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Scaleup hub OneEleven to expand Toronto office space

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Scale up community OneEleven is expanding. The expansion will make the Toronto location of the global scaleup hub one of the largest in the world.

This September, OneEleven will expand its 325 Front. St. West location by taking over another floor in the building, bringing its total Toronto footprint to 100,000 sq. ft. The expansion will allow OneEleven to support more deserving scaleups in the region.

Room to scale

35 of the city’s fastest-growing technology companies currently use OneEleven’s space. The added 50,000 sq. ft. of space will allows for an additional 13 offices, to accommodate teams ranging between 30 to 50 people, along with open plan seating for smaller companies.

In a press release, OneEleven founding partner and CEO of OMERS Ventures John Ruffolo spoke to the benefits of the added space at the Toronto location:

“There are few alternatives available to companies in this phase of growth beyond mentorship, word of mouth, and experience. We believe that OneEleven is well-positioned to build the number one scaleup ecosystem in the world by expanding its existing Toronto footprint and replicating the success of its headquarters in the world’s top startup ecosystems.”

As well as expanding in Toronto, OneEleven is opening a space Ottawa in July and is looking to expand into Vancouver, London, Berlin, Boston, and beyond. Companies interested in joining the OneEleven community of scaleups can apply at http://www.oneeleven.com/apply/.

What does OneEleven bring to the table?

OneEleven focusses on providing support and community resources to high-growth tech companies when they most need it. Scaling up is never easy, and getting help during the crucial transition from the Seed Stage to Series A funding can be crucial. That’s why OneEleven brings together first-time and repeat entrepreneurs with a ‘pay-it-forward’ mindset to help scale their high-growth tech companies together.

The scaleup hub focuses on providing a highly-connected global network and tailored resources including access to expert advice, world-class workspaces, technology, and specially-designed services to support sustainable growth. With the support of corporate partners like Royal Bank of Canada, OneEleven has helped 60 rapid-growth technology companies and is on track to support 100+ by the end of 2018.

“What is unique about OneEleven, and why we are seeing so much demand in Toronto, is that we focus entirely on the unique needs of scaleups,” said Dean Hopkins, Chief Growth Officer at OneEleven in a press release. “Our ecosystem partners have done such a great job of supporting startups that many Toronto ventures are now transitioning to scaling. This is where we come in.”

Recently, OneEleven and DXJournal launched #ScaleStrategy, a co-developed editorial series to deliver insights for entrepreneurs and intrapreneurs. The ongoing series will cover the kind of innovative and disruptive advice that scaleups can expect from the OneEleven community.

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Leadership

Interview: Shannon Pestun, Women’s Entrepreneurship at ATB Financial

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“The female economy and understanding its power is a very important conversation no matter who you are.”

Shannon Pestun, Director of Women’s Entrepreneurship at ATB Financial brings the notion of gender intelligence to the conversation of economic transformation, specifically on the entrepreneurial potential of women in Calgary.

Having noticed the imbalance in opportunities given to male and female entrepreneurs, Shannon became a champion for women to reach their full economic potential, never shying away from asking tough questions in the company of male business leaders.

Shannon also shines a light on areas outside of technology that she calls “the main street,” and the importance of shaping a clear way forward for new entrepreneurs and small businesses so they can be a part of Calgary’s economic transformation.

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Culture

Digital transformation for a more sustainable world

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Sure, they’re confronted with business challenges every day, but the world’s top business leaders have a significant part to play in solving the world’s challenges — economic, technological, societal and educational. 

As Christian Klein, Co-Chief Executive Officer of enterprise application software company SAP succinctly puts it in a blog post for the World Economic Forum, “Companies today don’t just prosper based on their financial performance, but on how they make a positive contribution to society.”

Ahead of the World Economic Forum’s 2020 meeting — taking place Jan. 21-24 — Klein outlined how digital transformation can be a force for good in the world, and be a way to create a more sustainable world.

Critical minds, he starts, might wonder why companies would take the time, considering their primary goal of making money. “These critics should not underestimate the power of the consumer,” he argues, explaining that while customers do consider their decisions based on products or price, but the company’s values. Employees act in a similar way, choosing to join companies “that embrace their responsibility towards humankind and the planet.”

