which makes the house smell great !<br />We seem to buy more or different lights for the tree every year, but then when we go to use them they seem never to do the job. Janice had to go and get some more.<br />Can you relate to this ?<br /><br />I have the lights up out side.<br /><br />I even cleaned the garage out to get both cars in before the winter really hits.<br /><br />Our daughter comes home from University on Tuesday.<br /><br />And it just started snowing. How good is all that ?<br /><br />Happy Holidays Everyone !<br /><br />The MacDonald'sDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-29928531925375026702010-12-06T20:23:00.002-04:002010-12-06T20:35:35.528-04:00Jonathan HaidtWith all the Tea Party discussion these days, remembered <a class="l" onmousedown="return clk(this.href,'','','','1','','0CBoQFjAA')" href="http://haidt.socialpsychology.org/">Jonathan <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Haidt</span></a>'s amazing discussion on Moral Judgment and Moral Politics.<br /><br />I heard him speak at a conference in New York in 2007.<br /><br />Take a listen. Starts a little slow, but I think you will be intrigued.<br /><br /><a href="http://www.newyorker.com/online/video/conference/2007/haidt">http://www.newyorker.com/online/video/conference/2007/haidt</a><br /><br />"What the Tea <span class="blsp-spelling-error" id="SPELLING_ERROR_1">Partiers</span> Really Want" Jonathan <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Haidt</span><br /><br /><a href="http://online.wsj.com/article/SB10001424052748703673604575550243700895762.html">http://online.wsj.com/article/SB10001424052748703673604575550243700895762.html</a><br /><br />Dan MacDonaldDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com1tag:blogger.com,1999:blog-5182307044923435209.post-61241196083504933712010-10-10T14:43:00.002-03:002010-10-10T14:57:23.300-03:00Happy Thanks Giving Canada!Canadian Thanks Giving Weekend 2010<br /><br />We have so much to be thankful for, I don't know where to begin.<br /><br />Is everything perfect?<br />Of course not, but just think about all we have compared to the 100's of millions of people in the world who can only dream of what we have in Canada.<br /><br />A key element of every conversation we have seems to be some sort of complaint about the weather, about service, the traffic, our busy lives, etc. We all do it unconsciously.<br /><br />Just imagine if one of our typical conversations was over heard by a child who is literally starving or a family who is stuck in a refugee camp.<br /><br />Don’t mean to preach.<br />Just reflecting on all we have compared to most.<br /><br />Happy Thanks Giving Canada!Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-48342913641201187322010-09-18T20:48:00.001-03:002010-09-18T20:52:21.273-03:00Irving SchwartzRIP Irving Schwartz<br /><br />An amazing individual.<br /><br />Irving Schwartz was been involved with more than 30 different companies over the years, from the Schwartz Furniture Showrooms and Seaside Cable, to nursing homes, computer software & oyster fishing, to Bio Medical products . Irving was also co-founder of the Canadian International De-mining Corps. He says his proudest accomplishment was being appointed to the Order of Canada.<br /><br /><a href="http://www.cbc.ca/canada/nova-scotia/story/2010/09/18/ns-cape-breton-businessman-death.html">http://www.cbc.ca/canada/nova-scotia/story/2010/09/18/ns-cape-breton-businessman-death.html</a><br /><br /><a href="http://www.capebretonpost.com/News/Local/2010-09-18/article-1773069/Irving-Schwartz-dies-at-81/1">http://www.capebretonpost.com/News/Local/2010-09-18/article-1773069/Irving-Schwartz-dies-at-81/1</a>Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-10216494118757457522010-08-13T20:35:00.003-03:002010-08-13T21:26:01.715-03:00You were there when we needed you. Thank you!<p class="MsoNormal">You were there when we needed you. Thank you!</p><p class="MsoNormal">Almost two weeks ago now, we were relaxing at the end of a long day. My wife and I were looking forward to our 18-year-old daughter returning from South America the next evening. The trip was something she had been working towards for over two years. We were happy for her but also very concerned for her safety.</p><p class="MsoNormal">We were expecting to hear from her before midnight to confirm that all was well for the long journey home the next day. Quito/Ecuador, Miami, New York, to Halifax would be enough to make even the experienced traveler unsettled.</p><p class="MsoNormal">At about 10 pm, I sent her a text to see when she would call. She asked if it would be ok if she called a little later. Approximately 30 minutes later I received a txt from her stating “call now. it is an emergency”.</p><p class="MsoNormal">My heart skipped. I immediately dialed her number. Of course it rang and rang and no body answered. I looked at my wife and told her about the message. I called four more times no answer. <span style="mso-spacerun: yes"></span>We were both trying to be calm but were very concerned. Her extensive travel was supposed to be coming to an end and now this.</p><p class="MsoNormal">I sent her a text to try and connect. She responded to call now. I called, she answered.</p><p class="MsoNormal">“Are you ok? What’s going on? Why didn’t you answer? Are you safe? I said frantically and realizing I was not even giving her an opportunity to answer. She responded obviously very upset, “I am safe.” “Dad, I don’t know what to do now, our passports have been stolen. We have a flight in the morning at 6.30 am and we have no passports. What am I going to do?”</p><p class="MsoNormal">While I knew we were in for some complications, my fear that she was harmed settled. We chatted about the fact that she was safe and we would help her figure things out the best we could.</p><p class="MsoNormal">I grabbed my laptop and typed “canadian passport emergency Ecuador” into the google window. Within less than 10 minutes I was connected with a government of Canada Foreign Affairs Passport specialist. I told her the story and she calmly walked me through our options.</p><p class="MsoNormal">Now it is not appropriate to go into all of the details of this scenario, but as a worried parent with a daughter in a foreign country with no passport and a flight out in less than twelve hours, etc, etc I was blown away with the treatment we received.</p><p class="MsoNormal">Our daughter was serviced by the Canadian embassy in Quito/Ecuador and then by the fine folks at the Canadian consulate in Miami the next day so as to obtain temporary travel documents.</p><p class="MsoNormal">The professional service we received was truly amazing and included an official actually driving her and her friend back to the airport so as to ensure they made their flight.</p><p class="MsoNormal">My daughter was back home in her own bed in less than 36 hours later from her realizing her passport was stolen. This was part luck but mostly because of the efforts of others.</p><p class="MsoNormal">My wife and I sat up in bed that night and stared at the ceiling, I said, “Ok from now on no one leaves the cul-de-sac without an escort.” We laughed that off and recanted the whole scenario from the beginning.</p><p class="MsoNormal">Our daughter, my wife and I played a role in the successful return by being calm and working with the officials to get them every thing they needed as fast as possible. We were glad to have had a copy of her passport here and one in her luggage. We were glad to reach 4 non-family references that agreed to sit by the phone to wait for the embassy to call. We spent hours on the phone, provided info via email, fax, worked with the airlines, etc, etc.</p><p class="MsoNormal">That being said, I am so grateful for the fine Government of Canada folks in Ottawa, Quito Ecuador, and Miami that were so proficient in helping us.</p><p class="MsoNormal">You were there when we needed you. Thank you!</p><p class="MsoNormal">Dan MacDonald</p><!