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This detailed data regarding annual report 2012 2013 pierre l. morrissette institute for entrepreneurship.
ANNUAL REPORT | 201 2/ 201 3
PI ERRE L. MORRI SSETTE I NSTI TUTE FOR ENTREPRENEURSHI P
OPPORTUNITY ENTREPRENEURSHIP KNOWLEDGE
Building on
our proud past.
Since 1995, under the banner of the
Institute for Entrepreneurship, Innovation & Growth,
Ivey has been providing those interested in entrepreneurship with the
knowledge and skills to lead their organizations to success.
Tat focus expanded in 2006, thanks to a generous $2.5-million donation from
Pierre L. Morrissette, MBA ’72, to include dynamic new student programs
and a broadened research focus geared to serve entrepreneurs from startup
to succession. In 2007, the Institute was aptly renamed the Pierre L. Morrissette
Institute for Entrepreneurship in honour of Pierre Morrissette’s gif and dedication
to advancing entrepreneurship in Canada.
Trough teaching, research and outreach, the Morrissette Institute’s goal
is to build a foundation for students to successfully launch new businesses
and help entrepreneurs take their businesses to the next level or business
families to facilitate a transition to the next generation or opportunity.
Te Entrepreneurship Cross-Enterprise Leadership Centre,
the Morrissette Institute’s research arm, supports this work through research
in areas of high growth and entrepreneurial learning.
Together they make Ivey Canada’s leading centre for
entrepreneurship research and education.
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 3
Our entrepreneurial journey:
Rising to the next level.
If there is one word that captures what
inspires entrepreneurs, it is opportunity.
That word also epitomizes what we do
at the Pierre L. Morrissette Institute
for Entrepreneurship. In developing
entrepreneurs, we teach our students
to both recognize opportunities and
pursue them.
As Stewart Thornhill, our former Executive
Director, once said, entrepreneurship
only happens when opportunities and
entrepreneurs come together. Too often,
those two vital components lie in solitude.
People come across business opportunities
every day, but fail to recognize them. Often
they are disguised as problems and the
opportunity lies in developing solutions to
these problems.
For instance, some of our students
discovered that bedsores are a common
and costly problem. Instead of just moving
on, they recognized the opportunity
to develop a business idea around this
problem. Their idea for SensiMAT Systems,
a mobile application that can facilitate
pressure-relieving behaviour to prevent
bedsores, won second prize in the 2012 IBK
Capital – Ivey Business Plan Competition.
The team behind SensiMAT also won ofce
space for a year at the MaRS COMMONS
incubator while they launched the idea
(See story on page 6).
Message from the Interim Executive Director
and the Advisory Council Chair
It’s a perfect example of how the
Morrissette Institute is supporting potential
entrepreneurs through every stage of
business creation, from vision to launch.
Back in its early days, under the guidance
of Eric Morse, who was Executive Director
from 2002-08, the Institute was very much
in startup mode. Morse was focused on the
vision and the Entrepreneurship Advisory
Council contributed hands-on support to
help the Institute move toward that vision.
Then when Stewart Thornhill was Executive
Director from 2008-13, he focused on
building more structure and organization
within the Institute. At the same time, Ivey’s
HBA program was undergoing tremendous
growth and the focus had to be on
ensuring that what we did in the classroom
gave students the optimal amount of
entrepreneurship education and support.
It is analogous to how you build a business.
It starts with an idea, you get people excited
about it and then you begin to build more
structure and organization.
Now our attention can turn outward to
outreach. In the business analogy, this is
where you showcase your oferings to the
rest of the world. Our new partnership with
the MaRS Discovery District to ofer an
incubator program to recent Ivey graduates
is a ?rst step. One of the highlights of
our outreach program is the upcoming
Babson College Entrepreneurship Research
Conference (See story on page 11), where
we will have a chance to show researchers
from around the world what we have to ofer.
The challenge is to go even farther and let
Ivey Entrepreneurs – and all entrepreneurs
– at any stage of their careers know that the
Institute is a resource to be drawn upon.
We have started in that direction with the
launch of the 60 Second Entrepreneur video
series (See story on page 16). It is part of
our vision to make Ivey the ultimate resource
for entrepreneurs in Canada and around
the world.
We are in a great position to carry this out.
We are now under the guidance of a new
Interim Executive Director, David Simpson,
MBA ’88. As Director of Ivey’s Business
Families Centre, Simpson has already been
heavily focused on outreach activities. We
look forward to the new direction he will
provide. We would also like to acknowledge
the contributions of former Institute
members, Stewart Thornhill and former
Executive Entrepreneur-in-Residence Ron
Close, HBA ’81 and wish them well in their
adventures.
Entrepreneurship is all about transitions.
The ability to be ?exible and adapt to change
is key to success. That’s why changing the
key people involved with the Institute, such
as Thornhill and Close, is not a setback, but
an opportunity – for fresh views, new ideas
and continued progress.
When Pierre Morrissette, MBA ’72, the
generous donor for whom this Institute is
named, was asked about his own transition at
Pelmorex Media Inc. (See story on page 18),
he said he embraced a change in leadership
because the mandate for any successor is to
raise the bar and take the organization to the
next level. To quote Morrissette:
“Transitions are opportunities to bring in new
talent and to review your strategies and game
plan to achieve more success than you had in
the past.”
We couldn’t agree more. And on that note,
with new players at the helm of the Institute
and new opportunities on the horizon, the
future of entrepreneurship at Ivey promises
to be bigger, bolder and above all, bright.
David Simpson, MBA ’88
Interim Executive Director, Pierre L.
Morrissette Institute for Entrepreneurship
David Wright, HBA ’83
Chair, Entrepreneurship Advisory Council
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A world of opportunity.
As I ?ew back and forth between London,
Ontario and Rome, Italy for a research
project recently, I became aware of the
impact the Entrepreneurship Cross-
Enterprise Leadership Centre is making on
the world.
Starting with research projects with
academics from other schools, our global
reach expanded when the Centre hosted
the inaugural Great Lakes Entrepreneurship
Network (GLEN) Conference in May
2011. This idea-generation forum with
academics in entrepreneurship from
Canada and the U.S. was geared toward
forming relationships that could result in
future research collaborations. Following a
successful second GLEN meeting at Ohio
State University in May 2013, the GLEN
consortium is in good health and continues
to project Ivey’s presence in some of the
top Schools and entrepreneurship research
centres in North America.
International experience is a term that
describes our activity in 2012 and 2013.
I spent a lot of time in Kentucky as an
external faculty member at the University
of Louisville and jetted to various sites in
Europe and the U.S. to facilitate doctoral
training programs.
Currently, I’m focused on Italy as a subject
expert working with the Organisation for
Economic Co-operation and Development
on policy recommendations for the Italian
government to encourage more enterprise.
The report is due to be ?nalized in late 2013
and some of the recommendations could
be made public by the beginning of 2014.
There is also potential for this knowledge to
inspire governments in other countries to
implement similar policies to those being
recommended for Italy.
Ivey Assistant Professor Rob Mitchell is
also working on research that has the
potential to inspire policy changes in
Canada or other areas. He recently received
a $199,250-grant from the Social Sciences
and Humanities Research Council of
Canada to study how innovation is spurred
by regulatory change (See story on page 11).
It is exciting to think about the mark Ivey’s
Entrepreneurship researchers are making
in Canada and other areas of the world. We
look forward to showcasing that expertise
on the world stage when we host the 34th
annual Babson College Entrepreneurship
Research Conference at Ivey’s London
campus in June 2014. Launched in 1981,
the Babson Conference showcases the
best Entrepreneurship research in the
world. Approximately 400 delegates from
a variety of countries who attend the
conference will soon know about Ivey and
its focus on Entrepreneurship. It’s a chance
to put the Pierre L. Morrissette Institute for
Entrepreneurship and the Entrepreneurship
Cross-Enterprise Leadership Centre on the
map and to again forge the relationships
that could further facilitate our growth.
As David Wright and David Simpson stated
in their message, our journey is akin to an
entrepreneur building a business. And on
that note, I would liken our progress on the
research side to that of the business going
international.
Pierre L. Morrissette
Institute for
Entrepreneurship
Highlights in 2012/2013
• Ivey and MaRS Discovery District
partner to ofer a business incubator
program to help entrepreneurs take their
business ideas to the next level. See page 6
• Five Ivey entrepreneurs were recognized
at the Toronto Alumni Chapter’s Global
Ivey Day celebration on November 15,
2012. Gabe Diamond, HBA ’09, co-
founder of WinJunkie; Vinay Chopra,
MBA ’08, founder of Mobiroo; Nicole
Verkindt, HBA ’07, founder of OMX;
Jason Cottrell, HBA ’08, founder of
Myplanet Digital; and Alex Vander
Hoeven, HBA ’05, MBA ’11, co-founder
of Race Roster, were all honoured for
their innovative contributions to business.
For more information, visit go.ivey.ca/
fallnewsletter
• Kelsey Ramsden, MBA ’04, was honored
as PROFIT magazine’s top Canadian
female entrepreneur of the year. For more
information, visit go.ivey.ca/fallnewsletter
• Te Institute shares advice from high-
profle Ivey entrepreneurs with the launch
of the 60 Second Entrepreneur video
series. See page 16
Message from the Research Centre Director
Simon Parker,
MBA ’80 Professor in Entrepreneurship
Director, Entrepreneurship Cross-Enterprise
Leadership Centre
As I glanced out the window on that trip
from Canada to Italy at the vast stretches
of sea and land, I was in awe of the
distance between the two countries. Yet
as I contemplate the future of the Centre
in relation to the rest of the world, I am
con?dent we are quickly closing that gap.
teaching
Initiative ACTION Judgment
Whether through shedding light on potential opportunities, honing the general management skills that can be applied
to any business, or empowering students to make tough decisions, the Ivey classroom is akin to a business incubator.
It is a place where new entrepreneurial ideas are discovered, developed and launched.
2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 5
Advancing Canadian
Entrepreneurship HBA
Award (Ian Aitken, HBA
’87) – Alysha Li, HBA ’13
Courthill Capital
Leadership Award
(Carolyn Cross, HBA
’84) – Brianne Beaudoin,
HBA ’13; Mallorie Brodie,
HBA ’13
John R. Currie
HBA Award in
Entrepreneurship
(John R. Currie, HBA
’60) – Shawn Lerner,
HBA ’12; Wesley
Thomas, HBA ’13
Gudewill
Entrepreneurial
Awards (Gudewill
Family) – Ronen Benin,
HBA ’12 Candidate,
Aaron Kennedy, HBA
’13 Candidate; Rayhan
Charania, HBA ’14; Evan
Clark, HBA ’13
Pierre L.
Morrissette
HBA Award in
Entrepreneurship
(Pierre Morrissette,
MBA ’72) – Adrian
Murray, HBA ’12;
Chris Janssen,
HBA ’13
Scholarships give students a helping hand.
Each year, Ivey’s
generous donors help
students to access
the Morrissette
Institute’s oferings
through annual
scholarships. Here are
the recent recipients
for 2012 and 2013:
HBA SCHOLARSHIPS
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TEACHING
Ivey-MaRS partnership takes learning
beyond the classroom.
That’s why Ivey’s Morrissette Institute
partnered with MaRS Discovery District
to ofer a business incubator program to
recent Ivey graduates so they can get the
business support, resources and services
needed to take their entrepreneurial ideas
to the next level.
Started in spring of 2012, the MaRS
COMMONS incubator program provides
Ivey entrepreneurs from the New Venture
Project (NVP) Program access to advisory
services, ofce space and pitch coaching.
