The Importance of Events

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I want to take a moment to discuss the importance of events.

After an era of COVID, people are anxious to reconvene and cheer and celebrate. People want to feel energy and anticipation and celebration. And yes, it takes guts to say “we’re open for business and we welcome the world.”

Tonight we are watching the Canadian Men’s Soccer Team play play Mexico in hopes of finding a away to the World Cup in Qatar. It’s -10 Celsius. Windshield is an additional -10 Celsius. The field is -20 Celsius. There is 45cms of new snow. There are 40,000 fans. And we are up 1-0 at the end of the half.

This is where brands are built.

My texts light up. From Singapore to Berlin to Glasgow to Rio. They all say:

“What the fak? How do you play football at that temperature?” and “Does Edmonton always come out and cheer on their teams in a snowstorm?” And, “What else do you guys do in the winter?”

This is brand building, baby.

As I respond, the next series of texts come in:

“I want to come visit.”

“Edmonton fans are awesome.”

“Are the ski hills open?”

From my experience, as we share our sport culture to the world, people gain an impression and think (1) Fascinating place; (2) I’d like to visit; (3) How do I get there?; (4) What else can I do there?; (5) What are the business opportunities there?; (6) Where should I stay while I’m there?; and then finally (7) How do I book a ticket to go there?

That’s how it happens. And that is the value of globally relevant events.

Be Proud Edmonton, and Alberta, and Canada.

You are awesome.

Edmonton’s Greatest Decade is Now

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As the year comes to a close and we look ahead with our resolutions, let’s vow to leave behind our criticism and resignation and commit to building a place of distinction, prosperity, and character.

Edmonton is on the cusp of its greatest decade – filled with unprecedented opportunity for youth and overflowing with unlimited prosperity for those willing to shift to a growth-oriented mindset. The next decade will see Edmonton as Canada’s:

  • Epicenter of artificial intelligence and life science innovation;
  • Nexus of the traditional and circular economies;
  • Heart of resource production and upgrading;
  • Hub for immigration and inclusion;
  • Centre for education and research excellence;
  • Archetype for affordability and social mobility; and
  • Leader for philanthropy and community connectedness.

Massive capital investments will continue to be made in the Edmonton region, building on Dow’s $11.5 billion net-zero ethylene cracking facility, Air Products’ $1.6 billon hydrogen facility, and paving the way for some of the largest Carbon Capture Utilization and Storage (CCUS) investments in North America. Net migration into the province will continue to drive consumption and the availability of labour. And our universities and colleges are accelerating the commercialization of highly skilled talent into the market.

No wonder the Conference Board of Canada anticipates that Edmonton’s growth will double the national average.

But wait.

Canada’s GDP is expected to drop from a paltry 1.2% growth in 2023 to a moribund 0.7% growth in 2024. Outperforming the national average can no longer be our goal. We can’t wake up every day and strive for mediocrity. This is our opportunity to lead, excel, and outperform.

To do so requires a shift in mindset – a 4% growth mindset – in everything we do. And an economic strategy that gets everyone pulling together in a unified direction.

I look forward to using this forum for some new thinking and writing – brainstorming and engagement – about opportunities and initiatives as to how Edmonton can take advantage of its greatest decade ahead.

Illusions of Someday

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It is wonderful to see the sun out and people outdoors again. Walking, running, and biking. Experiencing a little ray of sunshine and occasionally, just occasionally, a smile and a friendly hello.

Cities and provinces are preparing their re-opening plans with great enthusiasm. Curves are being flattened. People are believing there is a light at the end of the tunnel. Normal days will soon return.

Or will they?  To quote one of the greatest Canadians of all time …

“With illusions of someday cast in a golden light                                               No dress rehearsal, this is our life.”

Before we start thinking that we will be allowed to return to normal, let us explore three factors affecting human emotions and contemplate how motivated our elected decision-makers will be to return life back to normal:

Dependency:  Almost 70% of Canadians are receiving weekly and monthly cheques from the Government of Canada to meet their basic living or commercial needs. Decisions may be made to reduce these payments over time, but what politician would be motivated to eliminate them all together?

