Game Changers

PROSPERITY: #THINK#THINK WHAT IS IT?

What are we doing well?

What’s What kind of holding us future back? do we want? In September 2017, Atlantic Business Magazine hosted its first BIGannual thought leadership workshop series. We invited a broad demographic—youth, seniors, new immigrants, entrepreneurs, urban, rural, resource sector, executives, unions, the indigenous community, and more—to join us in Charlottetown, P.E.I., Monc-Monc- ton, N.B., Halifax, N.S, and St. John’s, N.L. for a frank discussion about the regional economy. Originally billed as Big Think, this meeting of the minds transformed into something larger than we could have imagined. When people dared to allow themselves to How can we be #ThinkBIG about the region and its potential, well… let’s just say that’s when the discussion really took off in surprising (often game inspiring) directions. changers?

Do we even have a

16 | JANUARY/FEBRUARY 2018 vision? PROSPERITY: #THINK WHAT IS IT?

What are we doing well?

What’s What kind of holding us future back? do we want? In September 2017, Atlantic Business Magazine hosted its first BIGannual thought leadership workshop series. We invited a broad demographic—youth, seniors, new immigrants, entrepreneurs, urban, rural, resource sector, executives, unions, the indigenous community, and more—to join us in Charlottetown, P.E.I., Monc- ton, N.B., Halifax, N.S, and St. John’s, N.L. for a frank discussion about the regional economy. Originally billed as Big Think, this meeting of the minds transformed into something larger than we could have imagined. When people dared to allow themselves to How can we be #ThinkBIG about the region and its potential, well… let’s just say that’s when the discussion really took off in surprising (often game inspiring) directions. changers?

Do we even have a

16 | JANUARY/FEBRUARY 2018 vision? ATLANTICBUSINESSMAGAZINE.COM | 17 [NEW BRUNSWICK] WHAT’S WORKING? Immigration attraction We asked our workshop attendees to tell us about policies/programs/ “Hungry” entrepreneurial community characteristics that they believe Strong “buy local” culture promote growth and prosperity. ere are te main ones Bilingualism

N.B. Small Business Investors Credit

[NEWFOUNDLAND AND LABRADOR] ONB

Engaged communities with a strong Tele-infrastructure thank you voice. When they work together, exciting FOR SUPPORTING ATLANTIC BUSINESS MAGAZINE’S things happen (e.g. increased awareness Good federal-provincial relationship and support for mental health) Cybersecurity/smart grid The Harris Centre! Their research is essential for fact-based decision making ACOA #BigThink Collaborative business community

A cultural “scrappiness” that helps them survive hard times [WHERE THEY OVERLAP] Lifestyle Tourism

Atlantic Growth Strategy Private sector support of non-proﬁt sector

Strong post-secondary system that attracts immigrants and is producing a well-trained labour force

[NOVA SCOTIA]

Strong start-up ecosystem (CEED, [PRIINCE EDWARD ISLAND] Volta Labs, Propel ICT, Innovacorp)

Technology is helping people Immigration overcome geographical challenges attraction Focused sectoral growth Vibrant arts community (e.g. ocean cluster, technology) Youth support programs Willingness to discuss issues, work collaboratively Chamber of Commerce Passion to grow Location We couldn’t have done it without you! 18 | JANUARY/FEBRUARY 2018 #ThinkBIG

of doing business in 133 different cities around the world putting Fredericton, [premier priorities] Moncton, and Saint John at the very top. Gallant sees the low-cost accolade as fertile ground for the province’s newest, never-before-seen economic driver, cannabis. With legalization and open THE LONG AND sale set to start in 2018, the premier plans to use this advantage to bring new capital investments to the province. WINDING ROAD “We see the production part of cannabis New Brunswick premier says there as an opportunity for manufacturing are many paths to prosperity and job creation, and we want to make sure we get the economic spinoffs. It is BY CHET WESLEY going to be produced somewhere, and communities need to have an open attitude.” Since his government has already For Premier Brian Gallant, sustaining New Brunswick’s GDP and employ- decided to reap the full benefit of its sale ment growth through 2018 requires many initiatives—most notably export infrastruc- by restricting it to government-owned ture and diversification, immigration and workforce development, the cybersecurity stores, Gallant plans to focus New industry, and cannabis production. That’s if the province’s traditional industries aren’t Brunswick farmers, entrepreneurs and hit too hard by its neighbour to the South. businesses towards the supply side of “The largest challenge we face is the protectionist attitude in the United States,” the equation, if they can overcome one says Gallant. “Ninety per cent of our exports go to the U.S., which is the highest of challenge. any province in the country. It’s good to have a strong relationship, but it is a vulner- “Because it will be highly regu- ability.” Gallant says he’ll respond to that challenge throughout 2018 by helping to lated, the challenge is for people to get increase exports to Europe and Asia. the appropriate licenses,” Gallant says. “We are the hub between North America and the E.U., and have lots of products “We have many businesses looking to the Asian market wants,” he says. “We are investing significant amounts in strategic invest in N.B., and it’s because we have logistical projects like roads and bridges, Route 11, the Port of Saint John, and Bathurst a cost competitive business environment airport to help products get around the world.” For Gallant, that means more non-U.S. and strong workforce. We are pleased exports of the province’s most plentiful products, namely softwood lumber, blueber- with the federal government’s plan to ries, maple syrup, French fries, and once online, enormous amounts of tungsten and make sure production is very tightly molybdenum from Northcliff Resources and Todd Corporation’s Sisson Mine. controlled.” Gallant points out that Part of that success will depend on increased immigration and skilled workers Health Canada-approved companies in the province. “Immigration is crucial for the future of the economy in Atlantic are already making significant invest- Canada, and it’s not just to grow the population,” says Gallant. “We’re very pleased to ments in the province (including Monc- work with the other Atlantic provinces on the Atlantic Immigration Pilot Program that ton-based organic marijuana producer focusses on finding a certain skill set.” Organigram, Ontario-based Canopy At the same time, in 2018 his government plans to invest heavily in education to Growth, and British Columbia-based prepare New Brunswick youth for the next generation of its economy, especially in Zenabis) and will supply government computer science. “We will invest more in education to increase literacy, and youth stores with up to $90 million worth of learning (computer) coding in our schools,” Gallant says. “We need them to be cannabis products per year. As part of comfortable in both using technology and creating it.” Ultimately, the premier wants the deal, Zenabis plans to create 450 to see New Brunswick become the epicentre of cybersecurity in North America. new jobs at a future 393,000 square foot “Cybersecurity …is a huge challenge for business, government, and Canadians,” plant in Atholville, N.B. says Gallant, who expects to see an increase in businesses and individuals obtaining Cannabis cultivation won’t be for big cybersecurity credentials this year through the Cyber Essentials Certification program. corporations alone. When asked, the Accredited by QG Business Solutions, who does the same for the U.K. government, premier said any business that’s able to the company is one of the authors of the ISO 27001 global standard for cybersecurity. obtain the necessary licenses would be “What’s fantastic about cybersecurity (in New Brunswick) is that it’s driven by the eligible for the same provincial business private sector and universities,” says Gallant. “It’s an emerging industry with hundreds development programs as any other type of millions of dollars of great opportunities. I want us to be able to increase our compet- of enterprise, where they qualify. itiveness. A lot of indicators have been going in the right direction,” referring to KPMG’s For Premier Gallant, other touch- 2016 Guide To International Business Location Costs. The study compares the costs points for economic growth in 2018