Ivey’s HBA and MBA students apply to
enter MaRS COMMONS after they have
completed their NVP projects. Ivey’s faculty
select the best candidates who then get
a chance to pitch their ideas to MaRS
advisers. The partnership allows three
Ivey teams to spend a year in the MaRS
COMMONS incubator and have access to
printers and ofce supplies, technology and
entrepreneurship advisers and mentors.
Ron Close, HBA ’81, Ivey’s Executive
Entrepreneur-in-Residence at the time, was
able to forge the partnership with MaRS and
said it has bene?ts for both groups.
“The fundamental elements of business
planning and analysis for startups at MaRS
It takes more than just a good idea and entrepreneurial skills
and knowledge to launch a business. Simple things like having a
place to meet clients can be a challenge to entrepreneurs whose
businesses don’t have a bricks-and-mortar space.
were consistent with the content of the
New Venture Program I was teaching at
Ivey. MaRS’ leadership knew that Ivey-NVP
graduates would have a head start and
an easy time transitioning from NVP into
MaRS,” he said. “The relationship was an
easy win-win. Our team was looking for
more ways to help our students on their
entrepreneurial paths and wanted to extend
the coaching, mentoring, technical aid and
?nancial assistance ofered to our students,
even after graduation.”
Will Mann, MBA ’12, part of the Ivey student
team that created SensiMAT Systems, a
mobile application for wheelchairs that
allows users to track pressure that can lead
to bedsores, said the incubator experience
was just what he needed to launch his
business. Mann and his team spent one
year at the MaRS COMMONS incubator
starting in spring 2012.
“You get a mentor and you get space. You
might think that’s not much, but, in reality,
that’s all you need. Even just having a board
room where I can have meetings is huge,
not only for space, but for credibility,” he
said. “What’s key about being in the MaRS
space is it’s a hub for entrepreneurs. You
get to wake up every day and go sit beside
someone who is doing the exact same thing
as you.”
For more information on the MaRS
COMMONS incubator, visit go.ivey.ca/
marscommons
The MaRS Commons
incubator space
Pierre L.
Morrissette
HBA Award in
Entrepreneurship
(Pierre Morrissette,
MBA ’72) – Adrian
Murray, HBA ’12;
Chris Janssen,
HBA ’13
Sabourin Family
Scholarship in
Entrepreneurship
(Paul Sabourin,
MBA ’80) – Demitri
Koutsoukis, HBA ’13;
Richie Bloom?eld,
HBA ’14
Tevya Rosenberg
HBA Scholarship in
Entrepreneurship
(Teddy Rosenberg,
HBA ’73) – Krystyn
Coombs HBA ’12
Hydrogenics
MBA Award in
Entrepreneurship
(Pierre Rivard, MBA ’83)
– Marc Dufault, MBA
’12; Sarah Landstreet,
MBA ’13
Nelson M. Davis
Scholarship (Nelson
M. Davis Trust Fund, c/o
Bruce Lloyd) – Anooj
Shah, MBA ’12; Donna
Tin, MBA ’12; Caroline
Grewal, MBA ’13;
Mudasser Azim Badar,
MBA ’13
Schulich Award for
Entrepreneurship
(Patrick Mandic, MBA
’12) – Toral Padia, MBA
’12; Andrew Sanden,
MBA ’12; Robert
Mackenzie, MBA ’13
Pierre L. Morrissette
Doctoral Scholarships
(Pierre Morrissette, MBA
’72) – Chris Ainge, PhD
Candidate; Bahareh
Ramezani Tehrani, PhD
Candidate; Matthias
Tietz, PhD Candidate
(Both years)
Scholarships give students a helping hand.
PhD SCHOLARSHIPS MBA SCHOLARSHIPS HBA SCHOLARSHIPS
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TEACHING
Ivey’s ShadPlus program promotes
entrepreneurial skills.
Imagine someone has used
robotic technology to create
a robotic bird that can fy
through the air and land on
your hand and wants to know
what you would do with it.
Could you come up with a
winning business idea?
That’s the kind of scenario that 30 high
school students grappled with in the
summer of 2012 while participating in the
inaugural Ivey Summer Business Program
– a ShadPlus opportunity. ShadPlus is
a special entrepreneurship program for
alumni of Shad Valley, a national program
that ofers summer education programs
at Canadian university campuses to
exceptional high school students.
With ShadPlus Ivey ofered in-depth
education in entrepreneurship led by Ivey
faculty Rob Mitchell, Stewart Thornhill and
Eric Morse.
For instance, the students had to create
business opportunities for robotic
technology. They came back with some
creative ideas such as using the robotic
birds at zoos or amusement parks. Mitchell,
who is the Donald G. & Elizabeth R. Ness
Faculty Fellow in Entrepreneurship, said he
was impressed with their ideas.
“I think the more entrepreneurship skills
kids can get, the better. In the program, we
try to harness some things that the kids
are naturally good at and then complement
these potential talents and abilities
with some business skills that may not
come as naturally to these kids,” he said.
“Imagination and creativity often come
more naturally to kids and this program
further encourages it.”
The students also learned from seasoned
entrepreneurs, such as Kevin O’Leary,
MBA ’80, from CBC TV’s Dragons’ Den
who talked with them via Skype, and young
emerging entrepreneurs, such as Jared
Vaughn, a London high school student who
recently pitched on Dragons’ Den.
Feedback on the program was so positive
that it was ofered again in the summer
of 2013.
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Our degree students have the opportunity
to take the Leading Family Firms course
taught by Centre Director David Simpson.
This course includes access to unique
family business cases and the “Road Map”
video case series, which was developed by
the Centre’s founding patron, the Business
Families Foundation (BFF).
The Centre is also the educational patron
for the Canadian Association of Family
Enterprise (CAFE) Southwestern Ontario
Chapter. Through this partnership it
conducts programs such as the Future
Leaders Program for young generations in
family companies.
The Centre also partners with CAFE
annually to celebrate business families
with an annual Family Business Day
Breakfast, which gathers Ivey students,
business family owners and advisers.
The 2012 celebration featured Geof
Beattie, president of Woodbridge Co.
(at that time), the Thomson family’s
holding company. Beattie provided insights
into Canada’s wealthiest family and
described the key attributes required for
his role as a trusted adviser. The 2013
celebration featured Jonathan McCain,
HBA ’07, (son of Maple Leaf Food CEO
Michael McCain, HBA ’79) who spoke on his
choice to be an entrepreneur, building on the
McCain legacy of successful family business.
TEACHING
Focus on the family business.
Making an impact
in the real world.
The two-day Leading Family Firms program
is held annually at the Spencer Leadership
Centre and is designed to support business
families in transition. The QuantumShift
™
for Entrepreneurs program also includes a
module designed by Simpson on “valuation
and values” for entrepreneurial families.
The ?rst Ivey Most Trusted Advisor
Program was ofered in 2012 as support
for the diverse family adviser community.
Attendees included accountants, wealth
managers, insurance brokers and
consultants.
Ivey partnered in 2012 with the Sauder
School of Business to be the Ontario
partner for the FEAP (Family Enterprise
Advisor Program) designation. This is an
intense deep dive into core competencies
needed for family advising and leads to
a certi?cation test developed by IFEA
(Institute of Family Enterprise Advisors).
Other events included the ?rst Ivey Crosbie
Roundtable, “Monetizing Your Legacy,” with
Gene Toombs and Thomas Manenti from
MiTek, a company purchased by Warren
Bufett. The Centre also held seminars on
family cottage ownership in partnership
with Mike Bondy, National Director of
Succession Planning at Collins Barrow.
“It’s important to step back once
in a while and work on improving
your business. To be able to do that
with peers who also work with small
businesses was even more valuable.
Case study and the encouragement for
everyone to participate throughout the
day brought enormous value.”
– Tim Potter, Partner at Shefar Potter
Muchan Inc.
For more on the Ivey Most Trusted Advisor
Program, visit go.ivey.ca/trustedadvisor
Te majority of enterprises around the globe are organized
around the family through infuence or outright control. Tat’s
why the Ivey Business Families Centre ofers students, families
and advisers a menu of options to learn about the unique
challenges and opportunities faced by families in business.
New online initiatives.
For the past three years, the Business
Families Foundation (BFF) has engaged the
Monterrey Institute of Technology in Mexico
to transition learning materials to an online
platform to be used by afliate centres. Ivey
students and the Centre have been active
in testing and commenting on materials as
they develop and prepare for full launch.
Most oferings have multiple formats
targeted to advisers, families or educators.
A portfolio of online materials can be
viewed at go.ivey.ca/bfcresources
David Simpson, MBA ’88, Director of Ivey’s Business Families Centre,
with Jonathan McCain, HBA ’07, at a recent National Family Business Day Celebration
2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 9
At the farewell party for Ron
Close, HBA ’81, Ivey’s outgoing
Executive Entrepreneur-in-
Residence, Entrepreneurship
Council Chair David Wright,
HBA ’83, joked that Close had
such big shoes to fll that it
would take two people to do it.
Wright was referring to the fact that Paul
Hayman, HBA ’81, and Bill Wignall have
joined Ivey as Entrepreneurs-in-Residence
since Close left Ivey to be President and
CEO of Pelmorex Media Inc. However, the
sentiment also pertains to the impact
Close made as the John R. Currie Executive
Entrepreneur-in-Residence from 2008-
13. During his tenure, he built up the
Morrissette Institute’s Virtual Entrepreneur-
in-Residence program, which now has
between 50 and 60 entrepreneurs and
experienced executives sharing their
expertise with student teams participating
in Ivey’s New Venture Project (NVP).
He also worked with more than 1,000
students at Ivey, either teaching in the
classroom or as director of NVP. During his
time at Ivey, Close said 15-20 per cent of
NVP teams went on to pursue their startups
upon graduation. Additionally, student
applications to the NVP course have
increased substantially since 2008 with
MBA applicants growing to 88 per cent from
31 per cent and HBA applicants growing to
65 per cent from 16 per cent.
“It was a complete honour to have a
chance to ‘nudge’ such a talented and
engaged group of professionals,” he
said. “The true measure of impact, in my
opinion, is the student feedback and their
enrolment numbers and those were both
overwhelmingly positive.”
New Entrepreneurs-in -Residence
As “serial entrepreneurs,” Bill Wignall and Paul Hayman, HBA
’81, know a thing or two about what makes a successful startup.
That’s why they are eager to help budding entrepreneurs take their ideas to the next level
as co-Directors of the Ivey Entrepreneur-in-Residence program and holders of the John R
Currie Executive Entrepreneurs-in-Residence. Wignall and Hayman are replacing Ron Close,
HBA ’81, who was the John R. Currie Executive Entrepreneur-in-Residence and director of
Ivey’s New Venture Project (NVP) from 2008-13. As co-Directors, Hayman will share his
expertise with HBA students enrolled in the NVP program while Wignall will work with both
MBA and HBA NVP students.
For more on the Ivey NVP, visit go.ivey.ca/nvp
For more on the Ivey Entrepreneur-in-Residence program, visit go.ivey.ca/eir
TEACHING
Ron Close leaves legacy in
entrepreneurship program.
“I had the privilege of having
Ron as a lecturer in HBA2. As
an aspiring entrepreneur, I was
extremely fortunate to have
this opportunity. Ron taught us
countless lessons about starting
your own company, from
identifying a ‘bleeding neck
wound’ in the marketplace to
the art of ‘boot-strap fnance’.
However, what will always
stick with me is what he taught
us about leadership and most
importantly, always remaining
humble.”
– Gabriel Diamond, HBA ’09, Associate, Terrace
Manor Limited and co-founder of WinJunkie
research
Collaboration IMPACT Insight
If we want to develop the next generation of entrepreneurs, we need to understand how entrepreneurs think and act.
Through our own exploration into the world of entrepreneurship, collaborations with other academics and providing
exposure to the world’s most prominent entrepreneurship experts, the Entrepreneurship Cross-Enterprise Leadership
Centre enables entrepreneurs to understand how every part of their business ?ts into a complex business environment.
