A NEW MODEL FOR GROWTH Envision Saint John: The Regional Growth Agency BUILDING THE FUTURE WITH INNOVATION AND SUSTAINABILITY Peterborough & the Kawarthas, Ontario CREATING OPPORTUNITIES FOR BUSINESS West Prince Chamber of Commerce, Prince Edward Island BUSINESSINFOCUSMAGAZINE.COM SE PT EMB ER 2 02 2EDITOR’S CORNER 3 A friend of mine—one who knows a whole lot more about the financial world than I do—makes a point of never giving any advice. He takes this seriously, and I sometimes like to tease him by dangling a really bad idea, just to watch his eye twitch as he carefully rolls the idea around in conversational analysis to expose its risks without actually shouting “don’t do it” at me. I admire that quality in him, and think about it every time someone tells me how to invest in cryptocurrency. It seems like the volatile nature of crypto attracts the type of people who love to explain to everyone what they should be doing. Whether they are dead set against it or all for it, this topic has people gravitating to extremes. Or maybe that’s just the nature of everything lately, where the middle ground on most topics has become an abandoned DMZ. This month, I asked Jessica Ferlaino to take a look at cryp- tocurrencies in general from the perspective of neither extreme, to ignore the loudmouths and to just look at the details and ask reasonable questions. She reports on the topic in this issue, in The Ups & Downs of Crypto – Sound Investment or Risky Gamble? Tim Hocken Editor Suite 300, 7071 Bayers Rd. | Halifax, NS | B3L 2C2 | Canada P: 1-647-479-2163 | E: EDITOR Tim Hocken DEPUTY EDITOR Jaime McKee COPY EDITORS Thora Smith | Allister Havercroft CONTRIBUTING WRITERS William Young | Robert Hoshowsky Allison Dempsey | Margaret Eaton | Nate Hendley Jessica Ferlaino | Pauline Müller | Claire Suttles DIRECTOR OF OPERATIONS James Corbett CONTENT MANAGERS Wendy Hood-Morris | Scott Forbes Dean Lucas | Lily Mitchell | Louis Suara Erin McWhinney | Jamal Francis-Anderson SALES & MARKETING MANAGER Luke Simms SALES TEAM Pamela Taylor | Morgan Culpepper OFFICE ADMINISTRATOR Julia MacQueen GRAPHIC DESIGN MANAGER Severina Gachparova GRAPHIC DESIGNERS Laura Pratt | Ashley Dowling Ebic Tristary | Yoana Ilcheva CONTROLLER Jen Hamilton PUBLISHER Jeff Hocken “Whether they are dead set against it or all for it, the topic of cryptocurrency has people gravitating to extremes.”INSIDE SEPTEMBER WORKFORCE & ECONOMIC DEVELOPMENT SERVICES 4 Sound Investment or Risky Gamble? For some time, cryptocurrency was heralded as the future of money and the ticket to wealth, while others took a position of caution and scepticism. The past few years have shown it’s a gamble like everything else; one with some pretty extreme swings. MANUFACTURING 5 BUSINESS IN FOCUS EXCELLENCE IN GLOBAL PACKAGING AND LABELING FOR MEDICAL DEVICES 14 – 15 September, San Diego, CA This conference brings together leaders in Medical Device packaging and labeling to learn from peers on how to proactively navigate the regula- tory maze for greater packaging and labeling efficiency. Enjoy a deep dive into new and evolving industry standards and how human factors and usability play an important part of the packaging design process, and learn about emerging methodologies to combat supply chain challenges. For more information GRAPHICS PRO EXPO 2022 (GPX, FORMERLY THE NBM SHOW) 16 – 17 September, Charlotte, NC GPX builds on its mission in 2022 after producing six safe and successful events in 2021: to deliver the most exciting coast-to-coast show circuit in the graphics market, provide second-to-none service, and produce a unique multi-market event that includes the awards and personaliza- tion, apparel decorating, and sign and digital graphics markets. In 2022, enjoy more exhibitors and floor space, more networking, more special programming and events, and more training. Come see new products, learn new techniques, meet industry experts, connect with suppliers, and network with peers. For more information BIOMEDEVICE BOSTON 28 – 29 September, Boston, MA The essential event for medtech pioneers, BIOMEDevice Boston brings engineers, business leaders, disruptive companies, and innovative thinkers from the region’s top start-ups and medical device OEMs together to inspire the next life-changing medical device. Experience live demos and uncover the latest technologies, solutions and market-ready products from more than 200 biomed suppliers and connect with over 1,500 biomedical device