--EndFragment-->Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com4tag:blogger.com,1999:blog-5182307044923435209.post-83544471997898151942010-05-23T19:01:00.002-03:002010-05-23T19:11:50.597-03:00AgeHad an interesting week when it comes to the topic of age.<br /><br />Met with a very bright up and <span class="blsp-spelling-corrected" id="SPELLING_ERROR_0">coming</span> marketing expert this past week. He was probably half my age, yet we seem to connect over a hour long meeting on several levels especially around the social media mega trend.<br /><br />Went cycling on Saturday with some friends and some folks I hadn't met before. The age range of riders literally went from 25 to 65. There was a 20 something guy joined us after we had already riden 20K or so. He sort of looked at us with a "hmm wonder if i will end up waiting for these guys along the ride" stair. The 65 year old set the pace (30+ Kph avg) for most of the 50 Km ride. On a couple of the larger hills, he dropped us behind, then like a gentleman looked back and waited up. We appreciated it.<br /><br />One can get old, or one can be young as they age.<br />I am looking seriously at the latter.<br /><br />Age only matters if you let it.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-45499536658356548692010-05-18T20:47:00.002-03:002010-05-18T21:00:54.744-03:00Piling On - Dog piling - Late hitsI find it quite interesting how some social media participants "pile on".<br /><br /><em>Piling On: An illegal play where several players jump on the player with the ball after he's been tackled. Also Known As: dog piling, late hit.</em><br /><br />There is no doubt that brands deserve the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_0">criticism</span> they receive - most of the time.<br /><br />When people pile on to criticize, when they have themselves not been affected nor even understand the issue at hand, it is far from genuine.<br /><br />Just saying.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-45120412372295904272010-04-25T14:27:00.008-03:002010-11-11T19:24:49.112-04:00Mixed Feelings ImpactedMixed Feelings Impacted<br /><br />Like many Canadians I have mixed feelings on Canada’s role in conflicts around the world.<br /><br />I know there are people who are unable to defend themselves who need the world to help. As the father of two teenage daughters, who I am confident will have bright futures in whatever they decide to do, I can only imagine the pain and despair of girls their age in parts of the world where they are not able to go to school. As we now know, this is only one of the many injustices they face.<br /><br />I do NOT however have mixed feelings when it comes to my support for and genuine respect of those Canadians who serve in the military. While I cannot really relate to the commitment they make to serve, I know that the commitment and impact on their lives is huge.<br /><br />Over the last couple of months, I have met three unrelated people who have amplified my respect for those who serve. I thought sharing a little about these people would in some small way make a difference.<br /><br />1. My wife and I have befriended a couple where the guy (father of three girls) is a military chopper pilot who has served in the middle east.<br /><em>Update: Father is preparing to <span class="blsp-spelling-corrected" id="SPELLING_ERROR_0">Afghanistan</span> in March.<br /></em><br />2. Our new neighbours are spending lots of family time together these days as the dad prepares for his third tour (this time for 7 months) in the middle east.<br /><em>Update: Father has returned from <span class="blsp-spelling-corrected" id="SPELLING_ERROR_1">Afghanistan</span> with injuries.</em><br /><br />3. I purchased a 2<span class="blsp-spelling-error" id="SPELLING_ERROR_0"><span class="blsp-spelling-error" id="SPELLING_ERROR_0"><span class="blsp-spelling-error" id="SPELLING_ERROR_2">nd</span></span></span> hand road bike this week from a guy I never met before. Through small talk on line, on the phone, and finally when we met, I find out that he is in the military and has already served in the middle east, will be returning in the next 12 months, and is currently caring for his two children under 5 while his wife finishes her 7 month tour.<br /><br />These three military family stories (which I have only summarized at a high level for obvious reasons) have really opened my eyes and my mind about the types of Canadians who are literally putting their lives on hold and on the line to help others. It was only through the process of getting to know these people that I realized the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_1">unbelievable</span> sacrifice they have already made and are making.<br /><br />I found myself being at a loss for words. What could I possibly say to these amazing Canadians which could do justice to their commitment and sacrifice. The only thing I could come up with was: “Thank you”.<br /><br />As I heard myself say these words I felt somewhat guilty and lame, but in all three cases I believe those simple words were truly appreciated.<br /><br />So what have I taken from all of this?<br /><br />-When we hear and discuss the merits of Canada’s role in conflicts around the world we must always remember and realize the impact of on lives on both sides of the conflict.<br /><br />-We must appreciate all what we have in Canada and realize that we are among the luckiest people on earth. We all find ourselves complaining about everyday things like the traffic, the weather, the length of a line up, yet these things are so so trivial in the big picture.<br /><br />-We have a moral responsibility to help those in the world who are unable to defend themselves.<br /><br /><br />- Our role on the ground in these conflict areas is important.<br /><br />- The people who have decided for their own reasons to serve our country and make a difference need our support, respect and thanks.<br /><br />-A genuine “Thank you” is appreciated.<br /><br />Dan MacDonald<br /><a href="mailto:danmacdonald100@gmail.com">danmacdonald100@gmail.com</a><br /><br />Update:<br />November 11, 2010<br /><br />Lest We <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">Forget</span>.<br />Remembering all those who have served and their loved ones.<br />See updates above.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com5tag:blogger.com,1999:blog-5182307044923435209.post-23474797504174886372010-03-29T18:22:00.005-03:002011-04-10T20:03:08.233-03:00What is Mentoring ?I was scheduled to speak to the topic of "Mentoring" to a 4th year University Class in April. Have a work conflict that evening, so the prof asked me if I could record my thoughts so the class could still benefit...<br />Here is what I came up with:<br /><br />What is Mentoring?<br /><br />Mentoring is an important part of personal and professional development.<br /><br />Mentoring is about sharing patient, constructive, feedback and guidance.<br /><br />There is three classic types of mentoring relationships; General, Subject Matter Expert, and Workplace.<br /><br />Mentoring relationships are developed overtime, are natural, and most importantly built on mutual respect and trust.<br /><br />Part 1 of 2 Mentoring - Dan MacDonald<br /><a href="http://www.youtube.com/watch?v=1HcSX_u4xzw">http://www.youtube.com/watch?v=1HcSX_u4xzw</a><br /><br />Part 2 of 2 Mentoring - Dan MacDonald<br /><a href="http://www.youtube.com/watch?v=R39hhdthAVo">http://www.youtube.com/watch?v=R39hhdthAVo</a><br /><br />Dan <span class="blsp-spelling-error" id="SPELLING_ERROR_0"><span class="blsp-spelling-error" id="SPELLING_ERROR_2">MacDonaldHalifax</span></span>,<br />Canada<br />danmacdonald100@gmail.comDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com1tag:blogger.com,1999:blog-5182307044923435209.post-57516038702613756542010-02-06T21:38:00.003-04:002010-02-06T21:44:03.730-04:00Leadership and Innovation<div align="left">“Leadership and Innovation”<br />Dan MacDonald<br />President and CEO, <span class="blsp-spelling-error" id="SPELLING_ERROR_0">Innovacorp</span>, Halifax Canada<br />Mount Saint Vincent University February 4, 2010<br /><br />I have been invited to share some insights on these two concepts.