A growing momentum is emerging in rural Alberta. Entrepreneurs from every region of the province are harnessing the power of purpose to energize their communities, lead their companies and to connect with new and emerging markets.

Diversification is crucial to the health of smaller communities

Entrepreneurship is growing in Alberta fueled, in part, by rural entrepreneurs who are accelerating change and growth in their communities.

Interest in small business ownership and entrepreneurial investment is on the rise, and as a network of developmental lenders, Community Futures Alberta is ready to keep pace.

Part two in a series exploring some of the complex issues and ideas facing our communities.

Guest Article by Ken Coates
Canada Research Chair in Regional Innovation

Technological Revolution

Rapid and sweeping technological change is upon us – and rural and small town Canada is not well-situated to capitalize on the opportunities and respond to the challenges.  The innovation economy is decidedly tipped to cities and urban areas, as is the overwhelming majority of the country’s scientific and technological research and development.  Rural and small town Canada is being left behind – seriously so – in the most significant transition in recent history.  Improvement in medical technologies have the potential to revolutionize rural health care, with comparable transformation possible in K-12 education as well.

We are pleased to be featuring a two-part series exploring some of the complex issues and ideas facing our communities.

Guest Article by Ken Coates
Canada Research Chair in Regional Innovation

Rural and small town Canada finds itself in times of constant change.  As we look forward to 2050, we contemplate a world that is being transformed by technological innovation, globalization and climate change.  Communities and regions that seek to prosper have to be more proactive, more flexible and more forward-looking than in the past.  The road ahead promises to be complicated, with prosperity and stability for rural and small town areas far from assured.

Have you ever thought about selling your farm or business? Do you know how to start?

If you answered “no,” you’re not alone. A recent Business Development Bank of Canada study found that less than 10% of all business owners in Canada have a formal succession plan. It’s a wake-up call for business owners to start one sooner rather than later.

“Generally speaking, business transitions take between 2-7 years,” says Alison Anderson, Founder, and CEO of SuccessionMatching.com, an online community of business buyers, sellers, and succession planning professionals.

The Community Futures Treaty Seven organization provides training, employment and business development opportunities for Treaty 7 First Nations individuals, on and off reserve, including persons with a disability. Community Futures Treaty Seven continues to prioritize disability in their labour market programs and business advisory services.

Each year, Community Futures Treaty Seven hosts a summit and job fair that connects job seekers, employers, employment service agencies and supporters. Featured speakers raise awareness to improve understanding of the many limitations imposed by attitudes and stereotypes on the employment and economic opportunities of First Nations individuals.

Cafes in department stores are nothing new. But hybrid retail is going to the next level with increasingly unique co-branding combinations. Co-branded ventures create unique customer experiences that expand the way we think about each of the companies involved. Oftentimes, the participating brands will be very different from one another, adding an element of surprise to the experience.

For example, Glossier and Rhea’s Café in San Francisco created a series of pop-up shops that combined socializing, eating and trying beauty products. Casper is an online mattress brand that partnered with West Elm, a high-end furniture retailer, to allow customers to actually try the mattresses in a bricks-and-mortar setting. Music-streaming app Spotify partnered with Uber to create "a soundtrack for your ride."

Consumer expectations have been completely reconfigured by innovations such as virtual assistants, service upgrades and seamless personalization. The same consumer is also besieged by offers of free trials, slashed prices and seductive perks. As one consequence, 78% of consumers say they retract loyalty faster today than they did just three years ago (Accenture, February 2017).

Consumers now expect their brands to magically adapt to their ever-changing needs, wants and whims. As a result, the next iteration of customer service will include a form of post-purchase forgiveness whereby customers expect all kinds of products and services to ‘forgive them’ when they change their minds about the item they selected, the size they chose, or the service options they wanted.

Businesses have to adapt to a future where ways of living, working and playing are changing rapidly. We can no longer put people in neat demographic boxes because people of all ages in all markets are constructing their own identities more freely than ever. As a result, consumption patterns are no longer defined by ‘traditional’ demographic segments such as age, gender, location, income family status and more. So, you can stop trying to figure out the differences between Gen X and Gen Y because  ‘generational generalizations’ are fast becoming a thing of the past.

Here are a few reasons why it’s time to throw out the tired and traditional demographic approach to consumer behavior:

Thanks to the radical transparency made possible by a world that is connected 24/7 in real-time, businesses exist in glass boxes. Outsiders can easily see inside. Sure, not always with 20/20 vision. But, they can see the people, processes and values at work. And, companies that are not living up to stated values and brand promises get exposed quickly and mercilessly.

Perhaps the most extreme example in 2018 is, in a word: Weinstein. In a hashtag? #MeToo. A New York Times article revealed multiple abuse allegations against film producer Harvey Weinstein sparking a global conversation about patriarchy and gender. In 2017, Uber’s culture of sexism and bullying was exposed when one staffer’s blog post went viral, resulting in the ousting of founder and CEO Travis Kalanick. Meanwhile, an ‘anti-diversity manifesto’ by a Google employee shed light on the issue of gender diversity in tech companies.