Those devilish details How much money will What, exactly, do you hope We here at Atlantic Business Magazine your government spend on to accomplish? For example, were impressed by Premier Gallant’s big each of these initiatives? are you hoping to increase picture thinking—and we’d like to learn more. Here’s some of the follow-up Asia exports by 20%? Attract questions we wish we’d had time to ask Where will that money 5,000 new immigrants in the before we went to press: come from? next two years?

20 | JANUARY/FEBRUARY 2018 include continuing investment in renew- able energy, and tidal power, in partic- ular, selling some of NB Power and Siemens smart grid technology develop- ments abroad, and what he calls the most significant investment in tourism infrastructure in New Brunswick history. For tourism alone, Gallant expects to see the industry’s value grow to $100 million per year by 2024. All things considered, when it comes to economic growth, a large part of Premier Gallant’s plan involves getting as far ahead of the curve as he can on new, prospective industries and putting New Brunswick on the map and helping companies and people finding their way there, and back again.

FEEDBACK * [email protected] a @AtlanticBus; @Chet_Wesley; #nbpoli

When do you expect to see results?

What happens if you don’t see the expected results by your target dates?

20 | JANUARY/FEBRUARY 2018 ATLANTICBUSINESSMAGAZINE.COM | 21 #ThinkBIG The most extensive service

[playing to our strengths] in Newfoundland GOING GLOBAL STARTS LOCAL and Labrador THE EUROPEAN UNION concept are a resource to be harnessed of subsidiarity emphasizes that for economic success. Talk to Jim you should only do at the pan- Randall and Godfrey Baldacchino, And convenient travel European level, led in Brussels, who share a UNESCO Chair in what makes sense at that level. Island Studies at UPEI. We need options throughout You should only do at the national networks and partnerships with Nain level, what can be best done at the our neighbours, and distant Eastern Canada national level. You should start at trading partners, but we need to Natuashish the local level, closest to citizens, maximize our local jurisdictional Hopedale to firms, to labour markets. tools like small semi-autonomous Makkovik We do a bad job of this in jurisdictions are doing around the Canada. We have strong provinces world. And they are, collectively, Postville but an even stronger federal leading larger jurisdictions in Rigolet government. And at the sub- growth in GDP per capita. True Rob Greenwood, Ph.D. provincial level, we’re a joke; story. Executive director the weakest local government Just look at what we’ve done Leslie Harris Centre of Regional Policy Churchill Falls in the OECD. And as much as under the Canada First Research and Development, Memorial University Goose Bay many people believe that bigger Excellence Program. Designed is better to gain economies to feed the insatiable demand for of scale, the evidence is clear: global recognition by our largest Wabush Blanc-Sablon worldwide, small jurisdictions universities, Memorial approached St. Anthony PAL Airlines that maximize their capacity to Dalhousie to partner, and with St Augustine La Tabatière Air Borealis respond to opportunities and build UPEI, we won the single largest We need networks and OPERATED BY Tête-à-la-Baleine PAL AIRLINES competitive advantage geared grant under Canada First, and Chevery to their specialized infrastructure established the Ocean Frontier partnerships with our and labour markets have the best Institute. Each university, and our Natashquan La Romaine chance of success. partners, play to our respective neighbours, and distant Kegaska Sept-Îles Gander That doesn’t mean we shouldn’t strengths—built meeting local and trading partners, but we Deer Lake be cooperating Atlantic-wide, provincial and national needs. and beyond. We’ve seen better And in our areas of expertise— need to maximize our local Stephenville collaboration amongst our cold oceans and arctic science, St. John’s provincial governments, with technology and society (COASTS) jurisdictional tools like the federal government, in the at Memorial—we are the best in the Mont-Joli last couple of years (political world. small semi-autonomous alignment helps). The Atlantic That kind of thinking is what jurisdictions are doing Provinces Economic Council has inspired our private sector partners been providing key insights into to go after one of the federal Super around the world. our shared Atlantic economy for Clusters. There are opportunities years. And the Atlantic Association for firms and industries in each of Québec City For reservations call 1.800.563.2800 of Universities provides an ongoing our provinces to work together or contact your local travel agent mechanism for sharing best across provincial and sectoral practices and forging common boundaries and advance world- Halifax Book online at palairlines.ca | positions to advance common leading innovation: thinking Montréal causes. global, collaborating as a region With the exception of those (and beyond), implementing local who still delude themselves solutions. Just watch us. into thinking that some form of Atlantic-Canada-wide (maybe even extending into the U.S. Eastern Seaboard) homogenous FEEDBACK ‘Atlantica’ region is the answer to * [email protected] our fiscal woes, we know that our a @AtlanticBus; @RobGreenwoodNL; provincial powers and identities #LocalStrengths

22 | JANUARY/FEBRUARY 2018 WHAT’S NOT WORKING? [NOVA SCOTIA] Not enough What deters growth and prosperity? Pay investment capital attention to the dierences and commonalities Ontario-based banks not interested voiced by attendees at the four provincial in small, local businesses workshops—do mutual challenges present mutual opportunities? Wages and benefits: employers can’t compete with Alberta Too many people disengaged from workforce [PRINCE EDWARD ISLAND] Government departments and Seasonal culture decision-makers working in silos Inadequate Internet Not enough R&D/ commercialization Risk-averse Inferiority complex Insucient public transit [WHERE THEY OVERLAP] Fear of success (Tall Poppy Syndrome) Bureaucracy/red tape Taxation Provincial debt and deficits Over-dependence on government Not retaining graduates Education doesn’t reflect workforce needs Not celebrating our successes

Not enough exports Rural/urban divide Not enough immigration/ newcomers not staying