</div><div align="left"><br />Leadership and innovation have been the topics of 1000’s of books, speeches, programs, and articles over the years.<br /></div><div align="left">So what the heck is Dan MacDonald going to say that <span class="blsp-spelling-error" id="SPELLING_ERROR_1">has no</span>t already said ?<br /></div><div align="left">Well, I would like to like to humbly share with you how these two things, leadership and innovation are critically important to us all, especially when they come together.<br /></div><div align="left">Leadership:<br /></div><div align="left">When we think about “leadership”, we might immediately think about people of power like the prime minister of Canada, the US president, a military general, or maybe a CEO of a company.<br /></div><div align="left">Yes, I suppose these are examples of leadership, but I believe “leadership” is not about a title.<br />Leadership is not really something you just claim, are appointed to, or obtain through some kind of certification.<br /></div><div align="left">Leadership is not only a concept that is relevant at the top of an organization; I believe it is relevant at all levels of an organization.<br /></div><div align="left">Leadership requires two key things; perspective & courage.<br /></div><div align="left">Perspective:<br /></div><div align="left">A leader knows where they are trying to go and what they are trying to achieve.<br /></div><div align="left">Leaders can articulate the end game and what success looks like.<br /></div><div align="left">While a leader knows where they are trying to go and what they are trying to achieve, it is NOT important for the leader to have to know every specific step or how they are actually going to specifically achieve the objective.<br /></div><div align="left">Leaders break new ground, where is no defined path or process to follow.<br /></div><div align="left">Yes, leaders of course have a view of generally how they will move forward and are confident they will achieve the objective, but at the same time they do not know exactly how they will reach the end point.<br /></div><div align="left">Courage:<br /></div><div align="left">A leader has the courage to move forward toward the end goal, without knowing the exact path.<br /></div><div align="left">Many people and stakeholders around the leader raise issues, risks, what-abouts, showstoppers, warnings, biases, etc.<br /></div><div align="left">A leader looks to understand and deal with this input while she\he moves forward, rather than getting paralyzed by them.<br /></div><div align="left">Leaders combine perspective and courage to confidently (not over confidently) move toward the objective.<br /></div><div align="left">-Leaders know full well they will rarely take a straight forward path, but instead make course </div><div align="left">corrections along the way.<br /></div><div align="left">- Leaders understand there will be challenges but keep focused on the end goal while navigating the issues that arise.<br /></div><div align="left">- Leaders step up.<br /></div><div align="left">- Leaders are not always right, welcome constructive challenge and solutions oriented debates<br /></div><div align="left">- Leaders respect the team and more importantly are respected.<br /></div><div align="left">- Leaders are not afraid of failure.<br /></div><div align="left">- Leaders are ready to take the blame but not the credit.<br /></div><div align="left">- Some of the best leaders, lead from the back.<br /></div><div align="left">- Leaders achieve excellence while striving for perfection.<br /></div><div align="left">Everything I have said about leadership is as true for a CEO as it is for the manager of team of 6 professionals.<br /></div><div align="left">So let’s pause the leadership angle and move to innovation.<br /></div><div align="left">Innovation<br /></div><div align="left">Innovation is about creating value out of new ideas, whether it’s new ways of doing things, new products, or new services.<br /></div><div align="left">Example: When we think of examples of innovation we think of the <span class="blsp-spelling-error" id="SPELLING_ERROR_2">iPod</span>, space travel, the <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">Internet</span>, the blackberry, etc. Yes these are innovations, but innovations are not just for the multi nationals they are for any <span class="blsp-spelling-corrected" id="SPELLING_ERROR_4">size</span> company or <span class="blsp-spelling-corrected" id="SPELLING_ERROR_5">organization</span>.</div><div align="left"> </div><div align="left">Take the drive <span class="blsp-spelling-error" id="SPELLING_ERROR_6">thru</span> window, while we take it for granted today was a significant an innovation. Significantly increase the top line of an establishment with minimal investment and maximizing the leverage of what you already have.<br /></div><div align="left">Organizations must continually innovate to remain relevant and competitive, let alone grow.<br /></div><div align="left">Failure to innovate inevitably causes organizational malaise, and invites the competition to come and take market share.</div><div align="left"><br />Innovation – straight forward, right? </div><div align="left"> </div><div align="left">For many organizations, it is not so straight forward.<br /></div><div align="left">As organizations grow, many migrate from being the challenger attacker to being challenged and attacked.<br /></div><div align="left">The problem usually lies in inadvertently allowing a culture to emerge that does not foster innovation.<br /></div><div align="left">Strict policies, procedures, and product and project management styles put in place in the name of consistency and best practice often lead to a culture of risk aversion and dampened creativity.<br /></div><div align="left">In 1948, William L. McKnight, then president of Minnesota Mining & Manufacturing, directed the management of his company as follows:<br /></div><div align="left">"As our business grows, it becomes increasingly necessary to delegate responsibility. This requires considerable tolerance and mistakes will be made. Management that is destructively critical when mistakes are made will kill initiative. It's essential that we have many people with initiative if we are to continue to grow.”<br /></div><div align="left">While many turn to the latest best selling business books and industry gurus for advice on just about everything, Mr. McKnight’s wisdom after 50 years still makes good common sense.<br /></div><div align="left">Later renamed 3M, Minnesota Mining & Manufacturing’s innovative culture is today the envy of companies around the world. From Post-it Notes, to Scotch tape, to health care and highway safety, to office products and optical films for LCD displays, 3M’s annual revenue tops $24.5 billion <span class="blsp-spelling-error" id="SPELLING_ERROR_7">USD</span> and its market capitalization is $52.72 billion. Mr. McKnight’s focus on creating and maintaining a culture of innovation is core to 3M’s continued success.<br /></div><div align="left">Organizations of all sizes need to enable a culture where innovation is encouraged, continuous, and recognized.<br /></div><div align="left">Further, an innovative culture is one in which risk is managed, mistakes are learned from, customer and stakeholder input is welcome, and management is open minded to changes to established business models.<br /></div><div align="left">To some this might sound like anarchy, but it simply describes a business culture where </div><div align="left">progress, positive change, and innovation are embraced.<br /></div><div align="left">Management must encourage and harness innovation across the entire organization.<br /></div><div align="left">Processes, policies and procedures should be constantly evolved to ensure relevancy, competitiveness, and increased value add. Organizations can effectively leverage innovation and attract and retain top talent.<br /></div><div align="left">Whether you are trying to increase yield, decrease costs, increase customer loyalty, diversify into new market sectors, or all of the above and more, having a culture of innovation will help position you for success.