Fear:  Consumption of mass media has had a profound effect on human entrancement and in the instilling of fear. Perceptions of risk, health, and safety have little to do with science or empirical evidence; rather, they are shaped by cultural assumptions about human vulnerability. Will the fear of a second wave or non-immunity handcuff our elected officials and perpetually prevent the end of social distancing?

Control:  Every morning, elected officials get to emerge in front of a microphone and robotically tell us that “we need unlimited spending authority” and “we will not resume parliament” and “here is some more money” and “we have your back” and that “we will get through this … together.” Do they really want to return back to normal or even understand what the old normal actually was?

Daily foreshadowing messages are being delivered to set expectations that measures could be in place for months, that re-opening will require a coordinated national response, and that even as things are able to start getting back to normal, they won’t be back to normal.

This is really interesting territory we are entering into. Even though we can re-open the economy, will we?

Or maybe we should be prepared to “sit silently and listen to our thoughts.”

The Golden Share

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It feels like five years.

But it is only the start of “Week Five” since the Government of Alberta and Ontario issued their States of Emergency. So much has happened. So much hurt has occurred. And so much money has been printed.

Government support programs started with individuals, then households, then medium-sized business, then small business, and then anyone else that slipped through the cracks.

But don’t take your eye off the ball.  What happens next matters.

As we move into Week Five, the attention will turn to Canada’s large corporations, the major employers in the country, the owners/operators of our natural resources, and the stewards of our critical/sovereign infrastructure.

Airlines, ports, railways, grain terminals, energy producers, financial institutions, pipeline companies, pulp mills, and power generators/distributors will all need credit facilities, and the Government of Canada will be the lender out of necessity, and in our national interest.

But those loans may likely come with a Golden Share.

The golden share concept originated in 1975, accompanying the Petro-Canada Public Participation Act, that prevented foreign ownership above 20%, sheltered a critical Canadian asset from any unwanted takeovers, but left its stock depressed versus rivals because of the reduced chances of a takeover. Petro-Canada’s golden share was held by the Government of Canada and was absolved with the Suncor acquisition to create a globally competitive, Canadian-based integrated energy company.

In the weeks to come, as the federal government contemplates extending credit to our largest and most vital large companies, there is a high probability that the golden share re-emerges as part of the Canadian economic landscape, forever changing our ability to attract foreign capital, access international markets, and build global brands.

This is an important signpost on the road to recovery.

It is also an important signpost on nationalizing our industries.

Going to the Theatre

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Well before COVID-19 emerged, our news media was filled with stories of polarization, protectionism, restrictive immigration, trade wars, espionage, and distrust. The era of globalization was slowly unravelling politically, militarily, economically, and ideologically. And the growing chasm between the United States and China was leaving Canada feeling confused, exposed, played, and naïve.

Torn as a nation – were we to side with the US or with China?

Distrust in, and between, these two superpowers has now been exasperated by their respective involvement in, and responses to, the COVID-19 pandemic. Nationalist, propagandist, and protectionist discourse has rallied both their electorate and their politicians. The next 4-5 years will likely split a globalized economy into three separate theatres – an Asian (ASEAN) theatre, a North American theatre, and a European theatre – each more focused on building economic self-sufficiency than global trade.

This will present a real paradox for Canada, an exporting nation.

While the North American theatre will be obsessed with protectionism, buying local, import tariffs, boarder control, partisan politics, and regulatory hurdles, the ASEAN theatre has already returned to work (with testing and temperature checks), is operating at full capacity, growing its domestic demand, and celebrating their rapid triumph over a virus that brought the rest of the world to its knees.

China, Korea, Taiwan, Vietnam, Thailand, Singapore, and Indonesia are booming, and their entrepreneurs are of the mindset that this is the ASEAN century, and this this their time for growth. With 70% of the world’s population and 80% of global growth within their reach, entrepreneurs in these countries are producing raw materials, rebuilding supply chains, expanding manufacturing capacity, and inventing new business models for retail and delivery … all of which create well-paying jobs and domestic consumption.

Canada will quickly have to make a choice as to which theatre it will prioritize. Unfortunately, playing in one may prevent it from participating in the other.

If we were feeling confused, exposed, played, and naïve before … I can only imagine the conversation going on in Ottawa today … or tomorrow … or sometime.

Regardless of the choice, one thing I know for certain … we are an exporting nation and we need to get our collective heads around that fundamental first.