[NEW BRUNSWICK] [NEWFOUNDLAND AND LABRADOR] Intra-provincial competition for government resources Lack of self-conﬁdence

Segregation of English and French Misunderstanding of Voter and emotion-based innovation (more than IT) decision making Voter complacency, especially youth Lack of succession planning Poor “customer service” from Too much complacency; businesses government agencies too comfortable to grow #ThinkBIG

[what if?] that pools air traffic to attract routes. WHAT’S NOT WORKING? [NOVA SCOTIA] Our cities are stronger together and we need that combined strength. Not enough For the second challenge, it will What deters growth and prosperity? Pay investment capital AMAZON SELECTS take a long-term vision to prepare attention to the dierences and commonalities SUSSEX, N.B. FOR a significant workforce in fields Ontario-based banks not interested like computer science, electronics, voiced by attendees at the four provincial in small, local businesses ITS NEW HQ2 mechatronics, and data science. workshops—do mutual challenges present Interestingly, in addition to labour Sussex considering renaming mutual opportunities? Wages and benefits: force requirements, Amazon’s RFP employers can’t compete with Alberta town to Amassex in light of seeks information on computer- Amazon’s investment. science programs from K-12. I’m Too many people disengaged imagining a New Brunswick school from workforce I’D BET GOOD MONEY that you system that offers integrated [PRINCE EDWARD ISLAND] immediately categorized the above STEM programs from an early Government departments and headline as ‘fake news’ but my ‘Big age, immersing youth in coding, Tracy Clinch Seasonal culture decision-makers working in silos Think’ is to ask, why not? What’s robotics, and engineering to excel holding New Brunswick back from in high-paying jobs. President & CEO, Masitek Instruments Inc. Inadequate Internet Not enough R&D/ landing a major RFP such as that Beyond a fictional Amassex, commercialization issued by Amazon for its second Amazon HQ2 is not realistic in Risk-averse headquarter location dubbed HQ2? today’s New Brunswick. In a public process this fall, My ‘Big Think’ is a New Brunswick Inferiority complex Amazon posted a Request for that excels with major centres Proposals for the $5-billion project. cooperating to compete globally, Reality check: this is how Insucient public transit Expected to create 50,000 jobs with and investing in infrastructure and forward-thinking companies are [WHERE THEY OVERLAP] an average salary of $100k, indirect youth so that we can attract major Fear of success (Tall Poppy revenue will top tens of billions. investments. evaluating investments—and how Syndrome) Bureaucracy/red tape Amazon received 238 proposals Why New Brunswick? Why not. we need to think in response. across 54 states and provinces FEEDBACK Taxation in Canada and the United States. * [email protected] New Brunswick was among a a @AtlanticBus; @clinch88; #WhyNot Provincial debt and deficits handful of jurisdictions like Arkansas and South Dakota that didn’t Over-dependence on government make a submission. (Really New Brunswick?) Conference Resort & Spa Not retaining graduates Amazon’s wish-list is telling. OLD ORCHARD INN It isn’t about low taxes. They are Education doesn’t reflect workforce needs seeking a diverse community that understands technology. Not celebrating our successes Reality check: this is how forward- thinking companies are evaluating Not enough exports investments—and how we need to think in response. Rural/urban divide On some points, Amazon’s wish list matches our competitive Not enough immigration/ advantages: newcomers not staying • Community: diverse population and recreational opportunities • Quality of life: housing, cost of [NEW BRUNSWICK] living, and crime statistics. [NEWFOUNDLAND However, as a New Brunswicker Intra-provincial competition AND LABRADOR] who promotes technology around for government resources the globe, some criteria stung as Lack of self-confidence familiar challenges: international Segregation of English and French travel logistics and hiring for (school buses, licence plates, etc…) Misunderstanding of technical positions. Annapolis Valley Conference Facility & Resort innovation (more than IT) Amazon calls for an international Voter and emotion-based airport with direct flights to New With over 12,000 sq.ft. of meeting space and only one hour from Halifax. Local activities Voter complacency, York City, San Francisco, and decision making include golf courses, wineries and Hall’s Harbour especially youth Washington. (Oh, to have just one of those routes and one overseas to lobster pound for the complete Maritime experience Lack of succession planning avoid stops in Montreal or Toronto!) Poor “customer service” from For my fictional town of Amassex, government agencies oldorchardinn.com 1-800-561-8090 [email protected] Too much complacency; businesses I’m envisioning a regional airport Hwy 101, Exit 11 153 Greenwich Rd. South, Wolfville, Nova Scotia too comfortable to grow

ATLANTICBUSINESSMAGAZINE.COM | 25 #ThinkBIG

the last 25 years, and over 60 per cent of [premier priorities] their economic growth is in rural areas. “Anytime you look at percentages it is relative to what the base was. But a 25-year comparison is a good one because it is about sustained growth over MORE THAN JUST A time. The aerospace industry started pretty well around then. The whole bioscience and pharmaceutical area PRETTY PLACE has really grown during that time. That Wade MacLauchlan has every right to boast—P.E.I. is growth continued in 2015 and 2016.” leading the region in key economic indicators MacLauchlan says the opening of the Confederation Bridge in 1997 has been BY NICHOLAS OAKES a major contributor to the strides the island’s economy has taken. The fixed link between P.E.I. and N.B. means Prince Edward Island led the way across Canada for full-time job growth goods and people can flow freely at any between Nov. 30, 2016 and Nov. 30, 2017 with 2,700 new permanent positions being time of the day. created (a 4.6 per cent increase). That nation-leading growth was seconded by B.C. at “We have 500 trucks crossing every 4.4 per cent full-time job growth. day in each direction,” MacLauchlan “It is fabulous really,” Premier Wade MacLauchlan says of P.E.I.’s gains. “This says. “We could never have enough shows an economy that is both intensifying and diversifying. That is very interesting. ferries. Whatever number you could We have had two very strong years in the fishery overall, and those tend to be resources come up with, it would not have been that move around in the economy and affect all parts of the province. Agriculture, too, enough ferries to keep up with this act has been good for a couple of years; you always have either your price or your yield of commerce. This is not just a one-way that is never 100 per cent.” street. We are buying and selling.” That said, the 63-year-old Liberal premier is quick to point out that the ‘Garden Of “One of the things that a govern- The Gulf’ is more than just agriculture, fisheries and tourism. ment with the right conditions can do “Those three together comprise $1.7 billion, maybe more than that when you and should in a time like this is invest bring in multipliers and money that gets spread around,” MacLauclan said while in strategic infrastructure. This has pointing out the island’s aerospace industry is equal been a very favorable time in terms of in spending to tourism. “The total P.E.I. economy federal infrastructure programs. We is about $6.6 billion. It is always interesting have invested in and completed the in any economy to see how the traditional upgrade of the electricity transmission economy is doing and how the new cable between Prince Edward Island sectors are coming up. While agri- and New Brunswick. [It cost] $142 culture and the fishery are doing well, million—a huge thing and it is some- this has been matched by and coupled thing that should be good for 50 years, with serious growth in manufacturing. maybe longer.” We have seen manufacturing growth Peak demand on the island is 270 higher than the country as a whole.” megawatts under current conditions He says that P.E.I. has doubled the with the old cable maxing out at 200 national average in export growth over megawatts. The upgrade can now bring