<br /></div><div align="left">Innovation, while not straight forward, is next to impossible if you do not have the right culture, the right leadership.<br /></div><div align="left">Leadership and innovation together create the magic.<br /></div><div align="left">These two qualities, leadership and innovation, together are the key ingredients to building a healthy dynamic organization.<br /></div><div align="left">These ingredients make a job, a role, a team fun, challenging and rewarding.<br /></div><div align="left">These ingredients are what separate a company who is attracting employees, from one who is losing employees.<br /><br />Look for, observe and learn from innovative leaders.<br /></div><div align="left">As you all chart your course forward, I recommend you look for roles, situations, careers, where leadership and innovation exists or where you believe you can play a role in creating it.<br /></div><div align="left">Thank you,<br /></div><div align="left">Dan MacDonald<br /></div><div align="left">Dan MacDonald is the president and CEO of <span class="blsp-spelling-error" id="SPELLING_ERROR_8">Innovacorp</span> based in Halifax. <a href="http://www.innovacorp.ca/">www.innovacorp.ca</a><br /><br /><br /> </div>Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-34140036464412638642009-10-17T22:04:00.002-03:002009-10-17T22:09:01.174-03:00A Business Chef Specialized in Startup Cuisine<a href="http://venturehype.com/a-business-chef-specialized-in-startup-cuisine/">http://venturehype.com/a-business-chef-specialized-in-startup-cuisine/</a><br /><br />Earlier this year, a startup incubator based in the second-smallest province in Canada was shortlisted as one of the two finalists for NBIA’s (National Business Incubation Association) international award, which honors the world’s best incubation methods that help startups launch, commercialize innovations and everything in between.<br /><br />Get this — NBIA has 1,900 members in over 60 countries. To be recognized by the association as one of the crème de la crème in the incubation industry is no small feat. CABI (Canadian Association of Business Incubation) has also selected this incubator as the association’s 2009 Business Incubator of Year Award winner in our favorite category — Technology.<br /><br />InNOVAcorp – it might be based in a small province called Nova Scotia but the effects it has on startups are anything but small. Put another way — InNOVAcorp is a business chef specialized in startup cuisine. It adds flavors to startups and helps them achieve mouth-watering growth. Their secret recipe includes 50 pounds of rock-solid incubation infrastructure, 9 full cups of serious mentoring, and 7 gallons of appetizing cash. Yum!<br /><br />As with any first-rated chefs, InNOVAcorp only selects great ingredients. Venture Hype got in touch with President and CEO Dan MacDonald (aka “Big Mac”) to find out what kind of startups they’re hungry for.<br /><br />VH: You were the vice president of global marketing for Nokia prior to joining InNOVAcorp. How did you get involved with the incubator?<br /><br />DM: The division of Nokia I belonged to was establishing its new world headquarters. Rather than moving my family from Silicon Valley, California to New York, I decided to return to Eastern Canada. I continued my role at Nokia out of Halifax during a transition period, and was recruited to the role at InNOVAcorp in May 2005. My experience in business-building, <a title="Tech Startups: Exit Early via M&As" href="http://venturehype.com/tech-startups-exit-early-via-mas/">mergers and acquisitions</a>, and global go-to-market strategies has come in handy for my current role.<br /><br />VH: Given your previous position with Nokia, do you favor <a title="Got Game? Online and Mobile Gaming Proving to be Recession-Proof" href="http://venturehype.com/got-game-online-and-mobile-gaming-proving-to-be-recession-proof/">mobile startups</a>?<br />DM: After 6 years of being dipped in “mobility” at Nokia, I’m definitely on the lookout for mobile startups, but I’m also very sober about the complexity of the market, especially in North America.<br /><br />VH: What are the key elements that make a mobile startup successful?<br />DM: 2009 is a much better environment for mobile startups due to the momentum of the iPhone, BlackBerry, 3G networks, etc. That being said, the mobile startups that attract our attention are those that have more than a cool mobile game, widget, or <a title="Place Your Bet on Ad-Driven Social Networking Sites, Or Not" href="http://venturehype.com/place-your-bet-on-ad-driven-social-networking-sites/">ad-based business model</a>. They have a compelling B2C and/or B2B offering that can be monetized and is scalable to millions of users.<br /><br />VH: What other market segments excite you and what advice would you give to those who wish to invest in these segments?DM: The market segments, and more specifically the opportunities, that excite us are those that are:<br />highly scalable <a title="Angels, Know Your Team" href="http://venturehype.com/angels-know-your-team/">led by a competent person</a><br />sold through a simple sales cycle<br />armed with an unfair competitive advantage<br />targeted at a large, high-growth marketplace<br />able to deliver a rapid (3 to 6 months) <a title="How to Value a Startup Part 9: Alphabet Soup" href="http://venturehype.com/how-to-value-a-startup-part-9-alphabet-soup/">return on investment</a><br /><br />VH: You recently participated on Globe and Mail’s business incubator expert panel and provided advice to an entrepreneur who was facing go-to-market struggles. What are the common go-to-market struggles startups encounter that investors should be aware of?<br />DM: In my opinion, the go-to-market strategy and execution is what it’s all about. Thousands of compelling technologies, products, and services have failed to capture the market due to go-to-market misfires.<br />Investors must challenge the startup to share how they’ve validated their market assumptions, not by purchasing reports or research but by speaking directly to target customers and calibrating their approach through interacting with the target market.<br />Startups need highly relevant go-to-market expertise just as much as, if not more than, they need technical expertise. Many fail to understand this.<br /><br />VH: Finally, what are the pros and cons of investing in knowledge-based startups in Nova Scotia?<br />DM: Unlike those in many other innovative places, startups in Nova Scotia benefit from their geographical closeness and familiarity to the large US and European markets.<br />In addition, they have -<br />access to world class expertise and highly-skilled personnel from our 11 universities and associated research institutions<br />the “grit and toughness” required to build a startup company<br />access to supportive organizations like InNOVAcorp, the First Angel Network, and NRC IRAP<br />Like other underserved private capital areas, knowledge-based startups in Nova Scotia can fall into the undercapitalized category.<br />Just For Fun<br /><br />VH: McDonald’s or Burger King?<br />DM: McDonald’s of course. Although, if I had a dollar for every time someone asked me if I was called Big Mac or related to Ronald McDonald, I’d be a very rich man<br /><br />(VH: Can we grill you?)<br /><br />* Interviews are edited for clarity and readability<br /><a title="Join Venture Hype" href="http://venturehype.com/join-now/">Join Venture Hype</a> tomorrow as MacDonald acquaints us with InNOVAcorp’s established business model and where you’d learn about forming and running a successful incubation program.Link:<br /><a title="Dan MacDonald's Profile at InNOVAcorp" href="http://innovacorp.ca/about-us/management-team/dan-macdonald" jquery1255827869154="2">Profile of InNOVAcorp’s Big Mac</a><br /><br />If you’re an <a title="Quick Facts: How Successful Angels Invest" href="http://venturehype.com/quick-facts-how-successful-angels-invest/">active angel investor</a> who frequently <a title="Not a “One-Trick Pony” Angel Investor" href="http://venturehype.com/not-a-one-trick-pony-angel-investor/">brings more than just money to the table</a>, founding a business incubator to add more structure in mentoring and growing startup ventures could be your thing.