Transcript – A conversation with Roy Kao, Senior Advisor Finance and Commerce, MaRS Discovery District: How Innovation Can Help a Business Succeed

["Innovation and Business Success" with a picture of a building and CIBC logo is shown.]

[A conversation with Roy Kao, Senior Advisor Finance and Commerce, MaRS Discovery District.] 

[How innovation can help a business succeed.]

[Andrew Turnbull and Roy Kao are shown.]

Hello, I'm Andrew Turnbull, Senior Vice President, Small Business Banking at CIBC.

I'm here with Roy Kao, Senior Advisor, Finance and Commerce at MaRS Discovery District.

[Andrew Turnbull is shown.]

In today's highly competitive marketplace,

[Andrew Turnbull, Senior Vice President, Small Business Banking at CIBC.]

business owners need an edge, something that makes them stand out from the competition.

[Andrew Turnbull and Roy Kao are shown.]

At the same time, consumers are pushing businesses to deliver more affordable, better, unique, products and services. 

[Andrew Turnbull is shown.]

There's no longer any room for mediocrity.

Roy, can you share with us, how innovation can help a business find that edge and succeed in today's competitive marketplace?

[Roy Kao is shown.]

>>Roy Kao: Andrew, thanks for having me here, 

[Roy Kao, Senior Advisor Finance and Commerce, MaRS Discovery District.]

and that's a great question.

In a world of not only intensified customer demands, and competitor forces, coupled with diminishing margins, businesses increasingly turn to the cost of innovation to gain, or even maintain their competitive superiority.

[Andrew Turnbull and Roy Kao are shown.]

Innovation provides an edge by helping the business owners see things in a different light.

[Roy Kao is shown.]

It can help them enter new markets faster, find a faster, better, or more cost effective way to produce products.

And it can help them have an open mindset that can lead to other options such as a profitable mergers and acquisition.

But, with each opportunity, comes risks.

Each business must evaluate its own resources, needs, priorities, and visions of desired outcome, in order to understand the path that maximizes the impact of the innovation undertaking.

[Andrew Turnbull is shown.]

>>Andrew Turnbull: Thank you for that Roy. That's great advice.

[Andrew Turnbull and Roy Kao are shown.]

Roy Kao, Senior Advisor Finance and Commerce at MaRS Discovery District.

[CIBC logo is shown.]

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