Latest news with #JimBalsillie
Globe and Mail
13 hours ago
- Business
- Globe and Mail
Canada's innovation policies need overhaul to boost economy, experts say
Canada's outdated innovation policies are causing a loss of economic sovereignty amid critical shifts in global trade relations and the knowledge-based economy, experts say. While Canada continues to lead globally in education and research, innovation experts say the country's inability to plan past that phase is costing it hundreds of billions of dollars every year in data and intellectual property ownership. And with the United States-Mexico-Canada Agreement up for review in 2026, they argue the federal government should arrive at negotiations with a Canada-first approach. Speaking Monday at the Intersect conference at the Fairmont Royal York hotel in Toronto, Jim Balsillie, former co-CEO of Research In Motion Ltd., said Canada needs to have an offensive strategy heading into USMCA negotiations. 'The most important thing is to learn how the economy works, know that the agreement isn't worth the paper it's printed on,' said Mr. Balsillie, who is also a co-founder and chair of the Canadian Council of Innovators. Under the Trump administration, the U.S. is leading a shift in global economic policy to become more aggressive and transactional, Mr. Balsillie said. This, added to the emergence in recent decades of a new, knowledge-based economy, has heightened the need for governments to defend their industries and IP. Yet Canada continues to fall behind. Canada has 'ambition deficit' and regulations that are scaring away investment, Sabia says CIBC CEO says Canada needs to be on 'wartime footing' to bolster productivity 'We've got this funny disease where everybody helps their companies, but we don't help ours. In fact, we subvert them,' he said, pointing to sticking points such as the highly controversial capital gains tax increase or the federal government's investments in foreign companies. Mr. Balsillie also addressed Ottawa's claim that eliminating interprovincial trade barriers will add as much as $200-billion to the economy, calling it a 'myth' and a 'distraction.' 'The most meaningful barriers were addressed long ago. Clinging to this narrative distracts from creating serious national economic strategy,' he said. Dan Breznitz, the Munk chair of innovation studies at the University of Toronto, touted the country's investments in fundamental research for technology such as artificial intelligence as world leading. But that's where it stops, he said. When it comes time for companies to scale up and commercialize their research, they, unsurprisingly, go elsewhere. 'We just assumed that, somehow, because we have educated people and ideas, magic will happen in the market,' Prof. Breznitz said. 'Instead people do the rational thing: They look around and they say, 'It's almost impossible to do it in Canada.'' On Monday morning, while Prof. Breznitz was addressing the crowd at the Fairmont, Prime Minister Mark Carney announced he would ensure that Canada hits NATO's target to spend 2 per cent of GDP on defence this fiscal year. Prof. Breznitz said that's important – but not the kind of transformational policy Canada needs right now, after 20 years of slowly declining GDP numbers. 'We've got a prime minister that basically tells us right now, that if he will bring us back to that moment of slow decline, it will be the biggest transformation. I'm worried,' he said. Canada needs to gain strategic control of its talent and research, he said. It needs to figure out how to capitalize on its valuable industries, such as critical minerals, and engage and invest in its own technology. 'It is not okay that we are the lowest, by far, in the G7 in buying and engaging with new technology,' he said. Ultimately, Mr. Balsillie said, Canada's progress hinges on its ability to bring in and listen to new voices within its policymaking spaces who will help it adapt to the modern economy. 'The issue isn't only new ideas. It's escaping old ideas.'
CairoScene
26-05-2025
- Business
- CairoScene
Saudi Arabia Secures USD 100 Million Golf Resort Investment
A USD 100 million deal with BlackBerry co-founder Jim Balsillie kicks off Saudi Arabia's plan to build up to 100 golf courses. Canadian tech entrepreneur and BlackBerry co-founder Jim Balsillie has invested USD 100 million to build a national network of luxury golf resorts in Saudi Arabia. The investment is part of a broader partnership with Sumou Global Investment and aligns with the country's Vision 2030 strategy to diversify its economy and boost tourism. The first project is expected to break ground soon in Jeddah, on a site previously used as a sewage dumping ground. Plans include not only golf courses but also integrated hotels and residential developments. Balsillie aims to expand the country's existing portfolio of a dozen golf courses to up to 100, with seven to ten already in development and several expected to be completed by 2027. One strategic objective is to integrate golf tourism with religious tourism. By offering golf packages to Muslim pilgrims visiting Makkah, the initiative seeks to encourage longer stays and create new revenue streams from leisure-focused visitors. The move builds on momentum generated by the Public Investment Fund (PIF), which has invested nearly USD 5 billion into golf globally, including the controversial LIV Golf tour and domestic projects like a Jack Nicklaus-designed course near Riyadh. Saudi Arabia faces competition from regional neighbours such as the UAE, Qatar, and Oman, all of which have invested in golf infrastructure. However, the Kingdom's rapid pace of development has raised environmental concerns, particularly around water use for maintaining courses in arid climates. Developers have pledged to use recycled water and renewable energy solutions to mitigate impact.