<br />Why? According to National Business Incubation Association (NBIA), incubators might reduce the risk of small business failures, which means you’d have a better chance getting your investment back and then some, not to mention the psychological reward of giving back to the community and seeing your portfolio companies succeed.<br /><br />Historically, NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business. In the general population, 66 percent of new firms survive at least two years, and 44 percent survive at least four years. It is important to note that these figures are not directly comparable, due to differences in survey methodology, time frame and other factors. However, looking at them side by side does strongly suggest that business incubation reduces the risk of small business failure and offers a valuable comparison.<br /><br />In <a title="A Business Chef Specialized in Startup Cuisine" href="http://venturehype.com/a-business-chef-specialized-in-startup-cuisine/">A Business Chef Specialized in Startup Cuisine</a>, we briefly introduced InNOVAcorp, a business incubator whose incubation model has been recognized by NBIA as one of the crème de la crème in the incubation industry. We also asked President and CEO Dan MacDonald (aka “Big Mac”) to tell us more about the type of startups that would make them drool. In part 2, Big Mac gives us a quick overview of InNOVAcorp’s industry-recognized business model as a start for you to understand how a successful incubation program is run and determine whether starting one is right for you.<br /><br />VH: What advice would you give to those who wish to start and run a successful incubation program to stimulate innovation and entrepreneurial spirits?<br />DM: I’d suggest they look into the expertise offered by the National Business Incubation Association (NBIA) and the Canadian Association of Business Incubation (CABI). These organizations have pulled together best practices from over 1,800 organizations around the world. Also take a look at InNOVAcorp’s model and approach at <a href="http://www.innovacorp.ca/">www.innovacorp.ca</a>.<br /><br />VH: InNOVAcorp’s High Performance Incubation (HPi) business model is recognized internationally as a best practice technology commercialization approach. What makes InNOVAcorp stand out from other incubation programs in terms of helping startups commercialize their technologies?<br />DM: InNOVAcorp has been recognized internationally by the NBIA, which has 1,900 members from over 60 countries. In May 2009, InNOVAcorp was recognized as one of the two best incubation business models in the world.<br />What makes InNOVAcorp unique is our combination of traditional incubation infrastructure, an international network of business mentors, and especially, the manager of an early seed and venture capital fund.<br />Our approach to attracting deal flow and our credibility in the business community helps make our model highly effective.<br /><br />Dan MacDonald ("Big Mac") of InNOVAcorp<br /><br />VH: Regarding deal flow, what can you tell us about the recent I-3 Technology Startup Competition?<br />DM: For InNOVAcorp to identify the “next great opportunity,” like most VCs, we need to review a relatively large number of opportunities. We have several approaches to maximizing the quantity and quality of our opportunity pipeline, including the I-3 Technology Startup Competition.<br />I-3 Technology Startup Competition has a proven track record in identifying high-potential opportunities and helping the business community to understand ways to support startup companies.<br />Through this competition, more than C$700,000 worth of seed investment and business building services, e.g. legal, accounting, marketing, and printing, will be awarded to 10 startup companies.<br />The competition took place in 5 geographical zones across the province. The award package for zone winners includes <a title="'What" href="http://venturehype.com/reader%e2%80%99s-question-answered-what-is-a-seed-stage-company/">seed capital</a> and in-kind contributions for the development of startup ventures:<br />Each 1st-place zone winner will receive a C$100,000 award package<br />Each 2nd-place zone winner will receive a C$40,000 award package<br />One provincial winner will be selected from the 5 zone winners and awarded a C$100,000 seed investment from InNOVAcorp’s HPi Microfund<br /><br />VH: What kind of deals does InNOVAcorp prefer? Why?<br />DM: InNOVAcorp prefers syndicated deals. While we may not be the largest investor measured in monetary amount, we’re able to bring our expertise to coordinate the round.<br />The structured approach is directly related to the:<br />risk profile<br /><a title="What Is a Syndicated Investor?" href="http://venturehype.com/what-is-a-syndicated-investor/">syndicate</a> at the table<br />context of the specific deal<br />realistic potential and timing of upside<br /><br />VH: How much does InNOVAcorp typically invest in a startup?<br />DM: InNOVAcorp invests between C$50,000 and C$250,000 of pre-seed capital through its HPi Microfund, and invests between C$250,000 and C$3,000,000 of seed and venture capital through its Nova Scotia First Fund.<br /><br />* Interviews are edited for clarity and readability.<br />Link:Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-54695836508276058672009-10-11T22:06:00.001-03:002009-10-11T22:08:57.178-03:00Nova Scotia Steps UpOctober 8, 2009, Halifax, Nova Scotia<br />InNOVAcorp’s I-3 Technology Start-Up Competition Attracts 133 Submissions<br /><br />Today, Nova Scotians proved there is no shortage of innovation happening right here, as InNOVAcorp received 133 submissions to its I-3 Technology Start-Up Competition.<br /><br />“We exceeded the number of submissions received in the 2007-2008 I-3 competition,” said Dan MacDonald, president and CEO of InNOVAcorp. “Based on the inquiries and the general buzz leading up to the deadline, we are very much looking forward to the next step in the process.”<br /><br />A six-person judging panel in each zone will include representatives with relevant private-sector start-up business expertise. The judges will evaluate each entry based on the quality and significance of the business idea, the addressable market and strategy, the strength of the management team, and financial viability. The judges will deliberate and select a shortlist of five submissions from each zone to move forward to round two. The shortlist will be announced on the evening of October 22. Shortlisted businesses will have until November 19 to submit a full business plan.<br /><br />InNOVAcorp helps early stage Nova Scotia companies commercialize technologies and succeed<br />in the global marketplace. InNOVAcorp's High Performance Incubation (HPi) business model is recognized internationally as a "best practice" technology commercialization approach. It incorporates incubation infrastructure, business mentoring, and seed and venture capital investment. InNOVAcorp engages high-potential, early stage companies to provide hands-on business guidance, customized to address specific business challenges. InNOVAcorp focuses on companies with innovative proprietary technology and/or service offerings.<br />For more information, please visit the InNOVAcorp website at <a href="http://www.innovacorp.ca/">www.innovacorp.ca</a>.