Transformative technologies can be a partner in creating change in multiple areas, whether on climate action goals, mobility, energy generation or inclusivity in fashion design and apparel. It also takes human talent and human collaboration to move these changes forward across industries and within our community. These were key message from business leaders at the City of Richmond’s 2024 Business and Partner Appreciation Event held Thursday, October 3 at the Wilson School of Design at Kwantlen Polytechnic University in Richmond.
“Many Richmond business leaders are developing or adopting transformative technologies,” said Mayor Malcolm Brodie, as he welcomed over 100 local companies and partners attending the event. “Today, we celebrate your success – and demonstrate how your innovative solutions position us well for the future.”
Looking at the overall state of the economy, keynote speaker Jean-François Perrault, Scotiabank’s Senior Vice President and Chief Economist, noted that there is more clarity in the economic outlook than over the past few years. Inflation is relatively under control, and the economy is slowing into a soft landing zone. “Growth isn’t too strong, and it isn’t too weak,” Perrault explained. However, that clarity may be temporary, as household savings rates continue to be high, and pent up consumer demand may be unleashed as interest rates continue to fall – potentially driving inflation. A key unknown in the outlook is the outcome of the upcoming U.S. election and the potential future impact on global trade policy.
Panel moderator, Paul Tilbury, Chief Operating Officer of Dayhu Group and Chair of the City of Richmond Economic Advisory Committee, opened the discussion on “Transforming Today for Tomorrow” by asking the guest panel of three Richmond business leaders about the transformative technologies that they are creating and/or adopting. Transformative technologies can be defined as innovative and advanced technological solutions or tools, such as artificial intelligence, that have the potential to significantly alter existing processes, systems and practices.
Cheryl Bond, Co-Founder and Chief Operating Officer of MADE Tech, described how her company is addressing the gap between made-to-measure and made-on-demand through automation for custom fashion and apparel. “Technology touches every part of fashion,” Bond noted, explaining how her company is working collaboratively with competitors and partners to move the industry forward. Their approach also opens the door to greater opportunities for local production, which could support resiliency in the face of potential future global trade uncertainties.
Fellow panelist Matthew Anderson, Co-Founder and Chief Executive Officer of A&K Robotics, spoke about how his company makes self-driving, autonomous pods that help people get around in indoor environments such as shopping malls and airports, including a current pilot project at YVR. He noted the excitement that comes with beginning to cross the chasm to physical artificial intelligence with two-way communication that includes sight, touch and hearing. At the same time, Anderson acknowledged the challenges of navigating indoor environments without lane lines or road rules for pods to follow. Building on the personalized approach that fellow panelist Bond’s technology delivers in apparel, Anderson noted the goal of making travel not just functional but more enjoyable for users.
Robert Crystal, Senior Vice President of Finance at General Fusion, spoke of his company’s goal to “transform how we energize the world,” and the challenges involved in “creating the conditions of the sun on earth.” He explained that fusion technology fuses atoms together, a safe, zero-emissions process that creates even more energy than nuclear fission, with which it is often confused. While fusion technology has been around for decades, new enabling technologies are now helping the company move closer to integrating their renewable energy onto the power grid.
Mayor Brodie thanked businesses for their innovation and hard work, acknowledging that their success makes Richmond’s economy strong and contributes to making Richmond a desirable place to live and work.
The City’s Economic Development Office works to grow Richmond’s business and employment base and maintain a healthy business environment in the city. For more information, visit businessinrichmond.ca, @Richmond.EDO, @RichmondEDO.