Menu

Corporate Residency MBA

Interviews with students and alumni

Category: Corporate Residencies

The Corporate Residency MBA International Experience

Leave a Comment

3 Countries Google Maps - Blog Whether from Quzhou China, Dhaka Bangladesh, or Cairo Egypt, our program has long welcomed international students and the unique perspective they contribute to each cohort.

As someone who grew up here in Halifax, Nova Scotia, I was curious to hear about my fellow classmates’ experiences moving to a new city and a different culture. I spoke with some of the international students currently in the program about how they found adjusting to Halifax and Dalhousie.

Fahim Rizwan, a second year student, was born and raised in Bangladesh. The biggest change for him in moving to Canada was the language he uses day to day. He spent time in the US and Canada leading up to the program’s start, so he found the adjustment easier, but at first he still struggled with speaking English 100% of the time (I can imagine – learning about ROI and Perceptual Maps is hard enough in my native tongue). And of course, coming from a yearly average temperature of 25 degrees centigrade, Fahim also commented on the Canadian winters: “Canada is cooold!”

One of the first year students, Saleem Tawakol, hails from Egypt and has the distinction of being the first Egyptian in the CRMBA program. He was also in the unique position of being newly married to his wife when he first moved to Canada to start the program. She came with him to Canada, and Saleem spoke frankly when he said that being “raised in cities that are cultural opposites of Canada should have made our coming here a bumpy ride, but on the contrary, we were greeted with smiles as soon as we made it to Pearson and anywhere we went across the Country.” While speaking with Saleem, I was also reminded of something I take for granted, which is the large number of trees in Halifax – something which earns the city its nickname “The City of Trees”. Coming from Cairo this was certainly a contrast for Saleem.

Mirroring Saleem and Fahim’s comments, Elsie Chen, another first year student, found the colder climate the most striking difference between her home in China and Canada. Despite this, she loves the beautiful scenery that Halifax has to offer and its casual but hard-working culture. Canadian customs, like holding the door open for strangers, talking to people at bus stops, and a generally more open and friendly interaction between people, were some of the things she first noticed when getting to know this country.

Often coming from the warm climates of Asia and the Middle East, adjusting to life in Halifax for some international students can be a challenge. One thing the program does to help with this adjustment is the International Orientation Week before classes begin to assist students in their transition to Canada. For instance, the program takes students on a tour of Halifax, gives opportunities to practice English for those who want it, and provides learning activities like practice Case Studies, to set international students up for success. Saleem spoke fondly of this experience, saying how “the Dalhousie team was very warm and welcoming, and it was a great chance to get to know my fellow international students as well.”

International students bring incredible value to the CRMBA program. Their distinctive experience and perspective create opportunities for Canadian students to see things in a new light. In class it is common for professors to ask for international students’ perspectives on the issue being discussed, so they can be compared to the solutions proposed by Canadian students. Elsie shared her belief that Canadian students help international students improve their “soft” skills by encouraging participation in activities outside of the classroom, and in turn the international students reinforce the “hard” skills in the class with their steadfast work ethic. I personally believe that my class experience has been enriched by having students from across the country and across the world.

Having spoken with Saleem, Elsie, and Fahim, it is clear that their time as international students in the Corporate Residency MBA program at Dalhousie has been a positive one. I asked each to share their best piece of advice for international students considering the program:

Fahim: “Be yourself and work hard; most importantly, have fun!”
Elsie: “Be authentic and show whatever great qualities you have.”
Saleem: “Engage as much as possible and have fun!”

Thoughts on Interview Day from the Class of 2016

Leave a Comment

If you had 60 seconds, could you persuade an employer to interview you? After your first summer in the CRMBA program, you will know how to deliver an effective elevator pitch and ace the interview.

My name is Kathleen Heymans, and I am in the first year of the CRMBA program. At the beginning of September our class completed the program’s notorious Pitch Day and Interview Day events. On Pitch Day, each of us delivered our 60-second pitches to a room full of potential Corporate Residency employers. If an employer is interested in a student after their pitch, they can offer a interview for Interview Day, which typically takes place the day after Pitch Day. This is one of several ways an interview offer can be made for Interview Day.