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-47809685740070758682009-10-03T21:20:00.001-03:002010-02-21T12:13:02.216-04:00Talking About Growth<a onclick="'ft(" href="http://www.facebook.com/danmacdonald100?ref=mf">Dan MacDonald</a> RT @innovacorp RT @GlobeSmallBiz Tech entrepreneur @danmacdonald100 on how to assess your company's performance<br /><a href="http://www.theglobeandmail.com/report-on-business/your-business/grow/expanding-the-business/how-to-give-your-company-a-checkup/article1305284/">http://www.theglobeandmail.com/report-on-business/your-business/grow/expanding-the-business/how-to-give-your-company-a-checkup/article1305284/</a>Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-61215916954749795172009-07-09T22:03:00.004-03:002009-07-09T22:07:39.284-03:00Underestimating the time, cost and complexity of replacing a gold standardArticle by:<br />AUGUSTA DWYER<br />Special to The Globe and Mail Last updated on Tuesday, Jul. 07, 2009 11:12AM EDT<br /><br />The problem Dentist's business stalls as he competes with bigger firms and struggles to gain acceptance from dental community<br /><br />The plan Warm up to dental stakeholders, improve Internet presence, restructure the company and approach <a class="iAs" style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal! important; FONT-SIZE: 100%! important; BACKGROUND-IMAGE: none; PADDING-BOTTOM: 1px; COLOR: #001f5e! important; PADDING-TOP: 0px; BORDER-BOTTOM: #001f5e 1px solid; BACKGROUND-COLOR: transparent! important; TEXT-DECORATION: none! important" href="http://www.theglobeandmail.com/report-on-business/small-business/business-incubator/a-promising-innovation-but-not-enough-are-biting/article1207515/#" target="_blank" itxtdid="6602197">investment bankers</a><br /><br />The payoff A better go-to-market strategy and heightened customer awareness<br /><br />When Norman Kwan invented a new type of dental implant in 1993, he was convinced it would revolutionize a costly, two-step procedure and generate a <a class="iAs" style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal! important; FONT-SIZE: 100%! important; BACKGROUND-IMAGE: none; PADDING-BOTTOM: 1px; COLOR: #001f5e! important; PADDING-TOP: 0px; BORDER-BOTTOM: #001f5e 1px solid; BACKGROUND-COLOR: transparent! important; TEXT-DECORATION: none! important" href="http://www.theglobeandmail.com/report-on-business/small-business/business-incubator/a-promising-innovation-but-not-enough-are-biting/article1207515/#" target="_blank" itxtdid="7235302">successful business</a>.<br /><br />The dentist from St. Catharines, Ont., set up Biomedical Implant Technology Inc. and gained approval for his device from Health Canada in 1996 and from the United States Food and Drug Administration a year later.<br /><br />Yet success has proven elusive. Dr. Kwan has invested $5-million of his own money in BIT Inc. but treats only 200 to 250 patients a year. Schools of dentistry and the dental community at large have yet to embrace his implant, called BioHex. The Royal College of Dental Surgeons of Ontario, for instance, frowns on practitioners making and selling their own products. Where Dr. Kwan sees a faster, cheaper alternative, the RCDSO sees a conflict of interest.<br /><br />In the traditional implant procedure, a screw is planted into the bone where the old tooth used to be. It is left to heal, then reopened surgically to attach the new tooth. The cost: up to $6,000 per tooth. In Dr. Kwan's procedure, a combined tooth-and-screw is implanted into the bone. It can be done in a single operation and costs about half as much.<br /><br />"Everybody in the world is using the two-piece approach, in which the weak link is the connection between the implant and the post that's supporting the tooth," he says.<br /><br />A reliance on entrenched methods means universities are not interested in his technology and won't include it in their curricula, he says. He has tried sending product brochures to other dentists, but so far only a handful regularly refer patients to him. He maintains two websites with similar information, one for patients and one for dentists.<br /><br />Finding investment capital has also been a struggle. "I'm in a very narrow market that most people would not understand except dentists," Dr. Kwan says. "There is no revenue from investors unless you are with a university or supported by a big company."<br /><br />Nonetheless, he is convinced that opportunity abounds. As companies cut employee benefits, many people are looking for cheaper alternatives. And the dental prosthetics business is highly lucrative.<br /><br />Dr. Kwan's goal is to expand BIT Inc. so that he can devote himself full time to the company and relieve the pressure on him from the RCDSO.<br /><br />***<br />What the experts say<br /><br />The BioHex story is a common one, says <span style="color:#330033;"><strong>Dan MacDonald</strong></span>, <a class="iAs" style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal! important; FONT-SIZE: 100%! important; BACKGROUND-IMAGE: none; PADDING-BOTTOM: 1px; COLOR: #001f5e! important; PADDING-TOP: 0px; BORDER-BOTTOM: #001f5e 1px solid; BACKGROUND-COLOR: transparent! important; TEXT-DECORATION: none! important" href="http://www.theglobeandmail.com/report-on-business/small-business/business-incubator/a-promising-innovation-but-not-enough-are-biting/article1207515/#" target="_blank" itxtdid="7007726">chief executive officer</a> of Halifax-based InNOVAcorp, which helps small companies commercialize their technology. There is "compelling technology, little investor interest, modest market acceptance, founder facing a go-forward dilemma," he says.<br /><br />The problem "is most often related to the entrepreneur grossly underestimating the time, cost and multi-stakeholder complexity of replacing a long-entrenched 'gold standard,' " he adds.<br /><br />He suggests that Dr. Kwan try a new strategy in which he engages key stakeholders - dental-innovation thought leaders, industry media and market analysts, insurers, employers and dental product suppliers, among others.<br /><br />Mr. MacDonald advises hiring a respected independent medical-device marketing consultant to help refine BIT Inc.'s go-to-market strategy. Without identifying the product or company, the consultant should sound out a representative group of stakeholders in one influential market.<br /><br />Restructuring the company is a good idea, too, Mr. MacDonald says. Staying on as founder and chief scientific officer, Dr. Kwan should make way for a CEO with a proven track record in bringing similar products to market. What's more, some of those top stakeholders, who have looked at and like the product, could be asked to join the company's board of directors.<br /><br />The company should also obtain "medical-device-savvy investment banking advice" and garner new investors, Mr. MacDonald says. An investment banking representative should contact potential investors and test interest. Listening and learning from these interactions will help identify the company's strengths and weaknesses, as well as opportunities and threats.<br /><br />And with each step, he advises that Dr. Kwan stop and assess how things are going. Has there been a material increase or decrease in the probability of the <a class="iAs" style="PADDING-RIGHT: 0px; PADDING-LEFT: 0px; FONT-WEIGHT: normal! important; FONT-SIZE: 100%! important; BACKGROUND-IMAGE: none; PADDING-BOTTOM: 1px; COLOR: #001f5e! important; PADDING-TOP: 0px; BORDER-BOTTOM: #001f5e 1px solid; BACKGROUND-COLOR: transparent! important; TEXT-DECORATION: none! important" href="http://www.theglobeandmail.com/report-on-business/small-business/business-incubator/a-promising-innovation-but-not-enough-are-biting/article1207515/#" target="_blank" itxtdid="8121678">company's success</a> in the eyes of advisers and investors? Or does it make more sense to prepare the BioHex intellectual property for sale or license to a larger global partner?Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-26615766654194658772009-05-10T09:41:00.003-03:002009-05-10T11:52:09.368-03:00Mother's DayWhat can you say about the role of a mother that would even come close to recognizing the scope and scale of being a mother?<br /><br />A few thoughts on the topic on this Mother’s day.<br /><br />Mother’s were 24 X 7 X 365, before we even knew what those numbers meant.<br /><br />To say that Mother’s make sacrifices to care for their children is the understatement of all time.<br /><br />Could anyone know you better than your mom ?