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P.E.I. 560 megawatts of electricity under the Northumber- land Strait. “That is a huge thing and it is done now for Bragging rights the next two or three generations,” MacLauchlan says. “It actually gives us the ability that we can think about selling some power.” MacLauchlan has plans for more economic expansion in 4.6% the coming years with improvements currently being made P.E.I. led the country in full-time job growth at the Charlottetown Airport, including a new runway, and from Nov. 30, 2016 to Nov. 30, 2017 with a provincial commitment to bring broadband internet to 2,700 new permanent positions). Second- every home on the island within the next two years. place B.C. had 4.4% over the same period. The previous Liberal government under Robert Ghiz undertook a similar project but the threshold for island-wide service was only 1.5 megabytes per second. MacLauchlan said this project will do even more. “Oh, much faster and reliable,” MacLauchlan says of the internet network upgrades to be made, while stopping 2x short of putting a hard number on how many megabytes P.E.I. has doubled islanders can expect. “As soon as you put a number on it the national average someone will say ‘I’m not getting that’ or ‘I just dropped a in export growth over phone call.’ But it is meant to be effective high speed and the last 25 years right across the province.” 60+% MacLauclan says this infrastructure program will lift The bulk of the constrictions that hindered rural P.E.I. from accessing island’s economic foreign markets online. growth is in When sworn into office, one of the biggest concerns rural areas for MacLauchlan was the province’s population, which was aging with young people often opting for work in the nation’s larger centres. But according to the latest statistics, P.E.I.’s population has risen to 152,000 people as of June 2017 with the median age actually decreasing from 43.7 560 megawatts years to 43.5. Ontario and Manitoba were the only other New carrying capacity for the electricity provinces to see decreases with both lowering median age transmission cable between P.E.I. and N.B., by point-one compared to the point-two decrease on P.E.I. almost triple the previous 200 megawatt capacity “This is the one that I am proudest of… P.E.I. is not used to being the one leading the way in these things. We actually had an increase in natural birth rates in 2017 compared to the year before. Immigration has been a sizeable contributor to this too. We have made some sizable gains by about 50 per cent, in the intra-provincial net migration of people 152,000 throughout the country.” MacLauchlan says with the bend in the curve in popula- P.E.I.’s population as of June 2017, up 5% compared to 2013. The island also saw tion increase, P.E.I.’s population is projected to hit 200,000 the biggest median age drop in the country, people by 2056. That’s impressive for a province that increased birth rates and noticeable gains hit 100,000 people in the 1880s and has historically had in inter-provincial net migration trouble making sizable increases to that number. “People are on the move and people have choices,” MacLauchlan says. “We have our second largest capital budget ever that is addressing some real needs, with the biggest expenditures being in education and health. [Having a growing economy and a balanced budget] enables us to invest in critical areas and priority areas.” It’s not bragging if you can back it up. Muhammed Ali P.E.I. has the advantage of scale which will continue to serve it well in the years to come, the premier says. “We can work more closely together and make sure we’re seizing every opportunity we can,” MacLauchlan Public Enemy #1 said. “We are and we will continue to show the world 2 The biggest road- that a growing economy does not simply mean moving to block to continued town. Prince Edward Island, in the context of global trade, years economic growth, if we’re doing it well, we are always going to come out according to Big Think Deadline for when P.E.I. attendees: ahead.” Premier MacLauchlan says every home on reliable FEEDBACK the island will have high speed * [email protected] access to broadband a @AtlanticBus; @WadeMacLauchlan; #peipoli internet. internet

26 | JANUARY/FEBRUARY 2018 ATLANTICBUSINESSMAGAZINE.COM | 27 [an immigrant’s point of view] [what’s holding us back]

DANCING AROUND THE ISSUE NOW OR NEVER

I LEFT KIEV, UKRAINE in 2000 because of the crisis that was NEWFOUNDLAND AND LABRADOR, unfolding and because I was looking for an opportunity to create like most of Atlantic Canada, suffers new productions and build a new life. I decided to come to from two structural economic Moncton, did some choreography for schools—then I met Susan problems. Chalmers-Gauvin. First, it has too many people We talked about my idea of starting a small, high calibre company living in rural communities: 43 per with only new productions. She was impressed, and in June 2001 cent of NLers live in communities we formed the Atlantic Ballet Theatre of Canada. In May 2002, we with less than 5,000 people (the premiered our first new ballet, Figaro. Canadian average is 19 per cent). While the people of Moncton have been extremely friendly and Unfortunately, too many of these welcoming, it has been a long journey. I came to Canada with rural communities lack the eco- hope—bringing all my experience to a new country and then I nomic base to support full-time realized I was out of context culturally and linguistically. When you employment and end up with a can’t properly express yourself, it is very frustrating. Luckily for me, high reliance on seasonal work. when it came to dance, the language was universal. Dance can Further, that excessive ‘ruralness’ trigger dialogue that otherwise may not be possible. means that the cost of public My wife, Yuliaa, and I have a 15-year-old daughter and an eight- service delivery is debilitatingly year-old son. We bought our first house two years ago, so this is high. Think of the number of health really starting to feel like home. It took almost 18 years for that to care facilities that are currently in happen, and I still sometimes feel like an outsider. place as an example: more than 40 Each immigrant’s journey is different and the level of cultural health care facilities, including 35 shock varies, but for the most part their feelings are similar. hospitals, for a population of half a Language issues and finding work are two large barriers for million. newcomers to Canada. There are many moments of sadness, The second structural economic isolation, grief, frustration, panic—but also moments of joy. problem is its workforce That struggle is why the Atlantic Ballet is hosting a provincial composition. According to the immigration summit next spring. We are inviting entrepreneurs, latest Statscan numbers, 26 per business leaders, academics and newcomers to talk openly cent of those employed in the about immigration, diversity and inclusion. More often than not, province work for the public immigrants and business leaders in Canada are living in two separate sector (the Canadian average worlds. I have no doubt we will see great success when these two is 20 per cent). If you believe worlds come together. that the private sector is most responsible for job creation, then FEEDBACK Newfoundland and Labrador is * [email protected] essentially shorthanded in terms a @AtlanticBus; @AtlanticBallet; #immigration of growing the economy. It’s the same situation across the region and one of the reasons why the ALIEN Atlantic provinces have trailed In May 2018, Igor Dobrovolskiy national growth rates for much of will launch a new ballet the last 60 years. that highlights the internal In addition to these two and external struggles of problems, attitudinal barriers are newcomers. preventing the types of changes needed to address the economic and social challenges in the province. As an example, despite It is my hope that a stagnant and aging population, nearly half of N.L. residents newcomers to Canada believe the province is equally or more diverse in its population will relate to the ballet as other parts of Canada. In fact, and that others will Newfoundland and Labrador has the smallest percentage better understand them of residents borne in another Igor Dobrovolskiy because of it. country: 2.4 per cent versus 21.9 Co-founder and artistic director per cent for Canada. Atlantic Ballet Canada So, how to address these challenges? One suggestion is