Throughout July and August, the first two months of the program, my class worked closely with Dalhousie’s Management Career Services (MCS) to prepare for Pitch Day and Interview Day. We crafted our resumes and profiles, honed our interview skills, and prepared our 60-second elevator pitches. Pitch Day and Interview Day allowed our class to practice the professional skills we learned during the summer, but ultimately, they were an opportunity for many of us to secure an eight-month Corporate Residency position.

I struggled for weeks to write my pitch. My passion is for sustainability and entrepreneurship, but I was trying to write a pitch that would have a broader appeal to employers. In the end, I learned to be true to myself and delivered a pitch focused on my interests. After Pitch Day, I received two ‘wildcard’ interviews and ended up accepting a job offer from one of those employers. In January I will be starting my Corporate Residency at the Starting Lean Initiative.

Pitch Day and Interview Day were unique and exciting experiences for all of us. I asked a few other students from the Class of 2016 to share their thoughts:

Alison Conrad, BSc. Environmental Science, University of Guelph

Alison Conrad

 

“Interview Day was the best kind of whirlwind. The experience really pushed us all outside our comfort zones, which is what I think the program aims to do so that when we graduate, we know how to take on a challenge head on and succeed.Coming into Interview Day, I was less focused on the type of degree I had and more focused on what I had learned from my past experiences both within my degree and in my life, and how that could be an asset.  I really wanted a job in finance, and with no financial background, I had to be able to show employers that I possessed the qualities needed to succeed in that aspect of business.”

 

Patrick Brousseau, B.A. Political Science and History McGill University

Patrick Brousseau

 

“The best thing to do on Interview Day is be yourself. It may sound cliché, but some of my best interviews happened when I was able to showcase my personality. Employers are looking for more than what is on your resume; they’re looking for someone they like and can work with. Because Interview Day can be very stressful, I also made sure to keep everything in context. If you don’t get a job out of it, there are plenty more opportunities later on! This really helped me relax and answer questions confidently and without (too much) stress.”

 

 

 

Tongfei Wang, B.A. Business English, Shanghai International Studies University

Tongfei Wang

 

“I came from China with a major in Business English, aiming to find a new career path and an international perspective. As an international student, it was particularly difficult to adjust to a totally new culture and catch up with the fast pace of the program at the same time. But after I got through the busy summer, I found that this program provided me with a great platform and skill set to start my new career. Having secured a Corporate Residency job at BMO from Interview Day, I’m really excited to be approaching my goal and to be immersing myself in a brand new work environment.”

 

 

Check out our Class Galleries to learn more about CRMBA students and graduates!

Ethical Leaders in Business

Leave a Comment

From Kyle Palantzas of Coburg Consultants

 

With business hitting record speeds, frequencies and magnitudes, the line between right and wrong is becoming more ambiguous. History has painted an elaborate ethical spectrum, from the rise of Starbucks and the demise of Enron – ethics are more important now than ever before. Business acumen is being distilled through a stricter and amplified filter, as companies and managers maneuver their decisions and strategies to live within an acceptable ethical framework.

As ethics continue to gain prevalence, business schools across the globe are engraining approaches to breed ethically-charged managers and leaders. These efforts are producing well-rounded, informed and consequence-cautious minds, able to distinguish and narrow this spectrum.

However, most issues and circumstances are far more complex than just right versus wrong, good versus bad, or black versus white. It takes a combination of rational, values and social conventions to reach a constructive result.

Ethics take on many identities that affect decisions on a multitude of interconnected and diverse roles. To fully embody this moral compass, one must realize its complexity and adapt to situations. To personify the role of ethics in my life, I recognize the context and shape my approach accordingly.

As a student, my ethical identity is driven by a commitment to integrity and challenge. The initial step to shaping this framework is the use of my own thoughts and ideas to further my learning. My ethics test and foster my abilities, as I constantly seek development and opportunity. Digging deeper, my moral principles extend into respecting and accepting the open exchange of ideas and learning – adding to the productive, fruitful and expanding academic environment.