<br /><br />This time of year there are always calculations on how much a mom would make in salary if they were to be paid a fair wage. The numbers always seem low and do not do justice to the priceless efforts of moms.<br /><br />While there has been “progress” in the area of sharing family and household responsibilities between mom and dad, we have a long way to go.<br /><br />As we raise our sons and daughters, the examples we set as parents will help move the “progress” faster and further.<br /><br />I am so fortunate to be married to a beautiful and wonderful mom.<br /><br />To Mothers everywhere, Happy Mother’s Day !Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-76586974789876283342009-03-28T09:34:00.000-03:002009-03-28T09:35:47.093-03:00Investors have more confidence in execs with business scarsInvestors have more confidence in execs with business scars<br />Globe and Mail March 27, 2009<br /><br />Every entrepreneurial story has a chapter on failure. As a venture capitalist, he says seeing business scars and knowing that the entrepreneur has learned from that experience gives him more confidence in investing in the business.<br /><br /><a onmousedown="'UntrustedLink.bootstrap($(this)," href="http://www.theglobeandmail.com/servlet/story/RTGAM.20090327.wsb-INCpodcast_DanMacDonald0327/BNStory/incubator/home" target="_blank" rel="nofollow">http://www.theglobeandmail.com/servlet/story/RTGAM.20090327.wsb-INCpodcast_DanMacDonald0327/BNStory/incubator/home</a>Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-34527587751578079952009-03-24T20:32:00.003-03:002010-02-21T12:14:40.316-04:00InNOVAcorp Nominated for International AwardInnovacorp Nominated for International Award<br /><br />Innovacorp has been named one of two finalists for the National Business Incubation Association's 2009 international award for work with start-up businesses.<br />The award recognizes the world's best methods to help new companies commercialize innovations and overcome hurdles. Previous winners have come from Silicon Valley, Paris and Taiwan.<br /><br />The National Business Incubation Association is the world's leading organization for helping business start-ups and entrepreneurship. It is based in Ohio and represents more than 1,600 organizations in 40 countries.<br /><br />Innovacorp for winning international recognition for their leadership in helping Nova Scotia's entrepreneurs turn great ideas into sustainable businesses."<br />Innovacorp is internationally recognized for its approach to helping early stage technology companies in Nova Scotia develop products and services for export. Its High Performance Incubation business model incorporates incubation infrastructure, business mentoring, and seed and venture capital investment to help entrepreneurs with business growth.<br /><br />Innovacorp's key industries include information and communications technology, life sciences and clean technology. The organization is working hands-on with about 45 companies across the province, including CleanCount, Clinical Logistics, Coemergence, DementiaGuide, GOALLINE, ImmunoVaccine Technologies, Marcato Digital Solutions, Medusa Medical Technologies, MorSwift and ViaPeak.<br /><br />Innovacorp is a finalist with the prestigious San Jose BioCenter in San Jose, Calif. The winner will be announced in April at the National Business Incubation Association's annual international conference in Kansas City, Miss.<br /><br />Update:<br />Congratulations to the world-class San Jose BioCenter from San Jose, California, on winning the National Business Incubation Association's 2009 award for business incubation program of the year.<br />It was a great honour for the Innovacorp team to be one of two international finalists, especially up against the San Jose BioCenter.Dan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-67605365058128583602009-02-12T21:05:00.002-04:002009-02-12T21:07:57.657-04:00Dan MacDonald on how to approach investors<a href="http://www.theglobeandmail.com/servlet/story/RTGAM.20090205.expertInsight0210/BNStory/specialSmallBusiness">http://www.theglobeandmail.com/servlet/story/RTGAM.20090205.expertInsight0210/BNStory/specialSmallBusiness</a><br /><br />Dan MacDonald is president and CEO of Halifax-based InNOVAcorp, which operates as a venture capitalist through management of the Nova Scotia First Fund. Its seed and early stage investments target emerging technology companies that have high growth potential. Mr. MacDonald, who has 23 years of experience building businesses, talks about the investor-entrepreneur relationship.<br /><br />What's your advice on how entrepreneurs can attract investors? What are investors looking for?<br /><br />Dan MacDonald: Entrepreneurs need to be aware that individual investors – be they angel investors or institutions – tend to invest in certain types of industry sectors, business models, stages of growth, business size, locations, etc. While investors can obviously expand their scope from time to time, it is important to understand, as much as possible, the investor's tendencies in order to determine compatibility.<br /><br />Investors who are open to considering investments in entrepreneurs are looking for opportunities that have the right combination of five elements: people, market, “barrier,” fundability and potential return. (And, of course, a product or service that is compelling and articulated clearly in a couple of minutes.)<br /><br />People: This one is key. Investors might make their mind up in the first 60 seconds based on the approach and style of the entrepreneur. Beyond first impressions, investors want to understand the entrepreneur's relevant expertise, commitment to success, the level of their own skin in the game (money and time), ability to recruit and lead additional talent, to manage finances and to clearly communicate and execute the path forward.<br /><br />Market: The addressable market for the product or service needs to be large enough for the potential revenues and profits to be interesting.<br /><br />Barrier: The barrier to entry for a potential competitor must be high. The recipe of expertise, trade secrets, industry contacts, intellectual property, partners – or put another way, the “unfair advantage” of the opportunity – must be such that it will not be relegated to one of many.<br /><br />Fundability: When the investor considers the amount of funds and time that will be needed to obtain a return on investment, the investor needs to believe that the business can attract the required funds and execute the plan.<br /><br />Return: At the most basic level, investors are looking for a return on their investment. The potential risk and return from investing in an entrepreneur competes with the other types of investments. Entrepreneurs must appreciate the fact that the opportunity they are presenting to an investor may be one of many the investor has been presented with that month, that week, even that day.<br /><br />What are common pitfalls of negotiating with an investor from the perspective of the entrepreneur?<br /><br />Dan MacDonald: Entrepreneurs commonly approach investors before they are ready to clearly articulate the opportunity and answer or defend the questions on people, market, barrier, fundability and potential return. Many investors do not give second chances.<br /><br />It's also not ideal to negotiate with your back against the wall. Obviously an entrepreneur who is virtually out of money is not going to be able to negotiate as good a deal as one who has time to consider other options.<br /><br />Also, entrepreneurs need to consider the investment under negotiation in the context of what will likely happen, in at least the medium term. For example, how will the company valuation (that is, enterprise value based on the percentage of company purchased for the amount of investment) set by this investment look to future investors? Ideally, the valuation of the company will rise over time.