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Business London Magazine | May 2017
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    KAPIL LAKHOTIA: If yOu cLusTer IT, LOndOn’s ecOnOmy wILL grOw drAwIng THe wOrLd He lives here, his illustrations appear everywhere HITTIng THe rIgHT nOTe so you want to learn to play a music instrument? Health care the old new way dr. Larry schmidt is out to change our health-care system one step at a time mAy 2017 $2.95 Pm40064683 businesslondon.ca PLus wHO wOn wHAT | mArILyn sIncLAIr | BOugHT And sOLd

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    Unleash your senses. The new C-Class Cabriolet. Sensible meets sporty in this eye-catching cabriolet. The first convertible based on the C-Class comes equipped with a fully-automatic classic soft top that can be opened or closed in under 20 seconds, even while driving at speeds of up to 50 km/h. Enjoy maximum open-air comfort with top-of-the-line climate moderation features like intelligent climate control. Experience optimized stability systems and cabriolet-specific suspension that provides limitless driving pleasure all year round without sacrificing comfort. Take on the city. mercedes-benz.ca/c-cabriolet © 2016 Mercedes-Benz Canada Inc. Mercedes-Benz London | 35 Southdale Road East | 866-879-0768 | info@mblondon.com

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    EST. 1967 CELEBRATING 50 YEARS Always changing. Always relevant. Learn more about Fanshawe’s history and how you can celebrate with us at fanshawec.ca/50 In 1967, the world was rapidly changing and we opened our doors to meet the needs of a surging Ontario economy, offering 24 high-skill programs. Now in our 50th year, Fanshawe is more relevant than ever, offering more than 200 diploma, degree, certificate and apprenticeship programs to 43,000 students each year that prepare them for rewarding high-skill careers. As we head into an era that will be dominated by change, technological growth and globalization, Fanshawe will continue our commitment to real world, results-based learning.

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    AD{TS5255862} where comfort and stylemeet 752 Wharncliffe Rd. S., London 519-681-2200 livinstylefurniture.com

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    UNIQUE AS YOU #SweetSiftonSuites FLAUNT YOUR FLAIR… To the water cooler. To the espresso bar. To your favourite watering hole across the street. Your dapper style is exceptional and you know it. Let your personal brand take on a life of its own, in a home of its own. Now that’s suite. Custom Suites I Vast Downtown Views I Experienced Partner Downtown Locations Cafés & Restaurants Retail Stores Underground Parking 519.434.1000 Sifton.com INSTANT OFFICE One London Place

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    CLINICAL TREATMENTS IN A RELAXING SPA ATMOSPHERE · Botox and Fillers · Skin Resurfacing · PRP Platelet Treatments · Microblading · Permanent Makeup · Acne & Scar Treatments · Body Contouring Cellulite Reduction · Laser Hair Removal · Tattoo Removal Venus Freeze™ combines Multi-Polar Radio Frequency and Pulsed Electro Magnetic Fields to tighten the skin; reduce unwanted wrinkles, cellulite and stretch marks; and contour the face, neck and body. Courtesy of Body Care by Angie BOOK YOUR TREATMENT TODAY WWW.ARTISTICSPA.CA 191 Central Ave. I 519-433-6245 Open 7 days a week · Parking available

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    Find a place where the grass is greener. Wake up to pristine green fairways that colour the view from your bedroom windows. Tee off early, grab a bite with new friends, and do it all again tomorrow. Welcome to the RiverBend life. Award-winning one floor homes from the mid $300s. • Private Gated Community • 18 hole Championship Golf Course • Active Clubhouse Purchase one of the first 20 inside lots and ENJOY $5,000 in FREE upgrades plus ONE YEAR FREE land lease! 519.657.4333 RiverBendGolf.com

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    AD{TS5271133} It’s time again to dust off those golf clubs and join your fellow Chamber members out on the links! The event takes place on Wednesday, June 14, at Sunningdale Golf and Country Club. So mark that date on your calendars and pull together your foursome (or let us match you up with three new friends). We are looking forward to a beautiful day out on the course and we hope you will join us for an exciting opportunity of connecting with London’s business community. Whether you’re a scratch golfer or a first-time player, we welcome all golfing abilities. This tournament is all about networking both on and off the course. This event does sell out quickly, so book today — don’t miss your chance to network “fore” your business. Visit www.londonchamber.com and click the “events” link to register. Wish to participate, but don’t golf or can’t be there in person? There are still lots of opportunities to get involved with sponsorship or donate to our silent auction. Contact Julia Cunningham for details at julia@londonchamber.com Many thanks to our principal sponsor for this event, Libro Credit Union. 42 | businesslondon.ca | May 2017 content May 2017 Volume 18 : Issue 7 14 16 22 Burke Flowers One of London’s oldest retailers changes hands ResIM It’s all about the UX, of course Project management No one wants to be one growing up, but the project manager is here to stay Publisher Lisa catania lcatania@postmedia.com 519-667-5480 Sales Manager Linda Leblanc lleblanc@postmedia.com 519.673.5005 x 516200 Design/Production Susan Batsford sbatsford@postmedia.com Business London is published monthly at 369 york St., London, on n6a 4G1 34 On the Cover Sometimes sneakers and homemade soup are all you need to feel better. Just ask Dr. Larry Schmidt 10 Getting started Marilyn Sinclair on London’s future in failure 30 Kapil Lakhotia Diversifying is good and clustering makes it better 32 Questions Suba Sivakumar 41 About Town Area construction Join us on the Links! 42 The Voice of business 12,000 copies distributed to businesses in the London/St. thomas area, including members of the London c hamber of commerce. Subscriptions: $24 for one year, $37.50 for two, $45 for three (GSt included). USa $60 per year (canadian funds). Reproduction in whole or in part of the editorial or advertising content is forbidden without the written consent of the publisher. Publications Mail Agreement No. 40064683 Return undeliverable canadian addresses to: Business London 369 york St., London, on n6a 4G1 ISSN 1493-0579 The informed source for all your appraisal needs 759 Hyde Park Road, Suite 251 London, Ontario N6H 3S2 1.519.667.9050 valcoconsultants.com 8 | businesslondon.ca | May 2017

