Transcript – A conversation with Roy Kao, Senior Advisor Finance and Commerce, MaRS Discovery District: The Meaning of Innovation

["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.] 

[What does innovation mean to you?]

[Andrew Turnbull and Roy Kao are shown.]

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

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

[Andrew Turnbull is shown.]

Roy, thanks for joining us.

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

Innovation can be defined in many ways by different people in organizations. Traditionally, businesses view innovation as creating a new product or implementing new technology.

But being innovative is more than just these things. It can mean a new way of doing things,

changing your business model, updating your packaging, and so much more.

Roy, can you share with us what innovation means to you?

[Roy Kao is shown.]

>>Roy Kao: Certainly, and Andrew, thank you for having me here.

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

To me, innovation sets the nexus for new ideas or inventions and their real-world applications, values and benefits intersect.

And when these elements do intersect, it is the moment when the potential of what's now called “innovation” can be realized.

New ideas and inventions really have zero value if they can't bring net positive tangible results, or improvements, or change to a product, a project, a corporation or even nation and humanity as a whole.

And critically, innovation also requires an environment where its audiences and participants have a new and receptive mindset, perspective, and equally important readiness, in order to allow the innovations to take root, and permeate throughout the entity's ecosystems and DNA.

[Andrew Turnbull is shown.]

>>Andrew Turnbull:  Well said, thank you.

[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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