engineers and buyers who are looking for new business ventures with your products and solutions. For more information NATURAL PRODUCTS EXPO EAST 28 September – 1 October, Philadelphia, PA Educational sessions and keynotes, networking opportunities, a Pitch Slam, Harvest Festival, and more come together to complement the Exhibit Hall at the Natural Products Expo. Take in the in-person experience for product discovery, networking, and industry trend discussions, with the option of online extensions as a resource for those who chose not to travel. For more information AEROSPACE IT 6 – 7 October, Chicago, IL Aerospace IT is designed by thought leaders and innovators from the leading and trusted brand in the aviation & aerospace industry: Aviation Week Network. The two-day agenda focuses on the challenges and opportunities within digital transformation in aerospace. MROs, airlines, OEMs and stakeholders from across the value chain will come together to consider the applications of data and connectivity and the new com- mercial opportunities presented by industry 4.0. For more information INDUSTRY EVENTS 6 Are you planning an event relating to North America’s growing Business Industry? To get your event listed in Business in Focus, please contact us at least six to eight weeks before the event takes place at or call 1-647-479-2163INDUSTRY NEWS ROBOTS REPLACING SHELF STOCKERS Artificial Intelligence (AI) and automation are rapidly finding their way into manufacturing, warehousing, restaurants and many other industries. Recently, Japan added robotic shelf- stocking to the growing list of machines replacing people. Robotics company Telexistence Inc. recently teamed up with Japanese convenience store chain FamilyMart Co. on the production of AI-driven robots to handle one of the most mundane retail chores, restocking products on store shelves. At present, these robotic arms are being installed into some of the company’s 300 locations across Japan. Called TX SCARA (Selective Compliance Assembly Robot Arm), these machines are largely autonomous, and have remote backups in place in case AI fails. According to Telexistence, each robotic unit replaces one to three hours of human work per store, filling in gaps in Japan’s workforce, which has diminished since COVID. “TX SCARA was created to do the specific task of restocking refrigerated shelves with bottles and cans, a repetitive, tedious job generally performed by employees in often uncomfortable settings,” states the company in a media release. “TX SCARA operates 24/7, replenishing shelves to completely remove the task from the store staff. The introduction of Telexistence robots and its AI system will create time surplus without adding employees, and the time can be reallocated to customer service and shop floor enhancement, leading to higher quality work environment and store operations.” Along with the robotic devices, a workflow analysis tool, TX Work Analytics, will be installed in FamilyMart stores. Wearing a location information transmitter, human store staff can see tasks and workload, and optimize work schedules and staff allocation “in the environment where the AI robot performs the shelf restocking tasks in the back storage areas.” RUSSIA’S AWKWARD REBRANDING EFFORTS The Russian invasion of Ukraine earlier this year continues to take its toll with lives lost, economies destroyed, and supply chains delayed or stopped entirely. According to the Yale School of Management, well over 1,000 companies have publicly announced curtailing operations in Russia, or aban- doning the country entirely in what has become a “mass cor- porate exodus.” Many iconic Western brands like Coca-Cola and McDonald’s— who faced plenty of knock-offs and imposters over the years—have suspended operations in Russia. Following the McDonald’s exodus, doors reopened in the fast food giant’s former locations under Russian ownership, clunky rebrand- ing with a symbol (of sorts) representing a burger and two French fries, and an awkward new name: Vkusno-i-tochka, which translates into “Tasty and that’s it.” Closing in March and pulling out of Russia in May, former Starbucks locations are reopening, with a name, lettering and logo eerily similar to the two-tailed siren used by the Seattle- headquartered coffeehouse company. Instead of ‘Starbucks,’ the new entity is called “Stars Coffee.” The logo resembles a knock-off of the Starbucks original, except it features the face of a woman wearing a traditional