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RESEARCH
Ivey hosting elite
entrepreneurship
researchers at
upcoming Babson
Conference.
Ivey is getting ready
to put itself on the
entrepreneurship
map when it hosts
the next edition of the prestigious Babson
College Entrepreneurship Research
Conference.
The Morrissette Institute is hosting the 34th
annual conference at Ivey Business School
June 4-7, 2014. Ivey is the ?rst Canadian
school to host the conference since 1988.
Founded by Babson College in 1981, the
conference brings together approximately
400 of the best and brightest researchers in
the entrepreneurship ?eld. It also includes
an afliated Doctorial Consortium, which
is open to third-year PhD students doing
research in entrepreneurship.
Simon Parker, MBA ’80 Professor in
Entrepreneurship and Director of the
Entrepreneurship Cross-Enterprise
Leadership Centre at Ivey, said the
opportunity to host the Babson conference
is a proud moment for the School and will
showcase its entrepreneurship oferings.
“It certainly helps the pro?le of the School.
If you host a conference of this magnitude
and with this kind of global reach, everyone
will hear of Ivey and connect it with
entrepreneurship,” he said.
For more on the Babson College
Entrepreneurship Research Conference, visit
go.ivey.ca/babson
Likewise, when the Canadian federal
government abolished the Canadian
Wheat Board in 2011 so farmers could
sell their grain to whomever they wanted,
some farmers celebrated their freedom
while others worried about losing their
marketing power.
Ivey Assistant Professor Rob Mitchell, the
Donald G. & Elizabeth R. Ness Faculty Fellow
in Entrepreneurship, and David Sparling,
Professor and Chair of Agri-Food Innovation
and Regulation, will be looking at how such
changes prompt innovation on the part of
producers.
Their ?ve-year study entitled, “Innovation
in Response to Regulatory Change,” was
recently awarded a $199,250-grant from
the Social Sciences and Humanities
Research Council of Canada (SSHRC).
Exploring how
regulatory change spurs
innovation.
When the European Union launched its famous chocolate
directive in 2000, allowing chocolate producers to replace cocoa
butter with cheaper vegetable fats, it opened doors for some
chocolate producers and caused increased competition for others.
“We’re taking two diferent food industry-
related changes and trying to predict what
innovations may occur as a result of these
changes,” said Mitchell.
The study began in the summer of 2013
and looks at how organizations, regulators,
companies and trade organizations
responded to the European Union
chocolate directive. The researchers will
also test their predictions in regard to the
Canadian grain industry.
The research team includes Mitchell,
Sparling, Justin Miller, Assistant Professor
of Management & Human Resources at
Fisher College of Business, The Ohio State
University, as well as Matthias Tietz,
PhD ’13, Assistant Professor of
Entrepreneurship at IE Business School.
Ivey Assistant Professor
Rob Mitchell
1 2 — 2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P
In many ways Matthias Tietz’s
interest in entrepreneurship
was honed by his Ivey
experience.
While in his ?rst
year of Ivey’s
PhD program, he
read an article
by Simon Parker
on intrapreneurs
– those “internal
entrepreneurs”
who set up a new
venture within
an existing company. That prompted him
to research what motivates intrapreneurs
in comparison to entrepreneurs and
whether there are diferences in startup and
abandonment rates.
Then he gained a wide range of research
and teaching experiences thanks to support
from the Morrissette Institute.
Tietz, PhD ’13, got involved on the
research end for the Ivey Entrepreneurs
Index Powered by KPMG Enterprise
™
,
a semi-annual index launched in 2010
that considers company data and
economic outlook from Canada’s leading
entrepreneurs.
New research
gives insights on
different ways
people become
entepreneurs.
Creating a new venture isn’t
the only way to become an
entrepreneur; many people
travel that path by taking
over an existing frm. Tis is
especially true for individuals
who come from a business-
owning family.
Research from Simon Parker, MBA ’80
Professor in Entrepreneurship and Director
of the Entrepreneurship Cross-Enterprise
Leadership Centre, explored the factors
that determine mode of entry. It also looked
at the value placed on entrepreneurship
education in relation to the diferent entry
vehicles. It revealed entrepreneurs whose
parents run a family ?rm tend to invest
the least amount in entrepreneurship
education, whereas those focused on
startups may invest more time acquiring
entrepreneurship skills and knowledge.
The paper entitled, “The entrepreneur’s
mode of entry: Business takeover or new
venture start?,” was published in the Journal
of Business Venturing in 2012. To read the
paper, visit go.ivey.ca/simonparker
Parker, S.C., 2012, The Costs of
Entrepreneurship, International Journal of
Entrepreneurial Venturing, forthcoming
Ivey PhD student’s
research inspired by
Morrissette Institute.
He also received the Pierre L. Morrissette
Doctoral Scholarship during his four years
at Ivey.
“I received a lot of support from the
Institute and the Centre, allowing me
to concentrate on my research, attend
specialized conferences and gain teaching
experience abroad,” he said. “It was
especially exciting to be part of the Ivey
Entrepreneurs Index because it gave
me an opportunity to contribute back to
the Morrissette Institute directly. Sarah
Buck (Operations Manager, Morrissette
Institute) did a phenomenal job of
integrating me into many activities.”
Now an Assistant Professor of
Entrepreneurship at IE Business School
in Madrid, Spain, Tietz credits his Ivey
experience for getting him ready for the
academic job market.
“I was able to go into the market with
teaching experience and presentation
experience, in addition to my research.
That was a great plus,” he said.
While at IE Business School, Tietz
continues his research on intrapreneurs
and is working with Ivey Professor
Simon Parker on collecting new data on
intrapreneurs for future projects.
Featured faculty research publications
Parker, S.C., Congregado, E., Golpe, A.,
2012, The Dynamics of Entrepreneurship:
Hysteresis, Business Cycles and
Government Policy, Empirical Economics,
forthcoming
Parker, S.C., Congregado, E., Golpe,
A., 2012, Testing for Hysteresis in
Entrepreneurship in 23 Countries, Applied
Economics Letters, 19(1): 61-66
RESEARCH
outreach
Share GROW Learn
Ivey is not just a place to learn about entrepreneurship, it is a one-stop resource for guidance and support every step
of the way along the entrepreneurial journey. Through business plan competitions, guest speakers and conferences,
the Morrissette Institute aims to be the go-to place for entrepreneurs in Canada and around the world.
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OUTREACH
The forum was based on the book,
That’ll Never Work: Business Lessons From
Successful Canadian Entrepreneurs, and
showcased three of the 19 businesses
pro?led in the book: Bridgehead Cofee,
StrategicAmpersand Inc. and Turtle Island
Recycling.
Ivey and KPMG Enterprise
™
also partner
to deliver QuantumShift
™
, a rigorous
?ve-day developmental program for
Canada’s most promising entrepreneurs,
and two of the entrepreneurs participating
in the event, Tracey Clark, Managing
Director, Bridgehead Cofee, and Louis
Anagnostakos, Co-Founder, Turtle Island
Recycling, are QuantumShift
™
alumni.
Prompted by questions from Ivey Associate
Professor Stewart Thornhill, Executive
Director of the Morrissette Institute (at that
time), the entrepreneurs shared advice
on launching and growing a business and
persevering in the face of adversity.
Photo: Dennis Fortnum, Canadian Managing
Partner, KPMG Enterprise™, and panellists
at the That’ll Never Work Ivey Idea Forum
(l-r: Tracey Clark, Ted Manziaris, Louis
Anagnostakos and Gayle Robin)
Advice from entrepreneurs
who beat the odds.
Tey were told their ideas would never work – yet they made it.
Te Morrissette Institute teamed up with the Ivey Idea Forum and
KPMG Enterprise™ on March 29, 2012 in Toronto to share advice
from entrepreneurs who beat the odds at an event called Tat’ll
Never Work.
Here are some of their key messages:
n
Don’t worry that
it’s not new
– Tracey Clark
The market may have been saturated with cofee shops, but Clark
diferentiated her business by ofering additional products and workshops on cofee.
n
Don’t be afraid
– Ted Manziaris and Louis Anagnostakos
Being asked to clean up Maple Leaf Gardens after a big event didn’t
scare of these entrepreneurs who did the job via 47 trips in a car.
The move paid of with a contract that got their business rolling.
n
Hire people who can do
the job that you can’t do
– Gayle Robin
Robin wrote great marketing plans, but was stumped when asked to
implement them, so she hired others to do that job and her company ?ourished. She took
that premise one step farther by merging her company, Strategic Marketing Associates,
with Ampersand Marketing Inc. so their oferings would complement each other.
To watch the full presentation visit go.ivey.ca/thatllneverwork
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OUTREACH
Now heading into its 16th year, the
competition, which is known as Canada’s
premier graduate student business plan
competition, ofers both a $20,000-prize
to the top team and, more importantly, the
opportunity for all participants to present
their business ideas to a crowd and receive
valuable feedback. Team Picasolar from
the University of Arkansas took top prize
in the 2013 competition with a business
plan based on a new technology associated
with solar panel coating. This was the
second win for the University of Arkansas.
Learning DiferentiatED, a company that
improves retention and success rates of
adults preparing for the General Educational
Development test, took ?rst place in 2012.
Michael White, MBA ’00, President, IBK
Capital Corp., said he jumped at the
chance to have his company sponsor the
competition because it’s a way to teach
Competitions help entrepreneurs hone
business plans.
Money and advice are two essential components that help
budding entrepreneurs make the leap from idea to launch.
Tat’s why the IBK Capital-Ivey Business Plan Competition
ofers both.
entrepreneurs the value of a business plan
and take them out of their comfort zone.
“A lot of people are limited by fear. They may
wait. They may overanalyze things. They
may think they’re not ready to make that
call. My advice is to have no fear. Make that
call,” he said. “You have to get up on stage.
You have to present a business idea to a
crowd. Be passionate about your business
and have no fear. Once you break down your
barriers day after day and work through
situations that you may feel uncomfortable
with, it opens up worlds for you.”
“It’s a real joy to go to the competition and see these groups present their
business plans in front of the judges. Tis is for real money. It’s also for
bragging rights. And it’s just a wonderful opportunity to see the whole
topic of entrepreneurship unfold in front of you with the presentation of the
business plan.” —Michael White, MBA ’00, President, IBK Capital Corp.
White said he has met a lot of entrepreneurs
who don’t have business plans and
stressed another important aspect of the
competition is that it forces entrepreneurs
to work on a plan.
“The business plan is the basis of the
business so it is important to be able to pull
together a cohesive, logical, straightforward
plan that shows how the company is going
to make money,” he said. “We believe this is
a great way to expose students to the idea
of constructing a proper business plan and
presenting that plan.”
Will Mann, MBA ’12, was part of the student
team that placed second in the 2012 IBK
Capital-Ivey Business Plan Competition for
their business plan for SensiMAT Systems,
a mobile application to alert people to
pressure that can result in bedsores. Mann
said his team found the judges’ advice
invaluable and went on to compete in
several more business plan competitions.
As a result of these experiences, the
business plan has changed substantially
along the way.
“Don’t go after the prize money – go after
the feedback,” he said.
The IBK Capital-Ivey Business Plan
Competition draws entrepreneurial teams
from universities throughout North America
and beyond. Ivey also ofers the Wes Nicol
Business Plan Competition for Canadian
undergraduate students in any faculty or
?eld of study. The 2013 competition was
held on January 25-26, 2013 and the 2012
competition was held on January 27-28,
2012. Next year’s competition will be held
January 24-25, 2014.
For more on Ivey’s business plan
competitions, visit go.ivey.ca/bizplancomp
1 6 — 2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P
Building a case for
entrepreneurship.