As an employee, my moral compass is steered by the combination of personal and corporate values and principles. Adding another layer to my ethical framework thickens the degree of severity, as the difference between right and wrong takes on more meaning. As an employee, I embody the ideals, standards and objectives of my company. I hold no conflicts of interest, give an honest and transparent effort and fully commit to my responsibilities and duties – treating my firm’s stakeholders as my own.

As an athlete my ethics are cultivated through competition and sportsmanship. My loyalty to train and participate in healthy rivalry is a privilege and test of character. To win with respect and lose with honour are both amicable outcomes. The allegiance to my team and the attitude towards my progress both encompass the spirit of sport.

As a shareholder my ethics are represented by another company, living through its decisions, actions and strategies. As an investor I only support a company that takes pride in its product, generates a sustainable profit and sees the world through a humane, environmental and sustainable lens. My investment must seek positive change and see the glass half full, reinforcing my moral values.

As a citizen my ethics guide my everyday routine and impact my future plans. From the simplest gestures of respect, to mapping out my objectives, values and life goals – my moral code plays an active role to influence and trump my actions and decisions.

As you can see ethics connects and is embodied in all aspects of life. It requires adaptability of beliefs, practice in situational contexts and awareness about its overarching reach. It truly is a balance between moral propositions, consequences and everything in between. The word ethics is derived from the Greek word Ethos, which means character. However, we are selling ourselves short if we limit ethics only to individuals.

Businesses are investing large amounts of capital to build and develop this “character” through powerful brands, missions, innovations and charitable initiatives. Balancing between maximizing profits and the increasing need for non-economic factors is continually shaping and re-shaping business strategies worldwide. However, every corporation, be it 2 or 2 million employees, is made up of individuals – allowing personal and corporate ethics to collide and come full circle. To achieve moral prosperity firms must honour and invest in ethical leaders to instil a focus of ethics on the entire organization.

What is an ethical leader, you ask?

To me, an ethical leader is someone who has the ability to capture and communicate their values and beliefs. This noble character is an advocate of accountability and acts as a support mechanism to promote ethical conduct and guide employees’ actions. This morale booster comes from many backgrounds and departments and is found at the bottom and top of an organization. A role model that leads by example, this type of leader understands and encapsulates the power, impact and relevancy of ethics in today’s business environment.

Companies are recognizing and rewarding these ethical leaders, who in turn act as a vehicle to promote and contribute to the firm’s corporate social responsibility. With uncertainty in the economy, many firms have taken a stance within this ethical realm, promoting cultures of collaboration while breeding influential and inspiring values.

In my opinion, diversifying and linking personal and corporate values not only promote ethical leadership, but also adds to the richness of what a company represents.

Tapping the Experience You Don’t Have Yet

Leave a Comment

From Andy Dennis of Coburg Consultants

 

As we move into a new experience, be it a new program or a new job, we always have questions.

What will the work be like? Will I have time for a social life? How much should I be getting paid? 

Finding the right person to ask these questions can be a challenge though – especially when the questions you want to ask, are the ones you feel uncomfortable asking.

Mentorship offers an answer to this problem.

A mentorship is a mutual agreement in which a more experienced professional agrees to lend their knowledge and experience to their mentee in a safe context. This allows the mentee to ask those difficult questions and access a perspective that would otherwise be inaccessible.

In the CRMBA program, mentorship takes several forms. The Alumni Mentorship program pairs a current student with an alumnus who is established in the corporate world. This relationship can provide mentees with valuable insight into a desired industry, advice on job-hunting, or specific technical knowledge.

For students entering the CRMBA program, the first-year/second-year mentorship program provides new students with a valuable resource for learning about what life is like as an MBA student.

So what makes a good mentor/mentee relationship?

Ian McAllister, a GM with Amazon, outlines several attributes of a successful mentor/mentee relationship:

Mutually understood goals

Both the mentor and the mentee can have goals, but make sure they are communicated early on.