Business Mayor
25-05-2025
- Business
- Business Mayor
Saudi Arabia tees up efforts to become Gulf's golf capital
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Saudi Arabia is teaming up with BlackBerry co-founder Jim Balsillie in an effort to drive the kingdom's below-par golf offerings out of the rough and on to the green of the sport's big powers. Canadian entrepreneur Balsillie is investing $100mn over the next five years to develop luxury golf resorts in the country, which has far fewer courses than the neighbouring United Arab Emirates. The deal falls under Saudi's Vision 2030, a plan to diversify the kingdom's oil-dependent economy through a 'strategic shift' to tourism. Balsillie told the Financial Times his strategy also involves an unusual pitch to the millions of Muslims who visit Saudi Arabia to make sacred pilgrimages to Mecca, but can extend their trip for a round of golf. 'Come for history, natural beauty, and legendary hospitality. Stay for golf and modern lifestyle,' said Balsillie, who owns Canada's largest golf course operator, GolfNorth. He sees long-term potential for up to 100 courses in Saudi Arabia, from about a dozen now, but is currently aiming for seven to 10 and hopes to complete some of them as soon as 2027. 'Groundbreaking is still a possibility for this year,' said Balsillie, who is partnering with real estate fund Sumou Global Investment to build hotels and residential complexes tied to the courses. Jim Balsillie: 'The question is why wasn't this type of project done, say 10 or 20 years ago when Oman and UAE [were] doing the same thing?' © Cole Burston/The Canadian Press/Alamy Golf has not traditionally been a major sport in football-loving Saudi Arabia. But it began growing rapidly after Yasir al-Rumayyan, an avid golfer and governor of Saudi's giant Public Investment Fund, became president of the kingdom's golf federation in 2017. Read More Mortgage demand from homebuyers drops 10% as interest rates jump Riyadh-based executive Abdulrahman Harakati picked up the game while studying in the US nearly 15 years ago and now is on the course every weekend. 'Today, many Saudis play golf because [the golf federation] opened free training to everyone who wanted to learn, giving free lessons. It doesn't matter that you don't have your own golf clubs,' he said. 'They brought in foreign coaches and welcomed men, women and children.' Despite the dusty, desert climate, the sport has become big business across the Gulf. The PIF has spent $3.9bn backing LIV, a breakaway tour that lured top golfers with big pay packages and caused an ongoing dispute with the PGA Tour. The fund is also building several courses, including one west of Riyadh designed by golf great Jack Nicklaus. Meanwhile, the Trump Organization is investing in golf elsewhere in the Gulf, with a licensing deal in Qatar and a planned $500mn luxury resort and golf course in Oman. 'The question is why wasn't this type of project done, say 10 or 20 years ago when Oman and UAE [were] doing the same thing?' Balsillie asked. Both Sumou and Balsillie are funding the project while hoping to attract other investors. Balsillie said it was not receiving government funds or tax incentives, 'but that might change down the road'. Golf courses across the world face criticism over water and energy use, but those in the Gulf states say they aim to promote sustainable practices through water recycling, tree planting and using renewable energy. With low rates of rainfall and no natural rivers, Saudi Arabia and its neighbours are almost fully reliant on energy-intensive seawater desalination. Read More UK rental price growth pulls back from peak The first project will be built in a south-eastern suburb of the Red Sea port city of Jeddah. The location, known as Wadi Aslaa, used to be a dumping ground for sewage water. While the government has sought to provide incentives to developers to build affordable housing as part of Crown Prince Mohammed bin Salman's goal to increase home-ownership to 70 per cent by 2030, such 'golf-living' developments target home buyers from upper middle class and luxury tourists. 'Our type of development is in line with the kingdom's push for more tourism and more residential accommodations — golf ties it all together,' Balsillie said.
CTV News
23-05-2025
- Business
- CTV News
LIVE NOW: Premier Smith, Balsillie on innovation in Canada's economic future
Alberta Premier Danielle Smith and BlackBerry co-founder Jim Balsillie explore the role of innovation in Canada's economic future. Watch LIVE here.
CBC
22-05-2025
- Business
- CBC
Former BlackBerry exec Jim Balsillie to co-lead Manitoba innovation task force
A former BlackBerry executive will be co-chairing a new task force whose goal will be to use emerging tech to propel productivity in Manitoba. Jim Balsillie, the former co-CEO of Research In Motion, the Waterloo, Ont.-based tech company behind the BlackBerry, has been tapped to help drive innovation in the province as part of an advisory group that includes several Manitoba business leaders, the province said in a Thursday news release. The innovation and productivity (or "IP") task force will advise the NDP government on implementing new and emerging technologies to "support the economy and promote data-driven decision-making," the release said. Its mandate includes creating a strategic plan that's expected to be delivered to the province's technology minister later this year. Minister of Innovation and New Technology Mike Moroz said in the news release his department is considering implementation of artificial intelligence, an intellectual property policy and "sovereign cloud strategies" to store and process data without going to jurisdictions that don't have the same protections Manitoba has. Balsillie said in the news release there is "tremendous opportunity for Manitoba to turbocharge its economic resilience and prosperity" through "sovereign strategies across all sectors and industries." Other members of the task force announced Thursday were: Adam Herstein, partner at Pitblado Law. Clara Buelow, director of marketing and communications at the Manitoba Chamber of Commerce, and previous lead on the Digital Manitoba Policy Initiative. Jacqueline Keena, managing director of the Enterprise Machine Intelligence Learning Initiative. Gerry Price, president of Price Industries. Gautam Srivastava, professor of computer science at Brandon University. Debra Jonasson-Young, executive director of entrepreneurship at the Asper School of Business. Dr. Ernest Cholakis, founder of Cholakis Dental Group.