Here are the highlights of important
work done by the Morrissette Institute
in 2012 and 2013.
CASES:
• RING-A-WING (B) – Spreadsheet,
David Simpson, Colin McDougall,
Product Number: 7B11N002,
Publication Date: 2/21/2012
• UNCERTAINTY AND
ENTREPRENEURIAL ACTION AT
READEO.COM, J. Robert Mitchell,
Madiha Khan, Product Number:
9B12M072, Publication Date:
6/28/2012
• DEVIUM’S DASH:
CROWDFUNDING A VENTURE ON
KICKSTARTER, Simon Parker, Ken
Mark, Product Number: 9B12M097,
Publication Date: 10/29/2012
MINI-CASE SERIES:
Te Pierre L. Morrissette Institute for
Entrepreneurship prepares a mini case
study with Financial Post Magazine.
Here is the 2012 series.
• Selling Te Future; A Retail Mortgage
Broker Wonders Whether To Sell A
Piece Of His Business, May 1, 2012,
go.ivey.ca/sellingthefuture
• Brother To Brother; Family
Relationships Can Cloud Business
Issues When Tings Go Wrong, April
10, 2012, go.ivey.ca/brothertobrother
• To Tell Te Truth; A Food
Manufacturing Manager Wonders
Whether To Admit To A Packaging
Mistake, March 13, 2012, go.ivey.ca/
tellthetruth
• Breaking Up Is Hard To Do; A
Business Owner Tries To Figure Out
When To Tell Her Employees She’s
Leaving, February 7, 2012, go.ivey.ca/
breakingup
WHO: Stephen Gunn, MBA ’81, Chairman,
CEO and Co-Founder, Sleep Country
Canada Inc.
ADVICE: Determine what is your key point
of diferentiation and focus on that
It is jokingly said at Sleep Country Canada
Inc. that the business is to sell and deliver
great customer service, it just so happens
that you get a mattress as well. That focus
on customer service has set the company
apart and that’s why Gunn said he put a lot
of efort into hiring employees who would
take good care of the customer, right down
to the delivery people.
“Not only do you need to have well-
intentioned people, but they have to feel
good about the company they work for. We
worked hard at motivating them, nurturing
them and making them feel good about the
company so they in turn can radiate that to
our customers,” he said.
WHO: Larry Rosen, LLB/MBA ’82,
Chairman and CEO, Harry Rosen Inc.
ADVICE: Build a customer-obsessed
enterprise
When Larry Rosen personally delivers a
suit or item of clothing to customers, they
are surprised that a CEO would take time
out of his schedule for that. Rosen reponds
that it’s a privilege and an honour to serve
a customer. That mindset was forged by his
father, Harry Rosen, who used to compile
detailed notes on each of his customers.
Tips for long-term success as
an entrepreneur in just 60
seconds.
Te Morrissette Institute launched the Ivey 60 Second
Entrepreneur video series in 2012 to provide advice and showcase
experiences from a variety of entrepreneurs at various stages of
their careers. Te series includes entrepreneurs from the high-
rated QuantumShif™ program as well as Ivey alumni discussing
topics ranging from innovation to teamwork. Here is advice from
three high-profle Ivey entrepreneurs.
“Management has to be the best at serving
customers and making sure they are
satis?ed. They have to show and lead and
de?ne the passion in the organization,” he
said.
WHO: Martin Soltys, HBA ’76, Chairman
and CEO, TransMedia Entertainment
Partners Ltd.
ADVICE: Make sure you have what it takes
to live that life every day
When Martin Soltys ?rst saw his name
on the door of the restaurant he owned,
as founder and principal of Pete &
Martys Restaurant Group, he said he felt
excitement and promise. But there can be
tough times in the long term.
“Starting a business is the easy part.
Running a business and keeping it
operating, that’s the hard part. Knowing
when to get out is sometimes even harder.
Before you get into a business, ask yourself,
Do you have what it takes to actually survive
difculties and what is your timeline for
that?,” he said.
For more on the Ivey 60 Second
Entrepreneur video series, visit go.ivey.ca/
sixtysecond
OUTREACH
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 7
CHAIR
David Wright HBA ’83 President, Agora Consulting Partners Inc.
MEMBERS
Ian Aitken HBA ’87 Managing Partner, Pembroke Management Ltd.
Bruce Barker Partner, Bennett Jones LLP
Andrew Barnicke HBA ’83 President, Abbey Road Ventures Inc.
Michael Boyd MBA ’76 Corporate Advisor & Director
Connie Clerici QS ’08 President & CEO, Closing the Gap Healthcare Group
Ron Close HBA ’81 President and CEO, Pelmorex Media Inc.
Bob Dhillon EMBA ’98 Founder, President & CEO, Mainstreet Equity Corp
Stephen Gunn MBA ’81 Chairman & CEO, Sleep Country Canada
Pamela Jefery HBA ’84, MBA ’88 President, The Jefery Group Ltd .
Melinda Lehman MBA ’94 Managing Director, Happen
Pierre Morrissette MBA ’72 Founder and Executive Chair, Pelmorex Media Inc.
Eric Morse Associate Dean, Ivey Business School
Alexa Nick MBA ’95 Managing Director, BottomLine Group and Owner, myPractice
Kelsey Ramsden MBA ‘04 President, Belvedere Place Development/Founder, SparkPlay
Larry Rosen LLB/MBA ’82 Chairman & CEO, Harry Rosen Inc.
John Rothschild MBA ’73 CEO, Prime Restaurants of Canada Inc.
Paul Sabourin MBA ’80 Chairman & CIO, Polar Securities Inc.
Stephen Suske MBA ’77 President & CEO, Suske Capital Management
Michael White MBA ’00 President, IBK Capital Corp
Meet our Advisory
Council
Te Advisory Council helps take the vision and aims of the Pierre L. Morrissette
Institute for Entrepreneurship to the next level. It acts as a powerful and visible body of
leadership, infuence and support within the constituencies the Institute serves.
2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 7
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Pierre L. Morrissette,
MBA ’72, Donor, Pierre L.
Morrissette Institute for
Entrepreneurship
Pierre Morrissette, MBA ’72, can see a
parallel between his own company and the
Institute for Entrepreneurship that bears his
name – they’re both on their way to a new
level of success.
Like the Institute, which has welcomed
David Simpson as its interim Executive
Director, Morrissette’s company, Pelmorex
Media Inc., recently underwent a change in
leadership. Morrissette has stepped down
as CEO and moved into the Executive Chair
Extraordinary
people.
Behind every great business are great people. Likewise the
Morrissette Institute’s success is driven by the contributions of the
diverse group of entrepreneurs on its Advisory Council. Here are
profles of two key members who are making a diference.
player taking on a new challenge in our
organization, I say, ‘The mandate is very
straight forward – leave it better than you
found it.’ The ultimate goal of any new
stewardship is to raise the bar and take it to
the next level.”
Morrissette likens such transitions to the
entrepreneurial experience. For a company
to grow, he said it has to constantly reinvent
itself, move with market trends and
opportunities and also address industry
challenges.
“As an entrepreneur, I focus
on building for the long term,”
says Morrissette. “Over the
years, as different elements
within the business change,
you adapt by applying new
plans, new strategies and new
players to accomplish this
ongoing success.”
With new leadership at the Institute and
the upcoming Babson Conference on the
horizon, Morrissette said his original goal
for the Institute – to make Ivey the “go-to”
place for aspiring entrepreneurs – is coming
to fruition in a big way.
“Entrepreneurship is one of those
categories in business which is gaining huge
popularity and Ivey is so well-positioned
to assume a leadership role in fostering
entrepreneurship. The Institute has already
laid a fantastic base in that regard and now
the sky is the limit,” he said. “It’s time to take
it to the next level.”
role and Ron Close, HBA ’81, Ivey’s former
Executive Entrepreneur-in-Residence, has
assumed the position of President and CEO
at Pelmorex. Meanwhile, Morrissette is the
new Chair of the Ivey Advisory Board and is
looking forward to being more involved with
the School.
Morrissette said he embraces such
transitions for the opportunities they
bring – new people, new ideas, new goals
and new plans.
“I view a change in key players in any
organization, whether it’s government,
academia or business as an opportunity
to raise the bar and achieve new success,”
he said. “Whenever I’m talking to a new
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 9
David Wright, HBA ’83,
Chair, Entrepreneurship
Advisory Council
When David Wright, HBA ’83, became an
entrepreneur roughly a decade ago, he
didn’t consider Ivey to have resources that
he could tap into at that stage of his life.
However, at about that same time, he was
approached about being a member of the
Advisory Council for the Entrepreneurship
Institute at Ivey, and has since seen
entrepreneurship grow as a focal point at
the School.
“We used to joke at Entrepreneurship
Council meetings that the Ivey education
didn’t get in the way of guys like me
becoming entrepreneurs. The generic Ivey
education has always been well-suited
to people who have an entrepreneurial
focus, but we didn’t have speci?c
entrepreneurship classes or a certi?cate
in entrepreneurship like now,” he said.
“Now Ivey is speci?cally and obviously
trying to enable people and give them
certain skills. We want one of the main
things that students go to Ivey for to be
entrepreneurship.”
Like the School, Wright experienced his
own transition from general management
to entrepreneurship. He had a corporate
career for about 20 years until, in 2002, an
opportunity arose for him to buy the small
business he was running. He launched
Agora Consulting Partners Inc. just after the
dot-com bubble burst and learned the hard
way about the need for entrepreneurs to be
nimble and ?exible.
“Things change all the time and you work
with it continually as you go. Circumstances
are always in ?ux so you have to be ?exible
and hopefully you’ve set things up in a way
that allows you to be nimble in what you
do,” he said. “You have to take advantage
of opportunities big or small as they arise.
Entrepreneurship is all about transitions.”
During his 10-year tenure on the Advisory
Council – with four years as Chair – he
said he has seen the Institute gain more
structure and expand entrepreneurship
activities and teaching in the classroom.
Now Wright said the focus is on expanding
the Institute’s outreach activities and
ofering entrepreneurship students more
career support such as meetings with
venture capitalists.
“Now the challenge is to go
even farther and let Ivey
Entrepreneurs, at any stage
of their career, know that
the Institute is a resource to
be drawn upon. My vision
is for Ivey to be seen as
the ultimate resource for
entrepreneurs in Canada.”
450
644
411
79
$136,850
1
3
0
MBA STUDENTS HAVE
COMPLETED THE IVEY NEW
VENTURE PROJECT SINCE 2003
IN SCHOLARSHIP FUNDS AWARDED
TO ENTREPRENEURIAL-MINDED
IVEY STUDENTS
VIRTUAL ENTREPRENEURS-
IN-RESIDENCE OVERALL
CERTIFICATES IN
ENTREPRENEURSHIP
AWARDED SINCE 2005
PEOPLE ATTENDED
THE 9TH ANNUAL
NATIONAL FAMILY
BUSINESS DAY
CELEBRATION ON
MARCH 1, 2013
QUANTUMSHIFT
TM
FELLOWS SINCE
THE PROGRAM’ S INCEPTION IN 2004
Pierre L. Morrissette Institute for Entrepreneurship
www.ivey.uwo.ca/entrepreneurship
Ivey Business School at Western University
1255 Western Road
London, ON, Canada N6G 0N1
519-661-3968
@IveyMIFE
facebook.com/IveyEntrepreneur
http://go.ivey.ca/linkedin
Building Sustainable Value Research Centre
www.ivey.uwo.ca/sustainability
Network for Business Sustainability
www.nbs.net
Ivey Business School
Western University
1255 Western Road, London, Ontario N6G 0N1
519-661-2111, x88932
doc_820499570.pdf
This detailed data regarding annual report 2012 2013 pierre l. morrissette institute for entrepreneurship.
