Schulich Startup Night virtual event attracts close to 700 registrants

Schulich startup night FEATURED image by Ian Schneider on Unsplash
Schulich startup night FEATURED image by Ian Schneider on Unsplash

The 15th edition of Schulich Startup Night (SSN), for York University’s Schulich School of Business, took place virtually earlier in March and attracted nearly 700 registrants. The bi-annual event included a competition and fireside chat, and gave students and alumni an opportunity to pitch their business ideas to a panel of top industry professionals for a chance to win a $5,000 cash prize.

Chris Carder
Chris Carder

Chris Carder, Schulich’s executive director of the Office of Innovation and Entrepreneurship and Schulich Startup Night organizer, and Detlev Zwick, Schulich’s interim dean, kicked off the event with welcome remarks and acknowledgements.

For the first time, Myra Arshad (BBA ’18), co-Founder of ALT TEX, was the co-host for the competition and the panel of judges featured an all-female lineup, including: Snita Balsara (MBA ’12), senior investment manager and head of community at MaRs IAF; Althea Wishloff, investor at Panache Ventures; and Chevonaé Walcott, investment associate at Relay Ventures.

After a competitive round of pitches, the judges announced Ashleigh Berger (MBA ’13) and Jenna Kellner (MBA ’13), co-founders of Little Traders, as the winners in the Alumni category and for the People’s Champion Award. Bansee Dave (MBA ‘21), founder of Myoga, was the winner in the Student category.

Once the competition concluded, guests were invited to tune into the fireside chat with Schulich alumnus and CEO of Skygauge Robotics, Nikita Ilushkin (BBA ’16). The session was moderated by Carder and Daniel Warner (MBA ’12), CEO and founder of MyRemoteClinic.

During the session, Ilushkin shared his inspirational journey to raising $3.3 million in seed funding and spoke about his vision of creating a “workforce in the sky.”

“This was an amazing Schulich Startup Night on so many levels, as we celebrated the 15th edition and 30 champions,” said Carder during his closing remarks. “The return of one of our very first finalist years down the road served as an incredible keynote with two new champions you couldn’t help but cheer for.”

The event was supported by sponsors, including: the official cash prize sponsor, Audrey S. Hellyer Charitable Foundation; and supporting sponsors, Zeifmans LLP (Acceler8 Award for Little Traders), Wildeboer Dellelce LLP (Venture Award for Biiibo Inc.) and Bereskin & Parr LLP (Startup Innovation Award for Roger S. and Biiibo Inc.); and prizing sponsors, BEST Lassonde (Impactful Tech Award for Daniyal Dehleh), YSpace (People’s Champion Award) and Indochino.

Study finds female style influencers over age 50 engage in ‘styleactivism’ to address ageism, sexism

Gender discrimination continues to be an issue in today’s work and marketplace, but female style influencers over the age of 50 are changing the landscape of the fashion and beauty industries.

A study recently published in the Journal for the Association of Consumer Research finds that advanced (aged 50-plus) female style influencers use the social media platform Instagram to actively fight gendered ageism rampant in the fashion and beauty industries.

Ela Veresiu
Ela Veresiu

The Social Sciences and Humanities Research Council of Canada (SSHRC)-funded study was undertaken by Schulich School of Business Associate Professor Ela Veresiu in collaboration with HEC Montréal Associate Professor Marie-Agnès Parmentier, who is a York University alumna.

A growing body of consumer research on intersectionality in the marketplace focuses on identifying overlapping oppressive consumer identity categories, such as gender and race. Yet this work tends to prioritize microlevel agency over power relations within structures and practices of domination.

Drawing on the more transformative aspects of intersectionality theory, as well as a focused media and netnographic investigation of the ‘Advanced Style’ movement in North America, the study examines how advanced (aged 50-plus) female style influencers help transform the ageist and sexist fashion and beauty markets.

Specifically, these women enact two forms of embodied resistance informed by the Western dominant discourse of successful aging (deconstructing gendered and ageist fashion and defying gendered and ageist beauty) using the social media platform Instagram.

“It is inspiring to see regular women turned influencers trying to change not only gender, but also age discrimination in the fashion, beauty, and even influencer markets,” said Veresiu.

These consumers-turned-influencers engage in online “styleactivism” demanding designers to create ready-to-wear options for their changing bodies. They equally reject the anti-aging beauty market, opting instead to popularize natural, graying hair, wrinkles, and body scars through their Instagram posts. When selecting brands for collaboration as typical influencers, these ‘Advanced Style Influencers’ often refuse to be the token senior.

The study concludes with future research directions on the transformative potential of embodied resistance for various doubly oppressive gendered and ageist marketplaces.