Mentee-driven

The mentee should be the one initiating contact and having topics ready for discussion at meetings.

Bandwidth-appropriate

Mentors should only commit to a relationship if they actually have time to meet with their mentee. Conversely a mentee has to be respectful of the mentor’s time and have reasonable expectations around meetings.

A focus on approaches, not tactics

The real value for the mentee comes from learning how to think about a given issue rather than looking for a step-by-step guide on answering a problem

A focus on listening

A mentor/mentee isn’t a job interview. It’s important to avoid talking too much about your own experiences and learn form your mentor’s.

Transparency

Sometimes criticism is hard to take, but a mentor should be straightforward with their mentee. A mentor/mentee relationship should be a safe one and critical advice with guidance around improvement will only help the mentee grow.

For more information on the Rowe School of Business Alumni Mentorship please click here.

 

The Buzz Around Buzzwords

Leave a Comment

From Ryan Baker of Coburg Consultants

 

It was just about two years ago that this MBA journey started and I have to say that I’m beginning to feel nostalgic as the final few weeks begin.

Over the past 22 months, terms like strativation, synergies, innovating from the bottom of the pyramid, and 7S strategic frameworks have made my presentations more interesting and my vocabulary a little more part of the business lexicon.

So what is buzz around buzzwords?

“Buzzwords aren’t just fluff,” said second year student Vijay Kilambi, “they are a means to effectively communicate an idea. They are the fashion trends of the business industry, and the vernacular manifestation of new innovation and creativity that influence overall business trends.”

Think of many of the major new trends in business today: co-creation, crowd-sourcing, big data. While these are surely liberally used buzz words they are also the driving forces behind new business models, means of ideation, and the reason behind new optionalities.

What this means is that effective communication actually incorporates buzzwords within the overall communication plan as a by-product of being informed and understanding the industry you operate in. What I’ve learnt over the past couple years is that this basic communication is integral for solid team productivity and the development of business relationships.

We asked second year student Kimberte William about how his own vocabulary has developed over time:

“I used to frown on using buzzwords in my presentations and deliverables, but I’ve come to recognize them as being useful to convey otherwise complex concepts in a brief and understandable way. Especially in technical industries, using buzzwords is a quick way to identify concepts and develop a rapport with the person you are interacting with.”

As our time with this MBA program is drawing to a close, we have taken away so much from the program, but rooting ourselves in the basics will still be key to our ongoing success.

Remembering that the language of business is the basic building block to effective communication, we should always remember the effectiveness of harnessing the buzz in buzzwords

 

 

 

 

 

Residency Chronicles Part Two: Talking to the Class of 2015

Leave a Comment

From Andy Dennis of Coburg Consulting

With March well underway, the CRMBA class of 2014 is closing out their final semester of what has been an exciting journey through Dal MBA. Meanwhile, across Canada the class of 2015 is a quarter of the way through their 8-month Corporate Residency.

This week we check in with some of the first-year CRMBA students currently on residency to find out what their experience has been like so far and the challenges they have faced in their first two months.

“To date, I’m really enjoying my time with the company and the challenges of my position. Upon arrival in January I was surprised to learn that I would spend my first five weeks in a TJX classroom being introduced to their norms, systems and reporting methods. Although the training period was lengthy it is a testament to their willingness to invest in their co-op students. In my relatively short time at TJX, I’ve been entrusted to research multi-million dollar initiatives, encouraged to participate in quarterly strategy meetings, and offered the opportunity to freely interact with executives.”

Courtney Carnahan – Store Planning Analyst, TJX Canada (Toronto)

“In the past two months I’ve been able to help on a number of projects and proposals, doing anything from research to stakeholder interviews. It’s been great to be given so much responsibility off the bat and which has allowed me to gain insight into a few different industries. One of the challenges I’ve found is leaving things at work. It’s really easy to take work home with me and sometimes I do, but I’ve learned to better separate work from personal time in order to better enjoy both.”