ANNUAL REPORT | 201 2/ 201 3
PI ERRE L. MORRI SSETTE I NSTI TUTE FOR ENTREPRENEURSHI P
OPPORTUNITY ENTREPRENEURSHIP KNOWLEDGE
Building on
our proud past.
Since 1995, under the banner of the
Institute for Entrepreneurship, Innovation & Growth,
Ivey has been providing those interested in entrepreneurship with the
knowledge and skills to lead their organizations to success.
Tat focus expanded in 2006, thanks to a generous $2.5-million donation from
Pierre L. Morrissette, MBA ’72, to include dynamic new student programs
and a broadened research focus geared to serve entrepreneurs from startup
to succession. In 2007, the Institute was aptly renamed the Pierre L. Morrissette
Institute for Entrepreneurship in honour of Pierre Morrissette’s gif and dedication
to advancing entrepreneurship in Canada.
Trough teaching, research and outreach, the Morrissette Institute’s goal
is to build a foundation for students to successfully launch new businesses
and help entrepreneurs take their businesses to the next level or business
families to facilitate a transition to the next generation or opportunity.
Te Entrepreneurship Cross-Enterprise Leadership Centre,
the Morrissette Institute’s research arm, supports this work through research
in areas of high growth and entrepreneurial learning.
Together they make Ivey Canada’s leading centre for
entrepreneurship research and education.
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 3
Our entrepreneurial journey:
Rising to the next level.
If there is one word that captures what
inspires entrepreneurs, it is opportunity.
That word also epitomizes what we do
at the Pierre L. Morrissette Institute
for Entrepreneurship. In developing
entrepreneurs, we teach our students
to both recognize opportunities and
pursue them.
As Stewart Thornhill, our former Executive
Director, once said, entrepreneurship
only happens when opportunities and
entrepreneurs come together. Too often,
those two vital components lie in solitude.
People come across business opportunities
every day, but fail to recognize them. Often
they are disguised as problems and the
opportunity lies in developing solutions to
these problems.
For instance, some of our students
discovered that bedsores are a common
and costly problem. Instead of just moving
on, they recognized the opportunity
to develop a business idea around this
problem. Their idea for SensiMAT Systems,
a mobile application that can facilitate
pressure-relieving behaviour to prevent
bedsores, won second prize in the 2012 IBK
Capital – Ivey Business Plan Competition.
The team behind SensiMAT also won ofce
space for a year at the MaRS COMMONS
incubator while they launched the idea
(See story on page 6).
Message from the Interim Executive Director
and the Advisory Council Chair
It’s a perfect example of how the
Morrissette Institute is supporting potential
entrepreneurs through every stage of
business creation, from vision to launch.
Back in its early days, under the guidance
of Eric Morse, who was Executive Director
from 2002-08, the Institute was very much
in startup mode. Morse was focused on the
vision and the Entrepreneurship Advisory
Council contributed hands-on support to
help the Institute move toward that vision.
Then when Stewart Thornhill was Executive
Director from 2008-13, he focused on
building more structure and organization
within the Institute. At the same time, Ivey’s
HBA program was undergoing tremendous
growth and the focus had to be on
ensuring that what we did in the classroom
gave students the optimal amount of
entrepreneurship education and support.
It is analogous to how you build a business.
It starts with an idea, you get people excited
about it and then you begin to build more
structure and organization.
Now our attention can turn outward to
outreach. In the business analogy, this is
where you showcase your oferings to the
rest of the world. Our new partnership with
the MaRS Discovery District to ofer an
incubator program to recent Ivey graduates
is a ?rst step. One of the highlights of
our outreach program is the upcoming
Babson College Entrepreneurship Research
Conference (See story on page 11), where
we will have a chance to show researchers
from around the world what we have to ofer.
The challenge is to go even farther and let
Ivey Entrepreneurs – and all entrepreneurs
– at any stage of their careers know that the
Institute is a resource to be drawn upon.
We have started in that direction with the
launch of the 60 Second Entrepreneur video
series (See story on page 16). It is part of
our vision to make Ivey the ultimate resource
for entrepreneurs in Canada and around
the world.
We are in a great position to carry this out.
We are now under the guidance of a new
Interim Executive Director, David Simpson,
MBA ’88. As Director of Ivey’s Business
Families Centre, Simpson has already been
heavily focused on outreach activities. We
look forward to the new direction he will
provide. We would also like to acknowledge
the contributions of former Institute
members, Stewart Thornhill and former
Executive Entrepreneur-in-Residence Ron
Close, HBA ’81 and wish them well in their
adventures.
Entrepreneurship is all about transitions.
The ability to be ?exible and adapt to change
is key to success. That’s why changing the
key people involved with the Institute, such
as Thornhill and Close, is not a setback, but
an opportunity – for fresh views, new ideas
and continued progress.
When Pierre Morrissette, MBA ’72, the
generous donor for whom this Institute is
named, was asked about his own transition at
Pelmorex Media Inc. (See story on page 18),
he said he embraced a change in leadership
because the mandate for any successor is to
raise the bar and take the organization to the
next level. To quote Morrissette:
“Transitions are opportunities to bring in new
talent and to review your strategies and game
plan to achieve more success than you had in
the past.”
We couldn’t agree more. And on that note,
with new players at the helm of the Institute
and new opportunities on the horizon, the
future of entrepreneurship at Ivey promises
to be bigger, bolder and above all, bright.
David Simpson, MBA ’88
Interim Executive Director, Pierre L.
Morrissette Institute for Entrepreneurship
David Wright, HBA ’83
Chair, Entrepreneurship Advisory Council
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A world of opportunity.
As I ?ew back and forth between London,
Ontario and Rome, Italy for a research
project recently, I became aware of the
impact the Entrepreneurship Cross-
Enterprise Leadership Centre is making on
the world.
Starting with research projects with
academics from other schools, our global
reach expanded when the Centre hosted
the inaugural Great Lakes Entrepreneurship
Network (GLEN) Conference in May
2011. This idea-generation forum with
academics in entrepreneurship from
Canada and the U.S. was geared toward
forming relationships that could result in
future research collaborations. Following a
successful second GLEN meeting at Ohio
State University in May 2013, the GLEN
consortium is in good health and continues
to project Ivey’s presence in some of the
top Schools and entrepreneurship research
centres in North America.
International experience is a term that
describes our activity in 2012 and 2013.
I spent a lot of time in Kentucky as an
external faculty member at the University
of Louisville and jetted to various sites in
Europe and the U.S. to facilitate doctoral
training programs.
Currently, I’m focused on Italy as a subject
expert working with the Organisation for
Economic Co-operation and Development
on policy recommendations for the Italian
government to encourage more enterprise.
The report is due to be ?nalized in late 2013
and some of the recommendations could
be made public by the beginning of 2014.
There is also potential for this knowledge to
inspire governments in other countries to
implement similar policies to those being
recommended for Italy.
Ivey Assistant Professor Rob Mitchell is
also working on research that has the
potential to inspire policy changes in
Canada or other areas. He recently received
a $199,250-grant from the Social Sciences
and Humanities Research Council of
Canada to study how innovation is spurred
by regulatory change (See story on page 11).
It is exciting to think about the mark Ivey’s
Entrepreneurship researchers are making
in Canada and other areas of the world. We
look forward to showcasing that expertise
on the world stage when we host the 34th
annual Babson College Entrepreneurship
Research Conference at Ivey’s London
campus in June 2014. Launched in 1981,
the Babson Conference showcases the
best Entrepreneurship research in the
world. Approximately 400 delegates from
a variety of countries who attend the
conference will soon know about Ivey and
its focus on Entrepreneurship. It’s a chance
to put the Pierre L. Morrissette Institute for
Entrepreneurship and the Entrepreneurship
Cross-Enterprise Leadership Centre on the
map and to again forge the relationships
that could further facilitate our growth.
As David Wright and David Simpson stated
in their message, our journey is akin to an
entrepreneur building a business. And on
that note, I would liken our progress on the
research side to that of the business going
international.
Pierre L. Morrissette
Institute for
Entrepreneurship
Highlights in 2012/2013
• Ivey and MaRS Discovery District
partner to ofer a business incubator
program to help entrepreneurs take their
business ideas to the next level. See page 6
• Five Ivey entrepreneurs were recognized
at the Toronto Alumni Chapter’s Global
Ivey Day celebration on November 15,
2012. Gabe Diamond, HBA ’09, co-
founder of WinJunkie; Vinay Chopra,
MBA ’08, founder of Mobiroo; Nicole
Verkindt, HBA ’07, founder of OMX;
Jason Cottrell, HBA ’08, founder of
Myplanet Digital; and Alex Vander
Hoeven, HBA ’05, MBA ’11, co-founder
of Race Roster, were all honoured for
their innovative contributions to business.
For more information, visit go.ivey.ca/
fallnewsletter
• Kelsey Ramsden, MBA ’04, was honored
as PROFIT magazine’s top Canadian
female entrepreneur of the year. For more
information, visit go.ivey.ca/fallnewsletter
• Te Institute shares advice from high-
profle Ivey entrepreneurs with the launch
of the 60 Second Entrepreneur video
series. See page 16
Message from the Research Centre Director
Simon Parker,
MBA ’80 Professor in Entrepreneurship
Director, Entrepreneurship Cross-Enterprise
Leadership Centre
As I glanced out the window on that trip
from Canada to Italy at the vast stretches
of sea and land, I was in awe of the
distance between the two countries. Yet
as I contemplate the future of the Centre
in relation to the rest of the world, I am
con?dent we are quickly closing that gap.
teaching
Initiative ACTION Judgment
Whether through shedding light on potential opportunities, honing the general management skills that can be applied
to any business, or empowering students to make tough decisions, the Ivey classroom is akin to a business incubator.
It is a place where new entrepreneurial ideas are discovered, developed and launched.
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Advancing Canadian
Entrepreneurship HBA
Award (Ian Aitken, HBA
’87) – Alysha Li, HBA ’13
Courthill Capital
Leadership Award
(Carolyn Cross, HBA
’84) – Brianne Beaudoin,
HBA ’13; Mallorie Brodie,
HBA ’13
John R. Currie
HBA Award in
Entrepreneurship
(John R. Currie, HBA
’60) – Shawn Lerner,
HBA ’12; Wesley
Thomas, HBA ’13
Gudewill
Entrepreneurial
Awards (Gudewill
Family) – Ronen Benin,
HBA ’12 Candidate,
Aaron Kennedy, HBA
’13 Candidate; Rayhan
Charania, HBA ’14; Evan
Clark, HBA ’13
Pierre L.
Morrissette
HBA Award in
Entrepreneurship
(Pierre Morrissette,
MBA ’72) – Adrian
Murray, HBA ’12;
Chris Janssen,
HBA ’13
Scholarships give students a helping hand.
Each year, Ivey’s
generous donors help
students to access
the Morrissette
Institute’s oferings
through annual
scholarships. Here are
the recent recipients
for 2012 and 2013:
HBA SCHOLARSHIPS
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TEACHING
Ivey-MaRS partnership takes learning
beyond the classroom.
That’s why Ivey’s Morrissette Institute
partnered with MaRS Discovery District
to ofer a business incubator program to
recent Ivey graduates so they can get the
business support, resources and services
needed to take their entrepreneurial ideas
to the next level.
Started in spring of 2012, the MaRS
COMMONS incubator program provides
Ivey entrepreneurs from the New Venture
Project (NVP) Program access to advisory
services, ofce space and pitch coaching.
Ivey’s HBA and MBA students apply to
enter MaRS COMMONS after they have
completed their NVP projects. Ivey’s faculty
select the best candidates who then get
a chance to pitch their ideas to MaRS
advisers. The partnership allows three
Ivey teams to spend a year in the MaRS
COMMONS incubator and have access to
printers and ofce supplies, technology and
entrepreneurship advisers and mentors.
