Hey, here's a fun fact for you: did you know that just a tiny fraction of Canadian companies are responsible for creating most of the new jobs in the country? Specifically, only 1.8% of businesses generated a whopping 63% of all new jobs between 2000 and 2015!

While Canada has over 1.2 million businesses, only a small number of them are considered "medium-sized" or “mid-market,” meaning they have 100 to 499 employees. However, these businesses are the real powerhouses when it comes to creating jobs and driving economic growth. They play a critical role in diversifying local economies, integrating innovations internally and bringing new ones to market, engaging with their local communities, and creating shared prosperity for their stakeholders. All in all, medium-sized businesses are a vital part of raising the standard of living for people all across Canada. This is why I have been so enthusiastic about, and committed to, the work of providing the highest level of assist these businesses to reach their potential.

The primary focus of my work, study, teaching, and advocacy since 2017 has been around the Canadian mid-market growth problem space, and especially so during the recent years of 2020-2023. My decision to join BDC in 2018 was driven by a strong desire to contribute to the betterment of my country through improved economic prospects of my fellow Canadians. My work would all be happen at the intersection of three activities I deeply enjoy: building businesses, exposure to innovation and expertise, and helping people who help themselves.

While I thoroughly enjoyed working broadly to support the full range of small, medium, and large companies in my first couple years with BDC, I was delighted to be tapped on the shoulder in 2020 to focus exclusively on supporting medium-sized businesses. This is the domain I’d naturally been most drawn to as a result of deeply understanding the realities and implications of the opening statistic in this article, which has shaped my focus and approach to economic development work.

The three years between 2020-2023 have been hyper focused on supporting businesses in this space, including the myriad of challenges surrounding the COVID-19 pandemic which we continue to battle the aftereffects. Perhaps unsurprisingly, the people within these companies and the army of professionals dedicated to supporting these businesses are some of the most thoughtful, hardworking, resilient, and inspiring folks I’ve dealt with throughout my career. I'm truly grateful for the opportunity to have been part of this impactful work!

This is my farewell letter to the Vancouver Mid-Market Client Team chapter of my BDC journey.

Dear valued clients, partners, and colleagues,

It is with mixed emotions that I announce the conclusion of my 3-year journey with BDC's Mid-Market Client Team for the Vancouver area. It has been an incredible ride, filled with challenges, triumphs, and most importantly, meaningful relationships with all of you.

As you may recall, the purpose of establishing the Mid-Market Client Team was to better understand and serve the complex needs of Canada’s most dynamic and innovative growth companies with significant global potential. The objective was to bring BDC’s full value proposition, along with that of our extended network of trusted external partners, to accelerate the evolution and expansion of the market segment of medium-sized businesses.

Our approach was to assemble dedicated expert teams localized to the key economic growth clusters across the country, delivering an integrated, high value, and proactive client working experience. These tactical units brought together the diverse strategic, financial, growth, operational, and leadership skillsets to assist regional companies scale more effectively. With the national and global successes of many businesses we worked closely with, I'm proud to say that we've exceeded our goals and expectations in this regard for the Vancouver area.

Over the past three years, we've had the privilege of working with some of Canada's most dynamic and innovative companies here in the Vancouver area across such a diverse range of sectors. Through our team’s collective efforts since inception, we've responsibly deployed over half a billion dollars in new working capital, been engaged for dozens of strategic advisory projects, and made countless connections to aligned partners in assisting these businesses achieve significant development and growth milestones in their business journey.

Our funding and expert assistance has supported our client businesses to improve their financial management and performance, streamline and scale operational practices, evaluate and implement critical digital systems, progress in automated production and warehousing, develop and strengthen executive management capabilities, establish high-performance team cultures, expand into new domestic and global markets, formulate and execute acquisitive growth strategies, strategize and complete transitions of ownership and leadership, and ultimately create more than a thousand jobs for Canadians that will endure.

However, I must admit much of this is simply the nature of the BDC does, aimed and turbocharged specifically to high impact firms. The real highlights for me have come from the relationships, the personal growth, and the mission outcomes:

• Discovering the joy of fully-aligned working relationships. Despite the innumerable challenges that inevitably come with unbridled growth, things simply flow because there is trust and respect, and we know we’re in it to win together.

• Earning these relationships by doing the work and having the courageous conversations required. To me, this is best evidenced by receiving invitations to our clients’ and partners’ team celebrations like holiday parties, summer BBQs, staff birthdays, and cultural celebrations.

• The growth mindset and constant encouragement within the team to level up how we show up as individual people, how we conduct our work as trusted advisors, how we support each other as teammates, and how we integrate the hard work with what fills our own buckets.

• On the mission front, having taken small or large parts in guiding founders, owners, executives, and teams to achieve business outcomes they dreamed of and knew was possible. ‘Graduating’ client companies from our extensive scope of offerings has got to be one of the most fulfilling achievements as a mission-driven expert support team.

Of course, none of this would have been possible without the support of our extensive network of valued and trusted partners and colleagues. Your expertise, dedication, and passion for helping Canadian businesses thrive has been inspiring. Together, we've built a community of like-minded individuals who share a common goal of making Canada a better place to live, work, and do business.

I want to recognize the outstanding commitment and contributions of the members of this Vancouver Mid-Market Client Team which I had the privilege to work with: Kevin Cheng, Ted Olak, Sean Lafortune, Alex Averiss, Eric Halpenny, Mark Meloche, Becky Wong… and the leaders who have supported us: Oana Constantin, Matt Price, Karen Sytnick, Mathieu Cere, Rosanne Horner. I would be remiss not to mention those team members and leaders whose shoulders we stood on who first led the charge on this work: Gord Dosanjh, Rob Dennison, Jabir Nathu, Kris Smith, Danny Lidder, Greg Richard. Plus the countless leaders and colleagues across the BDC regionally and corporately. Thanks to everybody for what you brought to this important work: client understanding, industry knowledge, subject matter expertise, fresh perspectives, innovative ideas, team leadership, work ethic, and above all, your joie de vivre. It has been an honor and a privilege to work alongside such a talented and committed group of individuals.

EDIT: I am embarrassed at forgetting to mention that our Vancouver team was chosen as a national finalist for BDC’s coveted Samara Awards in the Client Catalyst category. The annual Samara Awards recognize outstanding commitment, contribution, and achievements in driving BDC’s aspiration to be a great place to work and to be recognized as a trusted partner for Canadian entrepreneurs.

As I reflect on my time with the Vancouver Mid Market Client Team, I'm filled with gratitude for all the experiences, relationships, and economic anchor outcomes that have been created. While I'm sad to be moving on, I'm excited about the future and the opportunities that lie ahead.

Thank you all for being part of this journey. I look forward to staying in touch and continuing to build upon the meaningful work we've accomplished together.

Sincerely,
Joshua Tiong