Almost every person on the planet knows that technology plays a profound effect on just about every facet of our lives, from jobs to wages to health to security. Meanwhile the need for business to undergo digital transformation, simply to stay relevant and alive, is hardly big news anymore. 

“But transformation is also about a change of culture, which requires a radical rethinking of people, processes and technologies,” Klein writes. Included in this are “tectonic changes” that go into a company, and how employees interact within the whole system. 

“And just like a business cannot digitally transform unless – or until – its people transform, I believe that, while they come with their own environmental costs, technology and digitalization can play a crucial role in developing solutions for a better tomorrow.” 

Some examples? Blockchain’s potential to add traceability (and by extension, trust) to food supply chains. The empowerment of people with disabilities through AI, which, when properly applied, can reduce bias in the hiring process. Smart cities, powered by everything from sensors to open data to better supply services and protect resources.

[Related reading: How 5G and the Internet of Things can create a winning business]

“There is no doubt that technology and digital transformation break down silos and create transparent and unified data for objective decision-making,” Klein writes. “But even more so: they change how companies manage their relationships with the wider world.”

Creating a sustainable world requires us to look beyond corporate borders, toward the communities around us, creating an ecosystem of trust “that allows us to exchange ideas to create a safety net for the most marginalized.”

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Investment

Four steps for CIOs undertaking DX

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CIOs are in a unique spot in any organization’s digital transformation (DX) journey. 

With one foot on the business side and the other firmly planted as a technical leader, CIOs are a vital piece of the puzzle, especially with the many challenges and constant management required on the road to digital.

As Gustavo Gomez, founder and CEO of intelligent process automation software provider Bizagi, explained in The Enterprisers Project, “Only CIOs have the broad perspective to ensure that transformation deployments can reach both deeply into organizational silos and broadly across lines of business.”

How can CIOs put their organizations onto a digital transformation path that’ll lead to a better likelihood of success? Gomez outlines four essential steps:

1.) Embrace different perspectives

CIOs aren’t always the catalyst for digital transformation. Frequently, leadership from many parts of the organization will “have a “wouldn’t it be great if we could…” epiphany,” as Gomez explains.

As the bridge between technical implementation and business objectives, the CIO needs to recognize and address this divergence before it undercuts the actual transformation,” he says.

How? Clear and steady communication between the transformation teams and stakeholders, with a goal of understanding what transformation will accomplish.

2.) Focus on incremental wins

According to Gomez, organizations will encounter two competing narratives: “Start immediately on disparate pilot programs (risking control and scalability) or meticulously craft the perfect comprehensive transformation (risking months or years of delay with limited return).

A clear, goals-driven strategy is key, but feasible milestones that are regularly achieved can go a long way in showing steady results to stakeholders or the board. 

3.) Win hearts and minds

Organizational change of any kind is often met with resistance, and it’s no different when it comes to digital transformation. But given that DX is a key part of ensuring long-term success, Gomez explains, employee participation is “a matter of survival.”

The trick to getting everyone on board? Departmental management. By on-board these leaders to the larger vision, their role within it, and bigger-picture business objectives, “CIOs can help evangelize the change, ensuring it trickles down to all levels of the organization.”

4.) Identify a scalable solution

As Gomez explains, it’s one thing to complete a successful trial transformation in a small team, and another to turn around and roll that change out across an entire organization. 

He identifies two considerations: First, it’s possible to achieve micro-scale DX wins that end up siloed in a single part of the organization. Two, transformations that work in controlled, smaller settings but fail when scaled up for broad release.

A key indicator can be a heavy reliance on IT involvement in modifications,” says Gomez. “Digital transformation must evolve to meet changing business realities, and anything that leans too heavily on IT for those adjustments will quickly stall.

All digital transformation journeys have hurdles, but through the unique position of CIOs as both business and technology leaders, success is more likely when they actively work to effectively hear from all sides, embrace smaller-yet-frequent milestones, win over stakeholders, and ensure that the DX journey goes where it’s needed. 

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