Goodmans' partnership with the DMZ at Ryerson University
took another exciting step last week. The DMZ is a leading business
incubator (selected by BMI as the top-ranked university incubator
in North America, and third in the world), connecting startups with
resources, customers, advisors, investors, and other entrepreneurs.
As legal counsel in residence, Goodmans provides mentorship and
networking opportunities to the startups at the DMZ helping them to
maximize their potential.
Last week the DMZ announced the creation of a new Advisory
Council, aimed at facilitating growth in the Canadian innovation
economy and increasing visibility for Canadian entrepreneurs.
The Advisory Council is headed up by Nadir Mohamed, chairman of
ScaleUP Ventures and former chief executive of Rogers
Communications, and is composed of 20 individuals selected from
nearly 500 applications for their diversity and ability to tackle a
wide range of problems facing Canadian entrepreneurs. It includes
industry leaders from a range of business areas across the country,
including IBM Canada president, Dino Trevisani, Round 13 Capital
partner and former Dragons' Den personality, Bruce
Croxon, founder and chairman of Globalive Capital, Anthony
Lacavera, managing partner of Relay Ventures, John Albright, Chief
Strategy Officer of Diply GoViral, Kirstine Stewart, and Globe and
Mail editor-in-chief, David Walmsley.
The Advisory Council will meet six times a year to deal with a
wide range of issues faced by most Canadian startups including
securing funding, gaining publicity, building a network, creating
international contacts and securing late-stage investment. One of
the first issues the council will address is the image problem of
entrepreneurship in Canada. The DMZ conducted a survey with Ipsos
to explore this and other important matters. The survey found that
nearly 40% of Canadians polled could not name a single Canadian
entrepreneur, but U.S. entrepreneurs like Mark Zuckerberg, founder
of Facebook, and Elon Musk, founder of Tesla, are household
In addition to the lack of Canadian entrepreneurship visibility,
the survey showed most Canadians generally lack confidence to start
a business, notwithstanding three in four Canadians believe that
Canada is a good place to start a business and most Canadians view
entrepreneurship as a positive thing. The Advisory Council plans to
change these statistics. "It's a real problem. We
don't celebrate entrepreneurship the same way we do hockey and
basketball players," says DMZ executive director, Abdullah
The establishment of the Advisory Council has attracted
attention from the federal government. Minister of Innovation,
Science and Economic Development, Navdeep Bains, says that Canada
needs to put more effort into helping its entrepreneurs grow from
early-stage startups to global competitors. Canada's startup
growth rate is particularly low according to international
standards, and too many promising Canadians entrepreneurs are
forced to move to the United States or other countries to find
adequate funding and mentorship. The Advisory Council plans to
address this problem. "This initiative by Ryerson is really
great because you have individuals who are successful
entrepreneurs, who are established CEOs, really helping and
mentoring companies grow and scale," Mr. Bains says.
"That's the sort of leadership we need to see."
The DMZ has been a leader in Canadian innovation since it first
opened its doors in 2010, and the Advisory Council is an exciting
next step in bringing Canadian entrepreneurs to the forefront of
the global landscape. "We want this council to help grow our
startups," says Mr. Snobar. "They have the know-how and
the resources and the diversity to do it."
"Goodmans wants to offer our congratulations and support to
this esteemed Advisory Council. We are thrilled to be a participant
in this incredible environment helping Canadian startups take the
next step to reach their potential on the world stage," said
Allan Goodman, Co-Chair of Goodmans Technology Group.
The content of this article does not constitute legal advice
and should not be relied on in that way. Specific advice should be
sought about your specific circumstances.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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