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the creation of hubs focused Given the small domestic market, there is also a need to become more on economic development and export oriented. This will require more investment in science and technology- more efficient delivery of public oriented companies with a focus on national and international markets. services. Newfoundland has 12 This is a now or never moment in the history of Newfoundland and urban centres, with populations of Labrador. Boldness of action is an imperative if the province is to secure its 5,000 or more, serving 90 per cent economic future. of the population (within 75 kms). Regional economic development FEEDBACK strategies, including streamlined * [email protected]; [email protected] public service delivery (especially a @AtlanticBus; @DMillsCRA; #NowOrNever healthcare), should be sought. The province also needs a strategy to increase its population by at least 4,000 per year over the next decade simply to replace those Too many rural who will be leaving the workforce. Without population growth, the communities lack the province’s economic future is bleak. economic base to support The province must also find a full-time employment and way to re-balance its workforce. One method of doing so is to end up with a high reliance outsource, on a competitive basis, non-essential public sector on seasonal work. Further, work to the private sector, as has happened elsewhere in Canada. that excessive ‘ruralness’ There is also a need to reduce the number of municipalities. means that the cost of There are currently over 270 public service delivery is Don Mills municipal units in the province— Chairman & CEO far too many given the population. debilitatingly high. Corporate Research Associates Inc.

28 | JANUARY/FEBRUARY 2018 ATLANTICBUSINESSMAGAZINE.COM | 29 WHAT CAN WE DO BETTER?

[NOVA SCOTIA] Here are some of the creative solutions that workshop attendees said could increase Create a made-in-N.S. growth economic growth and prosperity. strategy with localized solutions What do you think? Join the conversation: Partner students @AtlanticBus; #ThinkBIG with business mentors Think outside the 40-hour week with ﬂex hours and work arrangements Teach youth it’s ok to fail

[NEW BRUNSWICK] Focus on becoming an investment-friendly destination Buy local, spend [NEWFOUNDLAND local, support local Make post-secondary education AND LABRADOR] mandatory for all citizens Create an InvestNL Networking is important. Show up! Host trade shows. Encourage incentive program to Identify (and ﬁll) gaps where people exports by bringing potential encourage local investment aren’t meeting their potential clients to Nova Scotia Launch public education campaign Set up small business forums for SMEs about debt and deﬁcits

Combine English and French wherever possible Build infrastructure Create personal “dashboards”—you can’t for future needs improve what you can’t measure! Find a way to Implement student-centric learning transform tourists/visitors into residents that promotes individual success [WHERE THEY OVERLAP]

Centralize services and reduce the number of airports Fully-funded free child care Take ownership of issues and problem solving (stop looking for government to ﬁx everything)

Lengthen immigrant attraction programs to ﬁve years; give them a chance to put down roots Market more, advertise more and [PRINCE EDWARD ISLAND] promote local success stories

Island-wide Create a strategy to encourage international Closing remarks: participants high speed Internet! students to stay after graduation consistently noted how much they welcomed the opportunity Institute a branding program that Find ways to promote regional cooperation to #ThinkBIG and hoped we promotes Atlantic Canada as a would continue this inter- great place to do business Learn to sell and export more eectively provincial communication and (not just a tourist destination) collaboration. We will. Our Simplify and lower taxation second annual thought leader- Create an attitudinal change—there’s nothing wrong with being successful ship workshop series will be held in September 2018. Be creative with public transit: buses, vans, taxis, car pools For more information, visit www.atlanticbusinessmagazine.net/ End the bridge toll big-think WHAT CAN WE DO BETTER?

Centralize services and reduce the number of airports Fully-funded free child care Take ownership of issues and problem solving (stop looking for government to ﬁx everything) Not enough women recognize Lengthen immigrant attraction the signs of heart attack programs to ﬁve years; give them and know what to do. a chance to put down roots My mom was one of them. Market more, advertise more and Joannie Rochette Olympic medallist, figure skating [PRINCE EDWARD ISLAND] promote local success stories Honorary Chair, Heart & Stroke Canvass

Island-wide Create a strategy to encourage international Closing remarks: participants high speed Internet! students to stay after graduation consistently noted how much they welcomed the opportunity Institute a branding program that Find ways to promote regional cooperation to #ThinkBIG and hoped we promotes Atlantic Canada as a would continue this inter- great place to do business Learn to sell and export more eectively provincial communication and Help change that. (not just a tourist destination) collaboration. We will. Our Share the signs. Raise funds for research. Simplify and lower taxation second annual thought leader- Create an attitudinal change—there’s nothing wrong with being successful ship workshop series will be held in September 2018. Join Joannie Be creative with public transit: buses, heartandstroke.ca/help

™ The heart and / Icon on its own and the heart and / Icon followed by another vans, taxis, car pools For more information, visit icon or words are trademarks of the Heart and Stroke Foundation of Canada. www.atlanticbusinessmagazine.net/ End the bridge toll big-think