Morgan McCunn – Business Analyst, Deloitte (Halifax)

“In Global Banking and Markets the work I am doing is mostly centered around company analysis. I really like applying an analytical mindset to complete the job efficiently. Applying knowledge of financial statements and classification of different expenses/revenues to paint a true picture of a company’s financial position is something that intrigues me and keeps things interesting. Each industry has different ways of reporting its financial health, and for each industry, Scotiabank takes a tailored approach to evaluating the risk of the company. Using both qualitative and quantitative information to assess and quantify this risk is what I really enjoy.”

David D’Cruz – Corporate Banking Analyst, Scotiabank (Toronto)

“Working at DHX Media is great.  I love that I was able to dig into the work right away.   It is providing me with a tremendous learning experience.  I have also enjoyed the unique challenges that DHX faces as an international organization.  I am looking forward to seeing how the next six months unfold.”

Rebecca Hebb – Corporate Development Analyst, DHX Media (Halifax)

To learn more about the Class of 2015 and their Corporate Residencies please click here.

Try This: Strategic Management For Your Life

Leave a Comment

From Luke Armstrong of Coburg Consultants

 

Can an MBA help you lose weight? Probably – most of us are so caffeinated we haven’t the slightest appetite.

Be a better family man? Yup – my family is 56-large.

Fall in love? Absolutely – and with the rich, dark, and hot Timothy Horton.

Seriously though – the skills and insights from Dalhousie’s Corporate Residency MBA aren’t just for the benefit of business. Like a top CEO strategizes and implements plans to meet her company’s goals, we can use the principles of strategic management to meet personal goals as well.

The same strategies that drive the Apple’s, Amazon’s and Netflix’s to top performance can help you lose weight, or stop procrastinating, or improve your love life. I’ll illustrate by using a timely example – getting into the MBA.

The strategic management process starts with defining your mission, vision, and values. This might sound like a bunch of buzzwords, but they’re actually the starting point for success. Whether a corporation or college senior, you have to know yourself and you have to be yourself. If not, you will probably end up doing something you don’t like and you will probably be bad at it. Our hypothetical MBA prospect has to ask herself “why do I want to do an MBA, and does it fit with who I am and who I want to be?”

The next phase is the external analysis. A CEO might consider the political, economic, technological, social, and competitive situation they find their company in. Our MBA prospect should be considering the trends in MBA education, trends in admissions, the GMAT, and their competition from other students for admission.

When the external environment is understood, it’s time to look within. A company will analyze its own core competencies and determine its strengths and weaknesses. Our MBA prospect should examine herself and determine what makes her a strong fit for an MBA program. By objectively analyzing herself as an applicant, she gains insight on how to position her rare and valuable applicant qualities for success.

A thorough external and internal analysis should yield enough information to create strategic objectives. These are specific, measurable, and actionable goals that, if successful, are likely to produce the vision, which is getting into MBA school. Examples of strategic objectives for our applicant might be improving interview skills or getting a 680 GMAT.

Of course, the best strategy in the world will get you nowhere without sound implementation. The strategic objectives must be carried out in a way that is likely to lead to success. A company may look to marketing to improve sales, or game theory to predict competitive response. Our applicant should estimate how many mock interviews to do, or what kind of study regime is required to achieve the desired score and then stick to the plan?

Do an M.Eng and build the best paper airplanes. Do a Master’s in Biochemistry and make the best home brew. Do an MBA, and pursue your personal goals with enough strategic weaponry to run a company.

Or just lose weight from all the coffee.

Offsetting Tuition

1 Comment

People are constantly worried about the price tag associated with an MBA. Well let me tell you something, it is not nearly as high as it appears.

Dalhousie’s Corporate Residency MBA has a proven formula for success. Last year 97% of its graduating students were employed within three months of walking across the stage at convocation. Great odds, if I do say so myself.

Business people are always concerned about their return on investment (ROI). Essentially, will I get more back than I put in? Well I’m about two months away from graduating and here’s how I see it playing out…

According to Statistics Canada, the average salary for someone with an undergrad degree after two years on a job is $45,000. Me, I decided to invest those two years and pursue an MBA here at Dalhousie. The average CRMBA graduate earns a starting salary of $65,000. Considering tuition is roughly $44,000 (paid in four installments over course the program), my ROI is already in good condition.