Ron Close, HBA ’81, Ivey’s Executive
Entrepreneur-in-Residence at the time, was
able to forge the partnership with MaRS and
said it has bene?ts for both groups.
“The fundamental elements of business
planning and analysis for startups at MaRS
It takes more than just a good idea and entrepreneurial skills
and knowledge to launch a business. Simple things like having a
place to meet clients can be a challenge to entrepreneurs whose
businesses don’t have a bricks-and-mortar space.
were consistent with the content of the
New Venture Program I was teaching at
Ivey. MaRS’ leadership knew that Ivey-NVP
graduates would have a head start and
an easy time transitioning from NVP into
MaRS,” he said. “The relationship was an
easy win-win. Our team was looking for
more ways to help our students on their
entrepreneurial paths and wanted to extend
the coaching, mentoring, technical aid and
?nancial assistance ofered to our students,
even after graduation.”
Will Mann, MBA ’12, part of the Ivey student
team that created SensiMAT Systems, a
mobile application for wheelchairs that
allows users to track pressure that can lead
to bedsores, said the incubator experience
was just what he needed to launch his
business. Mann and his team spent one
year at the MaRS COMMONS incubator
starting in spring 2012.
“You get a mentor and you get space. You
might think that’s not much, but, in reality,
that’s all you need. Even just having a board
room where I can have meetings is huge,
not only for space, but for credibility,” he
said. “What’s key about being in the MaRS
space is it’s a hub for entrepreneurs. You
get to wake up every day and go sit beside
someone who is doing the exact same thing
as you.”
For more information on the MaRS
COMMONS incubator, visit go.ivey.ca/
marscommons
The MaRS Commons
incubator space
Pierre L.
Morrissette
HBA Award in
Entrepreneurship
(Pierre Morrissette,
MBA ’72) – Adrian
Murray, HBA ’12;
Chris Janssen,
HBA ’13
Sabourin Family
Scholarship in
Entrepreneurship
(Paul Sabourin,
MBA ’80) – Demitri
Koutsoukis, HBA ’13;
Richie Bloom?eld,
HBA ’14
Tevya Rosenberg
HBA Scholarship in
Entrepreneurship
(Teddy Rosenberg,
HBA ’73) – Krystyn
Coombs HBA ’12
Hydrogenics
MBA Award in
Entrepreneurship
(Pierre Rivard, MBA ’83)
– Marc Dufault, MBA
’12; Sarah Landstreet,
MBA ’13
Nelson M. Davis
Scholarship (Nelson
M. Davis Trust Fund, c/o
Bruce Lloyd) – Anooj
Shah, MBA ’12; Donna
Tin, MBA ’12; Caroline
Grewal, MBA ’13;
Mudasser Azim Badar,
MBA ’13
Schulich Award for
Entrepreneurship
(Patrick Mandic, MBA
’12) – Toral Padia, MBA
’12; Andrew Sanden,
MBA ’12; Robert
Mackenzie, MBA ’13
Pierre L. Morrissette
Doctoral Scholarships
(Pierre Morrissette, MBA
’72) – Chris Ainge, PhD
Candidate; Bahareh
Ramezani Tehrani, PhD
Candidate; Matthias
Tietz, PhD Candidate
(Both years)
Scholarships give students a helping hand.
PhD SCHOLARSHIPS MBA SCHOLARSHIPS HBA SCHOLARSHIPS
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TEACHING
Ivey’s ShadPlus program promotes
entrepreneurial skills.
Imagine someone has used
robotic technology to create
a robotic bird that can fy
through the air and land on
your hand and wants to know
what you would do with it.
Could you come up with a
winning business idea?
That’s the kind of scenario that 30 high
school students grappled with in the
summer of 2012 while participating in the
inaugural Ivey Summer Business Program
– a ShadPlus opportunity. ShadPlus is
a special entrepreneurship program for
alumni of Shad Valley, a national program
that ofers summer education programs
at Canadian university campuses to
exceptional high school students.
With ShadPlus Ivey ofered in-depth
education in entrepreneurship led by Ivey
faculty Rob Mitchell, Stewart Thornhill and
Eric Morse.
For instance, the students had to create
business opportunities for robotic
technology. They came back with some
creative ideas such as using the robotic
birds at zoos or amusement parks. Mitchell,
who is the Donald G. & Elizabeth R. Ness
Faculty Fellow in Entrepreneurship, said he
was impressed with their ideas.
“I think the more entrepreneurship skills
kids can get, the better. In the program, we
try to harness some things that the kids
are naturally good at and then complement
these potential talents and abilities
with some business skills that may not
come as naturally to these kids,” he said.
“Imagination and creativity often come
more naturally to kids and this program
further encourages it.”
The students also learned from seasoned
entrepreneurs, such as Kevin O’Leary,
MBA ’80, from CBC TV’s Dragons’ Den
who talked with them via Skype, and young
emerging entrepreneurs, such as Jared
Vaughn, a London high school student who
recently pitched on Dragons’ Den.
Feedback on the program was so positive
that it was ofered again in the summer
of 2013.
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Our degree students have the opportunity
to take the Leading Family Firms course
taught by Centre Director David Simpson.
This course includes access to unique
family business cases and the “Road Map”
video case series, which was developed by
the Centre’s founding patron, the Business
Families Foundation (BFF).
The Centre is also the educational patron
for the Canadian Association of Family
Enterprise (CAFE) Southwestern Ontario
Chapter. Through this partnership it
conducts programs such as the Future
Leaders Program for young generations in
family companies.
The Centre also partners with CAFE
annually to celebrate business families
with an annual Family Business Day
Breakfast, which gathers Ivey students,
business family owners and advisers.
The 2012 celebration featured Geof
Beattie, president of Woodbridge Co.
(at that time), the Thomson family’s
holding company. Beattie provided insights
into Canada’s wealthiest family and
described the key attributes required for
his role as a trusted adviser. The 2013
celebration featured Jonathan McCain,
HBA ’07, (son of Maple Leaf Food CEO
Michael McCain, HBA ’79) who spoke on his
choice to be an entrepreneur, building on the
McCain legacy of successful family business.
TEACHING
Focus on the family business.
Making an impact
in the real world.
The two-day Leading Family Firms program
is held annually at the Spencer Leadership
Centre and is designed to support business
families in transition. The QuantumShift
™
for Entrepreneurs program also includes a
module designed by Simpson on “valuation
and values” for entrepreneurial families.
The ?rst Ivey Most Trusted Advisor
Program was ofered in 2012 as support
for the diverse family adviser community.
Attendees included accountants, wealth
managers, insurance brokers and
consultants.
Ivey partnered in 2012 with the Sauder
School of Business to be the Ontario
partner for the FEAP (Family Enterprise
Advisor Program) designation. This is an
intense deep dive into core competencies
needed for family advising and leads to
a certi?cation test developed by IFEA
(Institute of Family Enterprise Advisors).
Other events included the ?rst Ivey Crosbie
Roundtable, “Monetizing Your Legacy,” with
Gene Toombs and Thomas Manenti from
MiTek, a company purchased by Warren
Bufett. The Centre also held seminars on
family cottage ownership in partnership
with Mike Bondy, National Director of
Succession Planning at Collins Barrow.
“It’s important to step back once
in a while and work on improving
your business. To be able to do that
with peers who also work with small
businesses was even more valuable.
Case study and the encouragement for
everyone to participate throughout the
day brought enormous value.”
– Tim Potter, Partner at Shefar Potter
Muchan Inc.
For more on the Ivey Most Trusted Advisor
Program, visit go.ivey.ca/trustedadvisor
Te majority of enterprises around the globe are organized
around the family through infuence or outright control. Tat’s
why the Ivey Business Families Centre ofers students, families
and advisers a menu of options to learn about the unique
challenges and opportunities faced by families in business.
New online initiatives.
For the past three years, the Business
Families Foundation (BFF) has engaged the
Monterrey Institute of Technology in Mexico
to transition learning materials to an online
platform to be used by afliate centres. Ivey
students and the Centre have been active
in testing and commenting on materials as
they develop and prepare for full launch.
Most oferings have multiple formats
targeted to advisers, families or educators.
A portfolio of online materials can be
viewed at go.ivey.ca/bfcresources
David Simpson, MBA ’88, Director of Ivey’s Business Families Centre,
with Jonathan McCain, HBA ’07, at a recent National Family Business Day Celebration
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At the farewell party for Ron
Close, HBA ’81, Ivey’s outgoing
Executive Entrepreneur-in-
Residence, Entrepreneurship
Council Chair David Wright,
HBA ’83, joked that Close had
such big shoes to fll that it
would take two people to do it.
Wright was referring to the fact that Paul
Hayman, HBA ’81, and Bill Wignall have
joined Ivey as Entrepreneurs-in-Residence
since Close left Ivey to be President and
CEO of Pelmorex Media Inc. However, the
sentiment also pertains to the impact
Close made as the John R. Currie Executive
Entrepreneur-in-Residence from 2008-
13. During his tenure, he built up the
Morrissette Institute’s Virtual Entrepreneur-
in-Residence program, which now has
between 50 and 60 entrepreneurs and
experienced executives sharing their
expertise with student teams participating
in Ivey’s New Venture Project (NVP).
He also worked with more than 1,000
students at Ivey, either teaching in the
classroom or as director of NVP. During his
time at Ivey, Close said 15-20 per cent of
NVP teams went on to pursue their startups
upon graduation. Additionally, student
applications to the NVP course have
increased substantially since 2008 with
MBA applicants growing to 88 per cent from
31 per cent and HBA applicants growing to
65 per cent from 16 per cent.
“It was a complete honour to have a
chance to ‘nudge’ such a talented and
engaged group of professionals,” he
said. “The true measure of impact, in my
opinion, is the student feedback and their
enrolment numbers and those were both
overwhelmingly positive.”
New Entrepreneurs-in -Residence
As “serial entrepreneurs,” Bill Wignall and Paul Hayman, HBA
’81, know a thing or two about what makes a successful startup.
That’s why they are eager to help budding entrepreneurs take their ideas to the next level
as co-Directors of the Ivey Entrepreneur-in-Residence program and holders of the John R
Currie Executive Entrepreneurs-in-Residence. Wignall and Hayman are replacing Ron Close,
HBA ’81, who was the John R. Currie Executive Entrepreneur-in-Residence and director of
Ivey’s New Venture Project (NVP) from 2008-13. As co-Directors, Hayman will share his
expertise with HBA students enrolled in the NVP program while Wignall will work with both
MBA and HBA NVP students.
For more on the Ivey NVP, visit go.ivey.ca/nvp
For more on the Ivey Entrepreneur-in-Residence program, visit go.ivey.ca/eir
TEACHING
Ron Close leaves legacy in
entrepreneurship program.
“I had the privilege of having
Ron as a lecturer in HBA2. As
an aspiring entrepreneur, I was
extremely fortunate to have
this opportunity. Ron taught us
countless lessons about starting
your own company, from
identifying a ‘bleeding neck
wound’ in the marketplace to
the art of ‘boot-strap fnance’.
However, what will always
stick with me is what he taught
us about leadership and most
importantly, always remaining
humble.”
– Gabriel Diamond, HBA ’09, Associate, Terrace
Manor Limited and co-founder of WinJunkie
research
Collaboration IMPACT Insight
If we want to develop the next generation of entrepreneurs, we need to understand how entrepreneurs think and act.
Through our own exploration into the world of entrepreneurship, collaborations with other academics and providing
exposure to the world’s most prominent entrepreneurship experts, the Entrepreneurship Cross-Enterprise Leadership
Centre enables entrepreneurs to understand how every part of their business ?ts into a complex business environment.