ATLANTICBUSINESSMAGAZINE.COM | 31

Joannie_AdMatte_4.625x4.875_EN_v2.indd 1 2017-11-21 11:09 AM #ThinkBIG

Scotia receives direction from a board [premier priorities] of directors who are independent of government. McNeil says the fund will improve Nova Scotia’s competitiveness in the global economy. McNeil says that much of the focus PREMIER STEPHEN of programs such as Invest Nova Scotia and the Building Tomorrow Fund is on fostering industries that will sell goods MCNEIL SAYS... and services internationally. “Increasing Asset management a central focus of Nova Scotia our export markets is vital,” he says. government’s strategic plan “We all should be proud of companies like Clearwater, Highliner and Oxford BY TOM MASON Frozen Foods, just to name three companies that are doing an outstanding job of exporting around the world. Other Don’t use the phrase “have not province” around Stephen McNeil. The companies need to realize that they Premier of Nova Scotia rejects that old adage, saying his province has big economic can be taking their products to markets potential as long as you know where to look. “We’ve seen some very positive numbers around the world as well.” in the last year,” says McNeil. “Our ocean cluster, our innovation hubs like Volta Labs, Though admittedly not as glamorous our export businesses—there are some real success stories here. Now we have to ask as ocean clusters and technology hubs, ourselves how we can capitalize on the assets we have here—on the opportunities the Nova Scotia government is also presented by ocean technology, by the emerging tech industry, by our universities and putting much of its economic develop- the innovation that is coming out of those institutions. How do we capitalize on the ment focus into levelling the business young, bright minds who come here to study and to live?” playing field in the province. “We’ve The first part (ocean technology) represents the jewel in the McNeil govern- increased the Small Business Corporate ment’s economic development strategy crown. Driven in large part by a cluster Income Tax threshold from $350,000 to of ocean-related businesses in Halifax, ocean technology companies in Nova Scotia $500,000,” says McNeil. “That’s a tax already earn an estimated $2 billion in sales every year—an impressive sum for an innovation that will help make Nova industry that has developed without a lot of economic development fanfare. McNeil Scotian small businesses more competi- says his government is now doubling down on that success story by providing support tive with the rest of the country.” to a number of new ocean-related initiatives, including the new Centre for Ocean For the premier, who owned and Ventures and Entrepreneurship (COVE) housed in a decommissioned Coast Guard operated his own small business before base on the Dartmouth waterfront. entering politics, reducing the amount “We started in 2013 on a course to diversify the economic opportunities available of red tape that businesses are forced to in this province,” says McNeil. “We looked at opportunities like the ocean cluster in deal with has long been a pet concern. Halifax and Nova Scotia’s wine industry and began developing ways we can increase The new Office of Regulatory Affairs the value of these industries.” and Service Effectiveness (RASE) is his As part of their 2017 election platform the McNeil government’s response to that. RASE government announced a $17.4-million investment was created in 2015, with former Bell in the agriculture and aquaculture industries Aliant executive and lawyer Fred Crooks known as The Building Tomorrow Fund. The fund appointed as Nova Scotia’s first chief will invest $9 million in the agriculture and seafood regulatory officer. Unique in Canada, industries over the next three years to help busi- the office has two important mandates: nesses in the province develop new products and to reduce the undue regulatory burden open up new markets. McNeil says the program, faced by Nova Scotia businesses and to due to start in 2018, will create jobs for young align regulatory systems across Atlantic people along with new opportunities for Canada. business in the province. Another RASE’s first major cost-reduction part of the fund, called the Aqua- initiative promises to reduce regulatory culture Development Program burdens to businesses by $25 million will support the aquaculture starting at the end of 2018. By reducing industry in Nova Scotia with the time and money that businesses spend an $8.4-million investment complying with regulations that are unnec- over three years. essary for achieving regulatory objectives, Invest Nova Scotia is McNeil says businesses will see imme- another new program, diate and significant cost savings. “The a fund that invests in region needs to work together to create a industry sectors rather strong regulatory vision,” he says. “Fred than individual busi- Crooks and his team are doing a fabulous nesses. Designed to foster job and we’re going to see some significant innovation and collabo- results with this.” ration within emerging If there’s one economic problem that industries, Invest Nova keeps the premier awake at night it can

32 | JANUARY/FEBRUARY 2018 be summed up in one word: people. Even with the recent influx of new immigrants, particularly those from war-torn Syria, the demographics in Nova Scotia need to improve, he says. “Population has been a big challenge. We need people, and we can’t just focus on one stream of immigrants. We need to change the demographic of this province, both by bringing in immigrants and by encouraging young people to stay here in Nova Scotia. We need to work with universities to bring in more international students. We need bright, young people who will stay, work and grow businesses here.”

FEEDBACK * [email protected] a @AtlanticBus; #nspoli

Time and money

A goal without measurable progress is just an idea. Here’s how Premier McNeil said he is focusing some of his province’s resources—and what he hopes to accomplish

The Building Tomorrow Fund A $17.4 million fund for the agriculture and aquaculture industries Goal: to develop new products, open new markets and create jobs over the next three years

Invest Nova Scotia A funding program for industries rather than businesses Goal: to improve Nova Scotia’s competitiveness in the global economy

Small Business Corporate Income Tax Increased corporate taxation threshold by $150,000, to $500,000 Goal: make Nova Scotian small businesses more competitive with the rest of the country

Office of Regulatory Affairs and Service Effectiveness Red tape reduction initiative Goal: to reduce the regulatory burden faced by Nova Scotia businesses by $25 million, starting end of 2018; and, to align regulatory systems across Atlantic Canada

Population growth Goal: to attract new immigrants and business investment, and convince young people to stay in the province

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generation, because in many [call to action] respects the knowledge of what heights can be reached gets lost to the collective conscience. DEFYING Those living in generational poverty may also live in ‘GENERATIONAL’ communities where others GRAVITY are struggling with the same gravitational force. Living without IN ONE OF MY VOLUNTEER many of the necessary means ROLES, I co-chair LivingSJ—a becomes the new normal and this collective impact movement in mode becomes firmly embedded Saint John with a goal to end in the community culture. The generational poverty. What many confidence to challenge the may not realize is that generational norm of poverty becomes slowly poverty is a much more stubborn eroded over time and in many David Alston and complex problem to solve ways these communities become Chief entrepreneur in residence than situational or temporary cut off from those around them. Government of New Brunswick poverty. When a person or family The consequences of trying to with a job/house/car/etc… gets escape—which is often seen by into dire straits after suffering others in their community as a catastrophic financial event, almost an insult—makes the risk of they are often privileged to have trying quite daunting for many. The next time you catch yourself friends and family with assets to In many ways this generational blindly giving in to generational lean on temporarily, with their gravity issue is descriptive of gravity typically pulling them a greater problem in Atlantic gravity, ask yourself what upward towards recovering to their Canada. Citizens have come to you could do right now, even norm. However, with generational believe that it is government’s job poverty, the gravitational pull is to solve society’s problems and something very small, that could often reversed, continually holding even individual’s problems. Not start the shift to a new norm. people down, generation after enough jobs? Government needs