kokoshnik, Russian head- dress, instead of a crown. The new Stars Coffee was unveiled by restaurateur Anton Pinskiy and rapper Timur Yunusov, better known by his stage name Timati. One of Russia’s best-known rappers, Timati is also an entrepreneur and staunch supporter of the President, releas- ing a song in 2015 entitled My Best Friend is Vladimir Putin. Starbucks, which had a presence in Russia for 15 years, has banned Stars Coffee from using its logo. MikeDotta / shutterstock.com 7INDUSTRY NEWS THE RESURRECTION OF ZELLERS There’s big news in the Canadian retailer space as discount seller Zellers is coming back to life almost a decade after closing. Founded in 1931 during the Great Depression, Zellers grew across Canada to 350 locations by 1999, dominating the discount market. With the rise of Walmart Canada, the company began losing its prominence. Purchased by the Hudson’s Bay Company (HBC), some 220 Zellers locations were then sold to American chain Target, intend- ing to transform them into Canadian Target locations. Following liquidation, Zellers closed as a chain in 2013. Recently, Hudson’s Bay announced that early 2023 will see the return of physical Zellers stores, within some 84 HBC locations and a new e-commerce website. “We know how special Zellers is in the hearts and minds of people in Canada,” stated HBC in a media release, channelling the Zellers tagline, “Where the lowest price is the law.” Products for sale will include small appli- ances, toys, pet accessories, home décor and furniture, with apparel to be intro- duced at a later date. “Zellers is a brand deeply rooted in the Canadian experi- ence. Spanning generations, people hold distinct connections to Zellers through shared experiences with family and friends, and we look forward to building on that in the future.” Paul McKinnon / shutterstock.com 8INDUSTRY NEWS SMALL BUSINESSES FACING BANKRUPTCY, LABOUR SHORTAGES It is no surprise that over two and a half years into the worst pandemic in a century, businesses continue facing chal- lenges, from a lack of workers—many who changed careers or left, never to return—to insufficient supplies, inability to deal with customers face-to-face because of restrictions, and a host of other challenges. And while companies of all sizes continue to be affected, COVID-19 has taken its greatest toll on small, independent businesses lacking the financial para- chute of bigger entities. According to the Office of the Superintendent of Bankruptcy Canada, small business insolvencies have been increasing since May. However, data in a recent report from the 95,000 member-strong Canadian Federation of Independent Business (CFIB) states that 10 percent of Canada’s small businesses would consider filing for bankruptcy if their business was no longer solvent. Calling it “the tip of the iceberg,” the CFIB states data from the Office of the Superintendent of Bankruptcy Canada does not account for “zombie companies,” or business that would simply wind down, instead of filing for bankruptcy. “As we emerge from the COVID-19 crisis, other challenges continue to deeply affect Canada’s small businesses, includ- ing struggles to return to normal revenues, the weight of the COVID-related debt businesses were forced to take on to pivot and survive, rising costs on virtually every business expense and a gripping shortage of labour,” states the CFIB on its website. Over half of businesses are still reporting below-nor- mal revenues, and 62 percent are still burdened with unpaid debt incurred during the pandemic, averaging $158,000. In Canada and the United States, small businesses forced to close for months at the pandemic’s peak are not only carrying massive debt, but having a hard time finding people to work. Even once-stable sectors, like massage therapy clinics, cannot find staff. According to a recent survey from the National Federation of Independent Business (NFIB), 49 percent of America’s small business owners still can’t fill open positions. The figure is slightly down since May, which saw the greatest number of unfilled jobs in 48 years. “Hiring has never been harder for small business owners,” said Chief Economist Bill Dunkelberg on the NFIB website. “The labor shortage remains frustrating for many small business owners as they continue to manage inflation and other economic headwinds. Owners are adjusting business opera- tions where they can to help mitigate lost sales opportunities due to staffing shortages.” 9Next >