<br /><br />Another common pitfall is providing too much information too early. To get to a point where you are actually negotiating with an investor who seems compatible and trustworthy is an accomplishment in itself. Until this point, the entrepreneur needs to be careful to be truthful, of course, but also be aware of the timing and depth of certain information provided to the investor.<br />Proprietary information relating to the technology, detailed plans, financial information, etc., should be held until the investor has put an offer, pending due diligence, on the table. While the investor can back out of the deal at any time, the entrepreneur needs to understand the types of terms and conditions the investor expects for the given amount of investment. Better to know early on than find out after you have bared all.<br /><br />Geneviève Gagnon, owner of La fourmi bionique granola company, got to know her investor. But she had her business mentor do the actual negotiating, so as to limit tension. She says this worked very well for her. What are your thoughts on this?<br /><br />Dan MacDonald: Having a representative negotiate on your behalf has its pros and cons. Potential pros include avoiding potential damage to the working relationship, and time to consider and discuss terms and conditions without the pressure of a face-to-face encounter.<br /><br />But there are cons, too. If you delegate negotiation responsibility, then you may end up with a deal you do not like. If you can't negotiate your own deal with a potential investor, it may be perceived as a weakness. You could also miss getting to really know the character of the investor. Many investors would not accept negotiating through a delegate.<br /><br />Ideally, you, the entrepreneur, would seek advice prior to and during the negotiation. If you are uncomfortable with a term or condition, ask for it in writing so that you can seek advice. Have a sense of urgency but do not let yourself be rushed during negotiations.<br /><br />Ms. Gagnon regrets sharing with the media the percentage of her business she sold (she did not disclose the dollar amount). What are your thoughts on how openly entrepreneurs should talk about such deals?<br /><br />Dan MacDonald: While it is very tempting to share the details of an investment – especially one involving an investor whose name or brand can improve the credibility of the entrepreneur – it is not advisable. With the investor's permission, simply stating that they are an investor is all anyone should know. Depending on the market the entrepreneur is addressing, customers might request financial information looking to ensure solvency. This should be handled carefully, again without disclosing details of the investment.<br /><br />Once the deal is signed, what's your advice on managing the investor-entrepreneur relationship?<br /><br />Dan MacDonald: Regular and clear communication is key. Understand the investor's expectations for communication and involvement, and exceed these expectations without overdoing it. Communicate sales won only after the deal is truly closed. Whether it is good news or bad news, communicate the impact and your plan to capitalize on the good or manage and minimize the not-so-good. If there is neither good nor bad news to share, then call with a regular update anyway.<br /><br />If you have set an expectation that for good reason is no longer achievable, or that you discover is not feasible, then reach out and explain yourself. Suggest a new go-forward plan and ask for their advice. Follow up in writing with the new agreed path.<br /><br />Should entrepreneurs be prepared in case things go unexpectedly bad between them and their investors? If so, what can they do?<br /><br />Dan MacDonald: Like most relationships, there are bound to be some rough spots. If things go unexpectedly bad, and you have regularly communicated and tried your best to keep things on track, then the investor-entrepreneur relationship may change but should be manageable.<br /><br />If things go unexpectedly bad, and you have not regularly communicated and you surprise the investor with the bad news, you should expect – and maybe deserve – a rough ride.<br /><br />Dan MacDonaldDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-60903007578571793932008-12-11T09:27:00.003-04:002008-12-11T11:26:47.721-04:00It has been a year already.A year ago today, my father-in-law Roy <span class="blsp-spelling-error" id="SPELLING_ERROR_0">McGonnell</span> passed away at the young age of 69.<br />69 is way to young to die.<br /><br />Roy was quite a guy.<br /><br />He was a husband, a brother, father of three, proud grandfather of 7, a multi sport Canada games level athlete, policeman turned postman, umpire, story teller, <span class="blsp-spelling-corrected" id="SPELLING_ERROR_1">literally</span> <span class="blsp-spelling-corrected" id="SPELLING_ERROR_2">every ones</span> friend, the caregiver of his disabled wife for over 12 years.<br /><br />As we say in in Atlantic Canada "Roy was a real character".<br /><br />Roy was a person who constantly told stories. As I think back, these stories were Roy's way of sharing his views on everything from sports, to politics, to family matters. I never heard him say an unkind word about anyone.<br /><br />Suffering from cancer for over a year, I never heard him complain once. Except for the night before he died he was watching harness racing on TV and expected to see 5 races not 4. He was pissed ;)<br /><br />Some thoughts about Roy as we approached his anniversary;<br /><br />1. Roy read the local paper every day from cover to cover. He especially read the sports section scores as statistics. I would hear him discussing the latest sports scores, players, issues with friends...he would catch people off guard when he even new who got what penalties for what in games across North America, but also the actual <span class="blsp-spelling-corrected" id="SPELLING_ERROR_3">attendance</span> of the game <span class="blsp-spelling-error" id="SPELLING_ERROR_4">ie</span>: "there was only 17,235 people at the game in San Jose on Tuesday night."<br /><br />2. My youngest daughter always enjoyed getting an offer of a "<span class="blsp-spelling-error" id="SPELLING_ERROR_5">freezy</span>" when we visited Roy. It felt a little strange however to get the offer in February when it was -25C ;)<br /><br />3. Roy often asked us all, if we felt we were "dressed up" even if we weren't really "If we were going to a beauty contest ?"<br /><br />I and my three children have had the pleasure to know such a man.<br /><br />They don't make many like Roy anymore.<br /><br />Rest in peace Roy.<br /><br />Dan MacDonaldDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0tag:blogger.com,1999:blog-5182307044923435209.post-85753074938501318282008-12-06T15:23:00.003-04:002008-12-06T15:40:37.916-04:00Where is the bottom ?November and December 2008 will go down as one of the most dramatic economic downturns in history. Yet depending on which type of business you are in and or where you are located, you may not have even felt it yet.<br /><br />All indications are that virtually every business will be impacted in someway, some severely others less so.<br /><br />It will be amazing to look back after the inevitable recovery to analyze the impact of the media on this economic downturn compared to others. If one was to read and view the news these days, which I for one find it hard not to, it is gloom and doom 24hrs a day.<br /><br />The markets are directly impacted by our overall confidence. It is critical that we remain both optimistic and realistic.<br /><br />I believe strongly that this is the time for us to maximize the efficiency of our businesses, to constructively challenge status <span style="BACKGROUND-COLOR: #ffff00">quo</span> thinking, to provide support for better methods, to ensure regular honest communications with customers, staff, suppliers and partners.<br /><br />So where is the bottom ?<br />No one knows for sure, but by most accounts it will be in the next 6 to 12 months.<br /><br />The best strategy is to be lean, mean, and fit to ride the inevitable recovery better and stronger than ever.<br /><br />Dan MacDonaldDan MacDonaldhttp://www.blogger.com/profile/00506691757340808663noreply@blogger.com0