process, instead of leaving them as an afterthought. The last thing you want [opportunity] to hear after launching a new product is, “We love it, we want it, we need it, but we can’t buy it,” because it’s the wrong shape, colour, weight, doesn’t appeal to market tastes, or is just plain ugly. Of course, product design isn’t SUCCESS BY DESIGN about aesthetics alone. But with more and more people buying online, product appearance is being used more and more to assess product value— THE PRIMARY THING I hear about through images as small as a half-inch square. If you think sales will thrive start-ups is that their success once people give your product a try, they’re already passersby. depends upon having the right A 2009 study by Laakso and Kostiainen at the University of Helsinki team, measurable growth and a concludes that there’s “a correlation between design inputs and growth in runway of cash. For established sales, export share and market value,” and that “design helps to improve companies, it’s all about finding the competitiveness and in becoming international.” With natural resources and time and minimizing disruption. And economies similar to ours, Finland built entire industries around design. With no matter what policymakers say a population of around 600,000 people, Helsinki houses over 500 product about their formulas for growing design firms. With a population of 2.3 million people, Atlantic Canada has the economy through innovation, the tidy sum of, wait for it, none. At least, I couldn’t find any on Google using they’re all missing one factor that the terms “product design firms” and the name of any East Coast province. renders the model incomplete and I believe that’s because Atlantic Canada built its 20th Century economy possibly unsustainable. That factor on raw materials like lumber, pulp, fish, metals, and minerals. So there was is professional product design. no need for product design education or firms. So who exactly is going As a practice, product design to design all those “value-added natural resource products” the provincial brings together the talents and governments are hailing as one of their economic saviours? skills of numerous professionals There is a tremendous opportunity to grow the Atlantic Canadian including artists, writers, engineers, economy through design, and it’s time for the provincial governments tradespeople, fabricators, shippers, to invest in the development of product design education and studio buyers, and users. The most development. Think big. Build the school. They will come. successful product-oriented companies bring designers in at FEEDBACK the very beginning of the planning * [email protected] a @AtlanticBus; @Chet_Wesley; #SuccessByDesign

34 | JANUARY/FEBRUARY 2018 #ThinkBIG

to solve it. Declining populations? down the silos, greying the lines and remembering that we are relatively Government, get on it. Rapidly small in the Canadian context—and small is good. Being one degree of aging population? Government separation from those you need to reach out to, learn from, and work with needs to fix this. And on it goes. It’s is a gift in Atlantic Canada. so commonplace that citizens feel A willingness to go against the norms is not for everyone, but it is still an they really only have three roles in exciting idea for quite a few. There is a tipping point where norms change. the greater scheme of things: voter, The next time you catch yourself blindly giving in to generational gravity, ask tax payer and chief complainer. yourself what you could do right now, even something very small, that could But with government (the civil start the shift to a new norm. And take a look around you at the growing service and politicians) caught in number of leaders deploying their rocket boosters to escape our generational their own norms—next to no R&D gravity. Join them, learn from them, be inspired by them. After all, when you spend, risk averse, limited social shoot for the moon, it’s much more fun to share the journey with others. capital to spend—the generational cycle continues and we all FEEDBACK unfortunately get what we deserve. * [email protected] Disrupting this cycle will a @AtlanticBus; @davidalston; #DefyingGenerationalPoverty require the initiative of brave, entrepreneurial and innovative citizens. It involves collaborating with those in our communities of similar mindset and keeping our civil servants in the loop and engaged. It involves testing new models, measuring outcomes, making quick adjustments and having the fortitude to kill an idea if it doesn’t produce (or scale it up if it does). It involves more social innovation labs, collective impact movements, mentorship, and volunteering. It means breaking

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[game changer]

NO MORE EXCUSES

I’VE HAD PEOPLE TELL ME, point blank, to stop investing in Atlantic Canada… and I basically tell them to go f&*$ themselves! I’m a proud Maritimer from Yarmouth, Nova Scotia. Four years ago I came home, drove through my hometown and was devastated. You could feel the shame, the heartbreak in the town. Yarmouth has an amazingly rich history that’s slipping away. The old jail, in the middle of town was for sale, so I bought it. I had no idea what I was going to do with it, but it was such an iconic building in the middle of everything, I thought if I could bring hope and inspiration it could spur change. Then I bought a row of buildings in the poorest part of town. These buildings are now home to RennDuPrat, a custom design fabrication firm led by master craftsman Dustin DuPrat. Mandy Rennehan RennDuPrat is using the latest technology and local talent to make legacy pieces right here in Nova Scotia. And we’ve started a revitalization in the Mandy Rennehan is redefining area. People are now starting to brag about where they live! There is more the collar, blue™ as one of work to do, but a little hope can spark the energy of a revolution. Atlantic Canada’s top entrepreneurs Canada IS a place to brag about! A place that deserves attention and is due and the Blue-Collar CEO™ for major growth. of Freshco—Canada’s #1 We need to support areas outside of major city centers. If we take care reconstruction and retail maintenance provider. of the edges the middle will take care of itself. We all have a part to play in the growth of Atlantic Canada. Our people, our innate personalities, and our caring hearts, are what make us a commodity. This is our common thread and this is what sets us apart. So, with all this going for us, why isn’t Atlantic Canada growing and thriving? Attitude! We suck at marketing ourselves. I was driving in Toronto and saw a billboard advertising Atlantic Canada with a whale on it! Do you know how much these billboards cost? Why would we promote just We need to support whales? We need to inspire people to come visit, live here, show them they can have an amazingly rich life. We have not wet their whistle like other areas outside of major places have. This is a wake-up call! I’m out there peddling the East Coast every damn day! I tell people, just jump on a quick flight, meet the amazing city centers. If we people, breathe the air, see the beauty, eat the delicious seafood, drink your face off….and you know what? Everyone who goes loves it! take care of the edges The problem is people are not looking at us as a serious economic powerhouse. We are playing micro business, not major the middle will take business. This way of thinking is not going to generate prosperity. We need infrastructure and amenities to support our growth. This is your care of itself. responsibility, my responsibility—our job. Let’s stop complaining and waiting for someone else to make it happen. Hey, has anyone built the business plan for Atlantic Canada yet? I know that together we can formulate the marketing of this amazing region, but it starts with you. Hold yourself accountable and hold our leaders accountable, demand more. We need more people who understand business, economics, innovation, and entrepreneurship in leadership positions. If you know these people encourage them to step up. If you are this person, step up! Atlantic Canada needs you NOW. We have all the amazing elements right here, we just need to harness them. I’ve made millions from embracing my East Coast roots. People couldn’t believe I was nice, productive and accountable—I made myself a commodity in both Canada and the U.S.! If I can do this, what we can do together is unbelievable!