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RESEARCH
Ivey hosting elite
entrepreneurship
researchers at
upcoming Babson
Conference.
Ivey is getting ready
to put itself on the
entrepreneurship
map when it hosts
the next edition of the prestigious Babson
College Entrepreneurship Research
Conference.
The Morrissette Institute is hosting the 34th
annual conference at Ivey Business School
June 4-7, 2014. Ivey is the ?rst Canadian
school to host the conference since 1988.
Founded by Babson College in 1981, the
conference brings together approximately
400 of the best and brightest researchers in
the entrepreneurship ?eld. It also includes
an afliated Doctorial Consortium, which
is open to third-year PhD students doing
research in entrepreneurship.
Simon Parker, MBA ’80 Professor in
Entrepreneurship and Director of the
Entrepreneurship Cross-Enterprise
Leadership Centre at Ivey, said the
opportunity to host the Babson conference
is a proud moment for the School and will
showcase its entrepreneurship oferings.
“It certainly helps the pro?le of the School.
If you host a conference of this magnitude
and with this kind of global reach, everyone
will hear of Ivey and connect it with
entrepreneurship,” he said.
For more on the Babson College
Entrepreneurship Research Conference, visit
go.ivey.ca/babson
Likewise, when the Canadian federal
government abolished the Canadian
Wheat Board in 2011 so farmers could
sell their grain to whomever they wanted,
some farmers celebrated their freedom
while others worried about losing their
marketing power.
Ivey Assistant Professor Rob Mitchell, the
Donald G. & Elizabeth R. Ness Faculty Fellow
in Entrepreneurship, and David Sparling,
Professor and Chair of Agri-Food Innovation
and Regulation, will be looking at how such
changes prompt innovation on the part of
producers.
Their ?ve-year study entitled, “Innovation
in Response to Regulatory Change,” was
recently awarded a $199,250-grant from
the Social Sciences and Humanities
Research Council of Canada (SSHRC).
Exploring how
regulatory change spurs
innovation.
When the European Union launched its famous chocolate
directive in 2000, allowing chocolate producers to replace cocoa
butter with cheaper vegetable fats, it opened doors for some
chocolate producers and caused increased competition for others.
“We’re taking two diferent food industry-
related changes and trying to predict what
innovations may occur as a result of these
changes,” said Mitchell.
The study began in the summer of 2013
and looks at how organizations, regulators,
companies and trade organizations
responded to the European Union
chocolate directive. The researchers will
also test their predictions in regard to the
Canadian grain industry.
The research team includes Mitchell,
Sparling, Justin Miller, Assistant Professor
of Management & Human Resources at
Fisher College of Business, The Ohio State
University, as well as Matthias Tietz,
PhD ’13, Assistant Professor of
Entrepreneurship at IE Business School.
Ivey Assistant Professor
Rob Mitchell
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In many ways Matthias Tietz’s
interest in entrepreneurship
was honed by his Ivey
experience.
While in his ?rst
year of Ivey’s
PhD program, he
read an article
by Simon Parker
on intrapreneurs
– those “internal
entrepreneurs”
who set up a new
venture within
an existing company. That prompted him
to research what motivates intrapreneurs
in comparison to entrepreneurs and
whether there are diferences in startup and
abandonment rates.
Then he gained a wide range of research
and teaching experiences thanks to support
from the Morrissette Institute.
Tietz, PhD ’13, got involved on the
research end for the Ivey Entrepreneurs
Index Powered by KPMG Enterprise
™
,
a semi-annual index launched in 2010
that considers company data and
economic outlook from Canada’s leading
entrepreneurs.
New research
gives insights on
different ways
people become
entepreneurs.
Creating a new venture isn’t
the only way to become an
entrepreneur; many people
travel that path by taking
over an existing frm. Tis is
especially true for individuals
who come from a business-
owning family.
Research from Simon Parker, MBA ’80
Professor in Entrepreneurship and Director
of the Entrepreneurship Cross-Enterprise
Leadership Centre, explored the factors
that determine mode of entry. It also looked
at the value placed on entrepreneurship
education in relation to the diferent entry
vehicles. It revealed entrepreneurs whose
parents run a family ?rm tend to invest
the least amount in entrepreneurship
education, whereas those focused on
startups may invest more time acquiring
entrepreneurship skills and knowledge.
The paper entitled, “The entrepreneur’s
mode of entry: Business takeover or new
venture start?,” was published in the Journal
of Business Venturing in 2012. To read the
paper, visit go.ivey.ca/simonparker
Parker, S.C., 2012, The Costs of
Entrepreneurship, International Journal of
Entrepreneurial Venturing, forthcoming
Ivey PhD student’s
research inspired by
Morrissette Institute.
He also received the Pierre L. Morrissette
Doctoral Scholarship during his four years
at Ivey.
“I received a lot of support from the
Institute and the Centre, allowing me
to concentrate on my research, attend
specialized conferences and gain teaching
experience abroad,” he said. “It was
especially exciting to be part of the Ivey
Entrepreneurs Index because it gave
me an opportunity to contribute back to
the Morrissette Institute directly. Sarah
Buck (Operations Manager, Morrissette
Institute) did a phenomenal job of
integrating me into many activities.”
Now an Assistant Professor of
Entrepreneurship at IE Business School
in Madrid, Spain, Tietz credits his Ivey
experience for getting him ready for the
academic job market.
“I was able to go into the market with
teaching experience and presentation
experience, in addition to my research.
That was a great plus,” he said.
While at IE Business School, Tietz
continues his research on intrapreneurs
and is working with Ivey Professor
Simon Parker on collecting new data on
intrapreneurs for future projects.
Featured faculty research publications
Parker, S.C., Congregado, E., Golpe, A.,
2012, The Dynamics of Entrepreneurship:
Hysteresis, Business Cycles and
Government Policy, Empirical Economics,
forthcoming
Parker, S.C., Congregado, E., Golpe,
A., 2012, Testing for Hysteresis in
Entrepreneurship in 23 Countries, Applied
Economics Letters, 19(1): 61-66
RESEARCH
outreach
Share GROW Learn
Ivey is not just a place to learn about entrepreneurship, it is a one-stop resource for guidance and support every step
of the way along the entrepreneurial journey. Through business plan competitions, guest speakers and conferences,
the Morrissette Institute aims to be the go-to place for entrepreneurs in Canada and around the world.
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OUTREACH
The forum was based on the book,
That’ll Never Work: Business Lessons From
Successful Canadian Entrepreneurs, and
showcased three of the 19 businesses
pro?led in the book: Bridgehead Cofee,
StrategicAmpersand Inc. and Turtle Island
Recycling.
Ivey and KPMG Enterprise
™
also partner
to deliver QuantumShift
™
, a rigorous
?ve-day developmental program for
Canada’s most promising entrepreneurs,
and two of the entrepreneurs participating
in the event, Tracey Clark, Managing
Director, Bridgehead Cofee, and Louis
Anagnostakos, Co-Founder, Turtle Island
Recycling, are QuantumShift
™
alumni.
Prompted by questions from Ivey Associate
Professor Stewart Thornhill, Executive
Director of the Morrissette Institute (at that
time), the entrepreneurs shared advice
on launching and growing a business and
persevering in the face of adversity.
Photo: Dennis Fortnum, Canadian Managing
Partner, KPMG Enterprise™, and panellists
at the That’ll Never Work Ivey Idea Forum
(l-r: Tracey Clark, Ted Manziaris, Louis
Anagnostakos and Gayle Robin)
Advice from entrepreneurs
who beat the odds.
Tey were told their ideas would never work – yet they made it.
Te Morrissette Institute teamed up with the Ivey Idea Forum and
KPMG Enterprise™ on March 29, 2012 in Toronto to share advice
from entrepreneurs who beat the odds at an event called Tat’ll
Never Work.
Here are some of their key messages:
n
Don’t worry that
it’s not new
– Tracey Clark
The market may have been saturated with cofee shops, but Clark
diferentiated her business by ofering additional products and workshops on cofee.
n
Don’t be afraid
– Ted Manziaris and Louis Anagnostakos
Being asked to clean up Maple Leaf Gardens after a big event didn’t
scare of these entrepreneurs who did the job via 47 trips in a car.
The move paid of with a contract that got their business rolling.
n
Hire people who can do
the job that you can’t do
– Gayle Robin
Robin wrote great marketing plans, but was stumped when asked to
implement them, so she hired others to do that job and her company ?ourished. She took
that premise one step farther by merging her company, Strategic Marketing Associates,
with Ampersand Marketing Inc. so their oferings would complement each other.
To watch the full presentation visit go.ivey.ca/thatllneverwork
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 5
OUTREACH
Now heading into its 16th year, the
competition, which is known as Canada’s
premier graduate student business plan
competition, ofers both a $20,000-prize
to the top team and, more importantly, the
opportunity for all participants to present
their business ideas to a crowd and receive
valuable feedback. Team Picasolar from
the University of Arkansas took top prize
in the 2013 competition with a business
plan based on a new technology associated
with solar panel coating. This was the
second win for the University of Arkansas.
Learning DiferentiatED, a company that
improves retention and success rates of
adults preparing for the General Educational
Development test, took ?rst place in 2012.
Michael White, MBA ’00, President, IBK
Capital Corp., said he jumped at the
chance to have his company sponsor the
competition because it’s a way to teach
Competitions help entrepreneurs hone
business plans.
Money and advice are two essential components that help
budding entrepreneurs make the leap from idea to launch.
Tat’s why the IBK Capital-Ivey Business Plan Competition
ofers both.
entrepreneurs the value of a business plan
and take them out of their comfort zone.
“A lot of people are limited by fear. They may
wait. They may overanalyze things. They
may think they’re not ready to make that
call. My advice is to have no fear. Make that
call,” he said. “You have to get up on stage.
You have to present a business idea to a
crowd. Be passionate about your business
and have no fear. Once you break down your
barriers day after day and work through
situations that you may feel uncomfortable
with, it opens up worlds for you.”
“It’s a real joy to go to the competition and see these groups present their
business plans in front of the judges. Tis is for real money. It’s also for
bragging rights. And it’s just a wonderful opportunity to see the whole
topic of entrepreneurship unfold in front of you with the presentation of the
business plan.” —Michael White, MBA ’00, President, IBK Capital Corp.
White said he has met a lot of entrepreneurs
who don’t have business plans and
stressed another important aspect of the
competition is that it forces entrepreneurs
to work on a plan.
“The business plan is the basis of the
business so it is important to be able to pull
together a cohesive, logical, straightforward
plan that shows how the company is going
to make money,” he said. “We believe this is
a great way to expose students to the idea
of constructing a proper business plan and
presenting that plan.”
Will Mann, MBA ’12, was part of the student
team that placed second in the 2012 IBK
Capital-Ivey Business Plan Competition for
their business plan for SensiMAT Systems,
a mobile application to alert people to
pressure that can result in bedsores. Mann
said his team found the judges’ advice
invaluable and went on to compete in
several more business plan competitions.
As a result of these experiences, the
business plan has changed substantially
along the way.
“Don’t go after the prize money – go after
the feedback,” he said.
The IBK Capital-Ivey Business Plan
Competition draws entrepreneurial teams
from universities throughout North America
and beyond. Ivey also ofers the Wes Nicol
Business Plan Competition for Canadian
undergraduate students in any faculty or
?eld of study. The 2013 competition was
held on January 25-26, 2013 and the 2012
competition was held on January 27-28,
2012. Next year’s competition will be held
January 24-25, 2014.
For more on Ivey’s business plan
competitions, visit go.ivey.ca/bizplancomp
1 6 — 2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P
Building a case for
entrepreneurship.
Here are the highlights of important
work done by the Morrissette Institute
in 2012 and 2013.
