As the President and CEO of Evolve Business Advisory, Tom Greenwood is an expert in managing, structuring, and scaling small or new businesses for explosive growth organically or through strategic partnerships. Over the past 28 years, he’s passionately provided entrepreneurs with the horsepower and mentorship they need to make their dreams come true. Tom’s commitment to diversity and social responsibility, combined with his talent for selecting, leading, and motivating his team is the driving force behind his success.
1. What are the top three business trends for Canadian entrepreneurs in 2022?
Paying it forward – Some corporations are starting to realize their sheer power. No longer is it only expected that it is an individual’s responsibility to “Pay it Forward, it is a corporate responsibility as well.
Splurge, invest in technology. It’s not optional – Invest in collaboration tools apps such as Microsoft’s Office 365, Google Workspace, or Adobe Acrobat Cloud. They’re essential since they improve productivity, collaboration, and provide flexibility when you can’t be in the office.
2022 will be the end of Remote work, I hope – Before the current variant, many large corporations and municipalities had plans in place to start bringing people back to the office. Those plans are on hold now but it shows how ‘working from home is not a long term strategy or plan. Therefore in 2022, the trend will be companies reconsidering their “working remote” policy. It’s not great for collaboration, innovation, efficiency, and can impact your bottom line! The best ideas stem from ‘creative tension – that in-person magic that happens during an office brainstorm.
2. Canada has one of the biggest start-up ecosystems in North America, but what types of businesses are currently thriving here?
Aggregator apps with AI – Taking a service that people need (dentist, real estate photography, etc.) and aggregating the choices into one easy to use on-demand app
Social causes – Companies that support social causes are thriving now more than ever. This is because they connect with their customers on a deeper, more personal level. Companies that engage in philanthropy are not only making a difference, but they have a major competitive advantage because they are able to build brand loyalty by establishing trust and credibility, which lays the foundation for any long-term relationship. Social responsibility can also help with employee retention and attracting investors.
Connecting people – We have seen what the last 2 years have done for people’s social lives. New apps and some out-of-the-box ideas are changing the way people connect based on very specific and targeted personal preferences (philanthropy, animal lovers, etc.)
3. What opportunities might Canadians have been overlooked because they believe it’s too difficult or too risky to make a go of it on their own?
The unfortunate reality is that Canadians are missing out on a significant amount of amazing opportunities every single day as it is VERY hard and risky for most new entrepreneurs to start off. The reality is that 20% of businesses will fail in their first year and 60% will fail within 3 years. Big banks offer no assistance to startup businesses unless they are willing to provide their house, children, and family dog as collateral and government programs to help fund new businesses are difficult to receive as they are a red-tape nightmare. Entrepreneurs need to look at incubators and accelerators whose main focus is to provide the horsepower and financial assistance needed to get to that ‘safe’ spot of success. If they do their research, new entrepreneurs will find good incubators and accelerators who are not out to crush their dream or take equity without earning it.
4. What are your thoughts on the recent impacts of government regulation reductions? How do you feel about this change?
I’m ambivalent when it comes to government regulation. In an ideal world, the government wouldn’t have to impose restrictions on businesses because everyone would volunteer to do their part. However, it is clear that, in order to ensure the protection of the environment, public health, and safety, civil rights, etc., some degree of government intervention is necessary. These regulations must be well designed and respect the fundamental role of the free market, or they may actually be detrimental to society and erode the public’s confidence in our government.
5. Do you have any anecdotes or meaningful personal stories related to managing growth for an organization in times of uncertainty that illustrate key lessons learned throughout this conversation?
I left corporate life over 11 years ago to start my entrepreneurial journey and it is the best decision I have ever made. There are always going to be struggling, dark times but if you truly believe in what you are doing then you know there will eventually be the light at the end of the tunnel and amazing days of celebration. I still walk out of our global HQ and shake my head as I can’t believe what we have become. Uncertainty will always be a part of an entrepreneur’s reality. For me, and most entrepreneurs, we start off on our journey with almost reckless abandon. We are so focused on our dream that we make decisions and sometimes with not a lot of thought. Basically, the decision-making process is ‘Fuck it, let’s give this a shot. To me, that is the true definition of an entrepreneur. Whether you are just starting out or you have been in business for 10+ years we all have to remember where we came from and what got us to where we are. To this day, we use ‘Fuck it’ as our corporate mantra to assure that all of our team members have that entrepreneurial decision-making vibe and it is been one of the most important part of our success.
6. Your advice to young entrepreneurs during this challenging time.
If you have a product or service, don’t give up. Being a successful entrepreneur is not for the faint of heart. In our incubation and acceleration services, one of our qualifying criteria is to assure the entrepreneur has experienced ‘The Suck’ and is still at it. If you believe in what you are doing and it truly is your dream, then experiencing ‘The Suck’ and then keeping going, is a defining characteristic of successful entrepreneurs. Another piece of advice…get help….but get the right help. There are incubators and accelerators that are passionate about helping new and small businesses succeed without crushing the dreams of the founder. Do your research, ask questions and then make informed decisions on who you want to partner with as this is your dream that you need to protect.