But, it gets even better.

The cornerstone of the MBA program is the 8-month Corporate Residency each student embarks on. Me, I did mine with Eastlink. Not only did my residency give me valuable work experience and potential post-graduation opportunities, but the average residency pays candidates $27,500 – a decent wage that helped me offset tuition costs.

There are also a ton of scholarships that are catered to our CRMBA program.

Everyone offered admission into the program is automatically considered for a scholarship. Plus, the Rowe School of Business hands out scholarships to recognize undergraduate excellence. Subject-based scholarships are given out to entrance and returning students – like the Douglas C. Mackay Scholarship for those pursuing a career in the financial industry.

Aside from scholarships, candidates can make money through the student-owned consulting groups, which are companies passed down from generation to generation of MBAs. These are real-working firms that bid on contracts within the school and outside in the business community at large. There’s a lot learn and money to be made from these firms – I know from experience.

Case competitions are another way to help offset the cost of tuition. Dalhousie is ramping up its efforts  on this front, and training teams to compete in national competitions with hefty prize money. Next month, three colleagues and I are participating in the Haskayne 24-Hour Case Competition in Calgary – vying for a prize pot of $16,000. Cases are both exhilarating and financially rewarding.

The CRMBA program works closely with its Employer Partner Scotiabank to get financial assistance for candidates admitted into the program. I took out a loan with Scotiabank before I first started the program, and I already have most of it paid off.

At the end of the day, tuition is far more affordable than you think. The numbers speak for themselves.

Stay Hungry, Stay Humble

1 Comment

From Ryan Baker and Andy Dennis of Coburg Consultants

 

Last Friday, the Dalhousie CRMBA’s first-year students completed their last exam – the culmination of their first academic semester here in Halifax – and can now comfortably sit back and examine the world they will soon enter when they embark on their residencies in just a few short weeks.

Similarly, the second year CRMBA students are about to enter their final academic semester before (fingers crossed) all walking across the stage together in May to proudly receive their MBA degrees.

With this final blog of 2013, we want to take the opportunity to look back on our CRMBA experiences but also to look forward and examine in one small way the world we’ll be stepping into come residencies and graduation.

Our brand ambassadorship here for the Dalhousie MBA began with a simple thought. Young, bright, and talented, each new cohort of CRMBAs enters the Rowe building every year, “and then a beautiful identity crisis happens.”

From our perspective, we say bring it on.

Why? Because it is exactly the things you miss when bogged down in heaps of midterms that are the objects of reflection later on.

Take the innovative new venture launched this fall semester called the Make a Difference Project. A combined endeavor through second year Strategy and Personal and Professional Effectiveness classes, the objective of this open-ended project is to identify an issue in the community, formulate a strategy to address that issue, and implement that strategy in order to make a lasting difference in the community. It is easy to get absorbed in the day-to-day of academic life but it is critical to take a step back when we can and ask, “how do we use what we have learned to make the world a better place?”

This question is at the core of the CRMBA program and the road to answering it begins on day one. As a young man or woman, you walk into the Rowe School of Management Building and the world may seem like an extremely daunting and big place. Take the time to learn the skills and build on your natural abilities here, and you’ll be that much more prepared to make difference out there.

There are countless opportunities to do so.

In November, Dal took to the national stage, hosting the inaugural Scotiabank Ethics in Action. Part conference, part case competition, the weekend long event focused on what it means to be an ethical business leader and the ethical challenges that will face the future of Canadian business leaders.

With the extra time we now have on our hands, we can reflect on these and other experiences we’ve had as CRMBA students. These case competitions, conferences, classes, projects, friendships and networking opportunities are incredible tools to for us as students and professionals. However, we must remember that they are just that – tools to harnessed by our ambition and employed towards a greater goal.

Napoleon Bonaparte once said, “Great ambition is the passion of great character. Those endowed with it may perform very good or very bad acts. All depends on the principles which direct them.”