FEEDBACK * [email protected]; [email protected] a @AtlanticBus; @MandyRennehan; #BeTheChange

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[premier priorities] interest and promote new development. Part of that work involves engaging in core digitization (making core sample data available in electronic formats THE WAY FORWAR D? and broadly sharing it with companies Premier Dwight Ball hopes to form a united front worldwide). This is similar to what we do when we share seismic data with oil with N.L. partners in battle for prosperity and gas companies… As part of building upon our reputation as a “must see” destination, we have When Atlantic Business Magazine was unable to schedule an in-person inter- also partnered with tourism operators to view with Newfoundland and Labrador’s Premier Dwight Ball before our press date, develop and launch a tourism product we asked if he could respond to three questions via email. The following is an excerpt development plan. With this multi-year from his responses. plan, we are confident we will achieve our mutual goal of doubling resident and Question 1: What are the top five priorities for the Government of Newfoundland non-resident visitor spending by 2020. and Labrador (can be challenges or opportunities)? We are also finding ways to develop Premier Ball: Newfoundland and Labrador is a province that abounds with opportu- industries with untapped potential. For nity and potential. It is a place that is recognized globally for its welcoming nature, example, in September our government big personalities, immense natural resources, and its unforgettable tourism, culinary, launched 28 actions to respond to our and cultural experiences. aquaculture industry’s human resource, Our top priority as a government is to remind people of these defining qualities infrastructure, and promotional needs. of our province, and show how they will be harnessed to see us through immediate The ultimate goal is to grow production challenges, and onwards toward greater prosperity. activity so that the number of year-round The next four priorities follow naturally from the first, and are the foundation of jobs supported by aquaculture more The Way Forward, our vision for sustainability and growth in Newfoundland and than doubles—from 1,000 to 2,100. Labrador. They are: strengthening the province’s economic foundation, achieving In October, we launched 43 actions in greater efficiency, enhancing services, and improving outcomes. partnership with the provincial agriculture sector to double the province’s food Question 2: What is your government doing to advance those priority areas? self-sufficiency, and double the number of Premier Ball: Our government has been working in collaboration with the provincial people directly employed in agriculture. business community, region by region, sector by sector, In the New Year, we will launch more business by business, to pursue untapped poten- actions with leaders in the provincial tial and create a strong environment that fosters technology sector that are specifically new development. designed to grow that industry. Examples of this collaboration are readily ...In pursuing partnerships like these seen in our partnerships with players in with our business sector, we are creating the oil and gas and mining industries. new employment opportunities that For example, we have established an Oil young people and newcomers to Canada and Gas Industry Development Council can build their futures upon. with players in our offshore to ensure ...(We) also need to find greater effi- our province is a global leader in sustain- ciency in our operations, and deliver able practices and regulatory policy. In a better services and outcomes if we are recent global survey of petroleum-sector to make Newfoundland and Labrador executives released by the Fraser Institute, an attractive place to live, work, and do Newfoundland and Labrador was ranked business. In this past year, our govern- the most attractive province in Canada for ment reduced approximately 300 senior oil and gas investment, and the fourth most management positions and significantly attractive jurisdiction worldwide. Our reorganized departments to achieve council will build on that momentum greater efficiency. We also reduced the through their work, and at the provincial government’s leased space same time, our government will footprint by tens of thousands of square continue to engage our federal feet, and we continue to find efficiencies. counterparts to ensure With each action, we delivered on our regulatory oversight is goal to achieve savings while still deliv- timely and robust, but ering quality programs and services for not administered in the people of the province. a manner that might With respect to delivering better delay or inhibit new services and achieving better outcomes, exploration. we are finding smarter ways to meet the …We are also expectations of residents. I am proud to partnering with the note that Newfoundland and Labrador mining industry became the first jurisdiction in Canada to attract global to offer advance online appointment

38 | JANUARY/FEBRUARY 2018 booking and SMS text alerts as part of the service experience provided at our province’s busiest Motor Registra- tion Division office. Earlier this year our government participated in a joint Request for Proposals with the other Atlantic provinces to secure a new driv- Buying or selling a er’s licence delivery system that will improve the security of personal infor- business? Considering mation and enhance service delivery. The end result was a better product for residents with the potential to also a sale to management achieve savings through cooperation. We are also partnering with our fellow or the next generation? Atlantic provinces and the federal government to promote economic development through the Atlantic Growth The right support makes Strategy. all the difference. Question 3: What timelines or benchmarks are in place to measure progress? Premier Ball: All actions outlined within The Way Forward are evidence-based, measurable and concrete. Our government has committed to delivering peri- odic report cards on our progress, and we delivered the first of these in March of 2017. …We also publicly committed that all our initiatives aimed at growing indus- Get all your questions answered by the Transactions Advisory team tries with untapped potential must be at Grant Thornton Corporate Finance Inc.—we know Atlantic Canada. fully implemented within 24 months We’ll meet your needs with our full service approach that focuses on from the time of launch. providing deal support at every stage of the transaction. Our services are built upon: FEEDBACK * [email protected] • Integrity and reputation a @AtlanticBus; @DwightBallMHA; #nlpoli • Dedicated and experienced transactions, M&A, debt advisory, and valuation professionals Is it enough? Contact us to see if we can add value at any critical point in the Even with Premier Ball’s transaction lifecycle of your business. achieved efficiencies, the GrantThornton.ca/CorporateFinance Province’s 2017 deficit grew from a forecasted Kevin Fraser Jillian Murray $777.6 million to $852.4 Partner, Atlantic Practice Partner, Transactions million, due to lower than Leader, Transactions T +1 902 491 7745 T +1 902 491 7797 E [email protected] expected revenue E [email protected] (November 2017 fiscal Louis-Pierre Francoeur update). Net debt is Director, Transactions projected at $14.7 T +1 902 491 7546 billion E [email protected]

Educate yourself Audit | Tax | Advisory For more details on N.L.’s fiscal status, go to: © Grant Thornton Corporate Finance Inc. A Canadian Member of Grant Thornton International Ltd. www.fin.gov.nl.ca/fin/budget/ fall_updates.html

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Docket: GT-17-108 Client: Grant Thornton Project: Atlantic Business Mag Transactions Ad Filename: GT-17-108_AtlanticBusinessTransactions_Resize_2017-10-06 Live Area: 4.625” × 9.875” Trim Size: 4.625” × 9.875” Bleed Size: 4.625” × 9.875” Colors: 4 Colour Prepared At 100% Created By: Andy Kelly Created On: 10/10/2017 @ 02:10PM

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