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    AD{TS4981414} Mortgages have been around for generations. So what’s changed? When families gather, sometimes they talk about home ownership. So what’s changed over the years? Price bubbles, how employment impacts mortgage approvals, interest rate fears, payment options, the role of home equity in your long term plans, lifestyle changes, making payments fit your budget, growing families and income changes, principle residence rules...actually, what hasn’t changed? The value of mortgage Coaching, an expert who cares to guide your home ownership journey, keeps growing. And you’ll only find mortgage Coaches at one place: Libro Credit Union. Talk to a Libro Mortgage Coach – create a Prosperity Plan and tailor your mortgage to your life today! Visit libro.ca or call 1-800-361-8222 saving • borrowing • investing • sharing

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    getting started The ups and downs of getting going in business Marilyn Sinclair Marilyn Sinclair is president & CEO of TechAlliance, the regional innovation centre for London and Southwestern Ontario London’s future in failure. Helping early-stage companies fail as well and as fast as possible is all about preserving the entrepreneur. RemembeR the NewtoN? Apple’s original personal digital assistant had a fiveyear development phase and a five-year market run, marked by $100 million in investment, perpetual scope creep and persistent fears it would cannibalize other Apple markets. Ultimately, it was a failure that Steve Jobs put a halt to when he returned to the company in 1997. Fast forward 10 years and enter the iPhone, which used as its foundation the same technology as the Newton, but with multi-touch technology and other transformative features that saw 6.1 million units sold in its first generation. Apple has disrupted industries and transformed digital culture around the world, a success made possible by its many failures. Yet the truth is, their story isn’t that unusual. Failures in business, in particular among startup tech companies, come in many forms and happen often. From a miss on a single feature design, to misses on revenue projections, to completely unviable products. This is a good thing. So much so, that we need to be more focused on helping early-stage companies fail as well and as fast as possible. That is, we need to preserve the entrepreneur. Support their passion and maintain their inherent drive and propensity for innovation. But pivot quickly from the ideas that just don’t work. Consider that the technology sector is growing twice as fast the global economy. Projections by global 10 | businesslondon.ca | MAy 2017 research leader, Startup Genome, indicate the sector has been outpacing most other economic sectors for a sustained period and that this growth will continue at its current rate and perhaps even increase. The information and communications technology sector is about 4.5 per cent of the roughly $100-trillion global GDP, compared to only two per cent in 1992. It’s predicted to increase to eight per cent within the next 15 years. The long-vaunted “fail fast” philosophy, whether you subscribe to it or not, can help communities of London’s size win big in the global knowledge economy. To have a hope of consideration by future investors, clients or consumers, emerging ideas need support — to succeed or fail. That includes introductions to experts who can support them with the many forks in the road, with shoring up their business cases, with understanding their target market, with sharing the very real rollercoaster that is startup life. So how do we make it work as a community and as a nation? First, robust market validation programs, facilitated in a relevant proving ground, with potential customers, researchers or other industry experts, are a foremost need. Second, structured mentorship programs that establish intentional expert relationships between entrepreneurs and seasoned industry advisers have proven time and again to be invaluable. Finally, the creation of a regional culture that embraces strategic failure as a critical element of its startup ecosystem has the ability to form a veritable safety net for risk takers. This is how we will identify the ideas that have big growth potential and the ones that will never be investment ready. And it’s time we focus even more energy on these critical supports. With the newly minted Canadian Centre for Product Validation at Fanshawe College, Western Research Park and TechAlliance’s own MVP (minimum viable product) lab, there’s no reason why London can’t create a best-in-class support ecosystem for startups — big or small, successes or spectacular fails. As our community evolves from a manufacturing to a knowledge economy, born-in-London ideas and their ability to grow, fail fast or pivot to something better has to be our primary priority. In this post-industrial world, our economic future is going to depend on it.

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