It is our belief that we have been educated with excellent principles.

As we look outward on the world of commerce and business we will soon join, we here at Coburg Consultants believe that Napoleon was absolutely right but did not say enough. Just looking at a list of the CRMBA’s employer partners can show you why. Many of these firms are industry leaders in CSR, community involvement and environmental sustainability, adding to the rounded foundation CRMBA students receive throughout their education.

Our peers and alumni have gone on to work with major banks, huge CPGs, entrepreneurial incubators, and green-tech firms. They brought with them the tools for success in business, but they chose these firms based on much more than that. They retained their idealism, they remained confident in their ambition and their ability to use these tools to change the world in a real and idealistic sense. We pray they never lose this motive.

Looking back on our time with the Dalhousie CRMBA, we urge each and every candidate that passes through this program to understand the power of their ambition, the strength of their education, and the foundation they have now built to guide them.

Do not confuse dissent with disloyalty, strive for perfection, and leave a legacy of trust and honesty in your wake. Find your passion, and use all the tools you will learn to bring your dreams to fruition.

 

Happy Holidays and Happy New Year

Incubators: Accelerating Entrepreneurship

Leave a Comment

From Kyle Palantzas & Luke Armstrong of Coburg Consultants 

 

The recipe is pretty simple, really. Find a bunch of motivated entrepreneurs who are similar enough to get along but different enough to learn something from each other. Put them all in one place with the tools they’ll need. Stir, stand back, and watch the innovation bubble over.

Business incubators, also known as accelerators, are “group offices” where multiple companies work simultaneously. The companies that use incubators are small and generally in the start-up stage. The hallmark of an incubator office is a large, open workspace that promotes collaboration and the mixing of ideas between people and between companies. Beyond the physical space, incubators provide access to business equipment, legal resources, mentorship, and network assets.

Incubators are often profit earning companies themselves, and sometimes take the role of a venture capital firm in the companies they incubate. By bringing the companies they invest in literally within their walls, the incubator venture capitalist is able to provide mentorship support and funding while reducing risk. The entrepreneur, usually at the cost of some equity, gets guidance from experienced business people, access to other startup owners around them, and does not have to worry about conventional office administration.

Government organizations may also be involved in business incubation in some capacity, as policymakers see the potential for spurring entrepreneurship in their polity. The concept remains the same – bringing motivated and skilled entrepreneurs under one roof to speed up innovation and increase the likelihood of success.

Incubators get a lot of attention from the business press. It’s no wonder why, as the success stories seem to pour out of these entrepreneurial hubs. The Y-Combinator in Silicon Valley, probably the most esteemed tech incubator in the world, is responsible for nurturing the growth of Internet giants like Reddit, DropBox, Scribd, and Airbnb.

Not all incubators are for flashy Silicon Valley startups. Canada’s own MaRS Discovery District houses a number of young cleantech and biotech companies. The entrepreneurs at MaRS’s beautiful Toronto campus work on everything from new solar panel designs to high-throughput genetic testing equipment.

Halifax has an incubator too. Innovacorp is an early-stage venture capital firm that supports and invests in potential high-growth companies from Nova Scotia. Dalhousie CRMBA student Kimberte William worked with Innovacorp through 2013 while developing a social app. William sees the value of incubators for budding entrepreneurs:

“Incubators aid entrepreneurs in accelerating towards commercialization by being in an environment conducive to innovation. Perhaps the greatest benefit to the entrepreneur is being surrounded by their peers. Incubators help entrepreneurs develop meaningful relationships that can be leveraged in the future. Moreover, this environment is a support system for entrepreneurs going through the growing pains of building a business.”

Even if you’re not an entrepreneur and not in one of the typical incubator industries, you should still pay attention. Big companies like GE, IBM, and Microsoft are funding incubators and even creating internal innovation-accelerators, trying to harness the power of collaboration for their own product development. Although we may not all be founding a new biotech startup, one thing’s for sure – no matter where you work, cubicle walls are coming down.

TOP