CASES:
• RING-A-WING (B) – Spreadsheet,
David Simpson, Colin McDougall,
Product Number: 7B11N002,
Publication Date: 2/21/2012
• UNCERTAINTY AND
ENTREPRENEURIAL ACTION AT
READEO.COM, J. Robert Mitchell,
Madiha Khan, Product Number:
9B12M072, Publication Date:
6/28/2012
• DEVIUM’S DASH:
CROWDFUNDING A VENTURE ON
KICKSTARTER, Simon Parker, Ken
Mark, Product Number: 9B12M097,
Publication Date: 10/29/2012
MINI-CASE SERIES:
Te Pierre L. Morrissette Institute for
Entrepreneurship prepares a mini case
study with Financial Post Magazine.
Here is the 2012 series.
• Selling Te Future; A Retail Mortgage
Broker Wonders Whether To Sell A
Piece Of His Business, May 1, 2012,
go.ivey.ca/sellingthefuture
• Brother To Brother; Family
Relationships Can Cloud Business
Issues When Tings Go Wrong, April
10, 2012, go.ivey.ca/brothertobrother
• To Tell Te Truth; A Food
Manufacturing Manager Wonders
Whether To Admit To A Packaging
Mistake, March 13, 2012, go.ivey.ca/
tellthetruth
• Breaking Up Is Hard To Do; A
Business Owner Tries To Figure Out
When To Tell Her Employees She’s
Leaving, February 7, 2012, go.ivey.ca/
breakingup
WHO: Stephen Gunn, MBA ’81, Chairman,
CEO and Co-Founder, Sleep Country
Canada Inc.
ADVICE: Determine what is your key point
of diferentiation and focus on that
It is jokingly said at Sleep Country Canada
Inc. that the business is to sell and deliver
great customer service, it just so happens
that you get a mattress as well. That focus
on customer service has set the company
apart and that’s why Gunn said he put a lot
of efort into hiring employees who would
take good care of the customer, right down
to the delivery people.
“Not only do you need to have well-
intentioned people, but they have to feel
good about the company they work for. We
worked hard at motivating them, nurturing
them and making them feel good about the
company so they in turn can radiate that to
our customers,” he said.
WHO: Larry Rosen, LLB/MBA ’82,
Chairman and CEO, Harry Rosen Inc.
ADVICE: Build a customer-obsessed
enterprise
When Larry Rosen personally delivers a
suit or item of clothing to customers, they
are surprised that a CEO would take time
out of his schedule for that. Rosen reponds
that it’s a privilege and an honour to serve
a customer. That mindset was forged by his
father, Harry Rosen, who used to compile
detailed notes on each of his customers.
Tips for long-term success as
an entrepreneur in just 60
seconds.
Te Morrissette Institute launched the Ivey 60 Second
Entrepreneur video series in 2012 to provide advice and showcase
experiences from a variety of entrepreneurs at various stages of
their careers. Te series includes entrepreneurs from the high-
rated QuantumShif™ program as well as Ivey alumni discussing
topics ranging from innovation to teamwork. Here is advice from
three high-profle Ivey entrepreneurs.
“Management has to be the best at serving
customers and making sure they are
satis?ed. They have to show and lead and
de?ne the passion in the organization,” he
said.
WHO: Martin Soltys, HBA ’76, Chairman
and CEO, TransMedia Entertainment
Partners Ltd.
ADVICE: Make sure you have what it takes
to live that life every day
When Martin Soltys ?rst saw his name
on the door of the restaurant he owned,
as founder and principal of Pete &
Martys Restaurant Group, he said he felt
excitement and promise. But there can be
tough times in the long term.
“Starting a business is the easy part.
Running a business and keeping it
operating, that’s the hard part. Knowing
when to get out is sometimes even harder.
Before you get into a business, ask yourself,
Do you have what it takes to actually survive
difculties and what is your timeline for
that?,” he said.
For more on the Ivey 60 Second
Entrepreneur video series, visit go.ivey.ca/
sixtysecond
OUTREACH
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 7
CHAIR
David Wright HBA ’83 President, Agora Consulting Partners Inc.
MEMBERS
Ian Aitken HBA ’87 Managing Partner, Pembroke Management Ltd.
Bruce Barker Partner, Bennett Jones LLP
Andrew Barnicke HBA ’83 President, Abbey Road Ventures Inc.
Michael Boyd MBA ’76 Corporate Advisor & Director
Connie Clerici QS ’08 President & CEO, Closing the Gap Healthcare Group
Ron Close HBA ’81 President and CEO, Pelmorex Media Inc.
Bob Dhillon EMBA ’98 Founder, President & CEO, Mainstreet Equity Corp
Stephen Gunn MBA ’81 Chairman & CEO, Sleep Country Canada
Pamela Jefery HBA ’84, MBA ’88 President, The Jefery Group Ltd .
Melinda Lehman MBA ’94 Managing Director, Happen
Pierre Morrissette MBA ’72 Founder and Executive Chair, Pelmorex Media Inc.
Eric Morse Associate Dean, Ivey Business School
Alexa Nick MBA ’95 Managing Director, BottomLine Group and Owner, myPractice
Kelsey Ramsden MBA ‘04 President, Belvedere Place Development/Founder, SparkPlay
Larry Rosen LLB/MBA ’82 Chairman & CEO, Harry Rosen Inc.
John Rothschild MBA ’73 CEO, Prime Restaurants of Canada Inc.
Paul Sabourin MBA ’80 Chairman & CIO, Polar Securities Inc.
Stephen Suske MBA ’77 President & CEO, Suske Capital Management
Michael White MBA ’00 President, IBK Capital Corp
Meet our Advisory
Council
Te Advisory Council helps take the vision and aims of the Pierre L. Morrissette
Institute for Entrepreneurship to the next level. It acts as a powerful and visible body of
leadership, infuence and support within the constituencies the Institute serves.
2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 7
1 8 — 2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P
Pierre L. Morrissette,
MBA ’72, Donor, Pierre L.
Morrissette Institute for
Entrepreneurship
Pierre Morrissette, MBA ’72, can see a
parallel between his own company and the
Institute for Entrepreneurship that bears his
name – they’re both on their way to a new
level of success.
Like the Institute, which has welcomed
David Simpson as its interim Executive
Director, Morrissette’s company, Pelmorex
Media Inc., recently underwent a change in
leadership. Morrissette has stepped down
as CEO and moved into the Executive Chair
Extraordinary
people.
Behind every great business are great people. Likewise the
Morrissette Institute’s success is driven by the contributions of the
diverse group of entrepreneurs on its Advisory Council. Here are
profles of two key members who are making a diference.
player taking on a new challenge in our
organization, I say, ‘The mandate is very
straight forward – leave it better than you
found it.’ The ultimate goal of any new
stewardship is to raise the bar and take it to
the next level.”
Morrissette likens such transitions to the
entrepreneurial experience. For a company
to grow, he said it has to constantly reinvent
itself, move with market trends and
opportunities and also address industry
challenges.
“As an entrepreneur, I focus
on building for the long term,”
says Morrissette. “Over the
years, as different elements
within the business change,
you adapt by applying new
plans, new strategies and new
players to accomplish this
ongoing success.”
With new leadership at the Institute and
the upcoming Babson Conference on the
horizon, Morrissette said his original goal
for the Institute – to make Ivey the “go-to”
place for aspiring entrepreneurs – is coming
to fruition in a big way.
“Entrepreneurship is one of those
categories in business which is gaining huge
popularity and Ivey is so well-positioned
to assume a leadership role in fostering
entrepreneurship. The Institute has already
laid a fantastic base in that regard and now
the sky is the limit,” he said. “It’s time to take
it to the next level.”
role and Ron Close, HBA ’81, Ivey’s former
Executive Entrepreneur-in-Residence, has
assumed the position of President and CEO
at Pelmorex. Meanwhile, Morrissette is the
new Chair of the Ivey Advisory Board and is
looking forward to being more involved with
the School.
Morrissette said he embraces such
transitions for the opportunities they
bring – new people, new ideas, new goals
and new plans.
“I view a change in key players in any
organization, whether it’s government,
academia or business as an opportunity
to raise the bar and achieve new success,”
he said. “Whenever I’m talking to a new
2 0 1 2 / 2 0 1 3 P I E R R E L . MOR R I S S ET T E I NS T I T UT E F OR E NT R E P R E NE UR S HI P — 1 9
David Wright, HBA ’83,
Chair, Entrepreneurship
Advisory Council
When David Wright, HBA ’83, became an
entrepreneur roughly a decade ago, he
didn’t consider Ivey to have resources that
he could tap into at that stage of his life.
However, at about that same time, he was
approached about being a member of the
Advisory Council for the Entrepreneurship
Institute at Ivey, and has since seen
entrepreneurship grow as a focal point at
the School.
“We used to joke at Entrepreneurship
Council meetings that the Ivey education
didn’t get in the way of guys like me
becoming entrepreneurs. The generic Ivey
education has always been well-suited
to people who have an entrepreneurial
focus, but we didn’t have speci?c
entrepreneurship classes or a certi?cate
in entrepreneurship like now,” he said.
“Now Ivey is speci?cally and obviously
trying to enable people and give them
certain skills. We want one of the main
things that students go to Ivey for to be
entrepreneurship.”
Like the School, Wright experienced his
own transition from general management
to entrepreneurship. He had a corporate
career for about 20 years until, in 2002, an
opportunity arose for him to buy the small
business he was running. He launched
Agora Consulting Partners Inc. just after the
dot-com bubble burst and learned the hard
way about the need for entrepreneurs to be
nimble and ?exible.
“Things change all the time and you work
with it continually as you go. Circumstances
are always in ?ux so you have to be ?exible
and hopefully you’ve set things up in a way
that allows you to be nimble in what you
do,” he said. “You have to take advantage
of opportunities big or small as they arise.
Entrepreneurship is all about transitions.”
During his 10-year tenure on the Advisory
Council – with four years as Chair – he
said he has seen the Institute gain more
structure and expand entrepreneurship
activities and teaching in the classroom.
Now Wright said the focus is on expanding
the Institute’s outreach activities and
ofering entrepreneurship students more
career support such as meetings with
venture capitalists.
“Now the challenge is to go
even farther and let Ivey
Entrepreneurs, at any stage
of their career, know that
the Institute is a resource to
be drawn upon. My vision
is for Ivey to be seen as
the ultimate resource for
entrepreneurs in Canada.”
450
644
411
79
$136,850
1
3
0
MBA STUDENTS HAVE
COMPLETED THE IVEY NEW
VENTURE PROJECT SINCE 2003
IN SCHOLARSHIP FUNDS AWARDED
TO ENTREPRENEURIAL-MINDED
IVEY STUDENTS
VIRTUAL ENTREPRENEURS-
IN-RESIDENCE OVERALL
CERTIFICATES IN
ENTREPRENEURSHIP
AWARDED SINCE 2005
PEOPLE ATTENDED
THE 9TH ANNUAL
NATIONAL FAMILY
BUSINESS DAY
CELEBRATION ON
MARCH 1, 2013
QUANTUMSHIFT
TM
FELLOWS SINCE
THE PROGRAM’ S INCEPTION IN 2004
Pierre L. Morrissette Institute for Entrepreneurship
www.ivey.uwo.ca/entrepreneurship
Ivey Business School at Western University
1255 Western Road
London, ON, Canada N6G 0N1
519-661-3968
@IveyMIFE
facebook.com/IveyEntrepreneur
http://go.ivey.ca/linkedin
Building Sustainable Value Research Centre
www.ivey.uwo.ca/sustainability
Network for Business Sustainability
www.nbs.net
Ivey Business School
Western University
1255 Western Road, London, Ontario N6G 0N1
519-661-2111, x88932
doc_820499570.pdf