“You too can follow the Advanced Style influencers’ consumer activism journeys on Instagram using the hashtag #advancedstyle,” said Veresiu.

Read the study “Advanced Style Influencers: Confronting Gendered Ageism in Fashion and Beauty Markets.”

York recognizes alumni in inaugural list of Top 30 Changemakers Under 30

Changemakers FEATURED

York University has released its first-ever list of Top 30 Changemakers Under 30, shining a spotlight on remarkable young alumni who are making a difference in their communities, the country and around the world.

decorative image that says To 30 changemakers under 30“York’s Top 30 Under 30 is a community of changemakers,” says Julie Lafford, executive director, Alumni Engagement. “Driven by passion, they create positive change and are outstanding representatives of the university, reflecting the high calibre of York alumni.”

York alumni take the education, skills and support they receive at York and develop a strong sense of purpose, a desire to create positive change, and a long-standing commitment to the public good. Those qualities are all evident in the young alumni selected.

“I am proud to know that my work with Fix the 6ix was recognized by York University,” says Deanna Lentini (BSc ’16), a physiotherapist and founder of Fix the 6ix, a thriving volunteer organization that gives back to the community and gives students opportunities to build their leadership skills. “It shows that little ideas with a lot of heart can do big things.”

Representing every Faculty at the University, these alumni are leaders working and volunteering in a variety of fields, from health and sustainability to the arts and business, and work to bring a uniquely global perspective to help solve societal challenges.

“To create positive change in the world, the action starts at the local level,” says Miranda Baksh (BES ’17, MES ’19), founder and CEO of the Community Climate Council (CCC), a not-for-profit organization advocating for local climate action through enhancing climate literacy and political advocacy. “Positive change can occur when a community feels empowered and increases climate literacy and political advocacy. I hope that through our work I can keep inspiring youth, especially from underrepresented and marginalized communities, to use their voices for positive change.”

For more information on the 2021 Top 30 Changemakers Under 30, visit the website.

The 2021 Top 30 Changemakers Under 30 are:

  • Ajith Thiyagalingam, BA ’15, JD ’18, Liberal Arts & Professional Studies, Osgoode Hall Law School
  • Alexandra Lutchman, BA ’14, Liberal Arts & Professional Studies
  • Aurangzeb Khandwala, BA ’18, Liberal Arts & Professional Studies
  • Bailey Francis, BA ’19, Liberal Arts & Professional Studies
  • Basia Pozin, BBA ’17, Schulich School of Business
  • Bo Cheng, BSC ’17, MMAI ’20, Science, Schulich School of Business
  • Christine Edith Ntouba Dikongué, BA ’14, Glendon
  • Dani Roche, BDES ’13, School of Arts, Media, Performance & Design
  • David (Xiaoyu) Wang, MSCM ’20, Schulich School of Business
  • David Marrello, BBA ’15, Schulich School of Business
  • Deanna Lentini, BSC ’16, Health
  • Eunice Kays, BA ’17, Liberal Arts & Professional Studies
  • Farzia Khan, BA ’17, Lassonde School of Engineering
  • Giancarlo Sessa, BBA ’19, Schulich School of Business
  • Iman Mohamed, BA ’14, Liberal Arts & Professional Studies
  • Isabella Akaliza, BA ’20, Liberal Arts & Professional Studies
  • Jillian Lynch, BA ’19, Health
  • Krystal Abotossaway, BHRM ’13, Liberal Arts & Professional Studies
  • Larissa Crawford, BA ’18, Liberal Arts & Professional Studies
  • Luke Reece, BA ’15, School of Arts, Media, Performance & Design
  • Maneesha Gupta, JD ’17, Osgoode Hall Law School
  • Matthew Ravida, BCOM ’18, Liberal Arts & Professional Studies
  • Mikhaela Gray Beerman, BA ’14, MED ’18, Glendon, Education
  • Miranda Baksh, BES ‘17, MES ’19, Environmental & Urban Change
  • Nicole Doray, IBA ’17, MES ’19, Glendon, Environmental & Urban Change
  • Prakash Amarasooriya, BSC ’15, Health
  • Rana Nasrazadani, BA ’20, Liberal Arts & Professional Studies
  • Rowena Tam, BA ’17, School of Arts, Media, Performance & Design
  • Shant Joshi, BFA ’17, School of Arts, Media, Performance & Design
  • Shaquille Omari, BA ’15, Liberal Arts & Professional Studies

Schulich research shows bitcoin could replace gold in an investment portfolio

An image of three bitcoins on a laptop keyboard

The trading price of bitcoin broke through the $60,000 level several days ago, leading some financial experts to wonder if investors snapping up the digital asset are creating a speculative bubble. But two researchers at York University’s Schulich School of Business say the digital currency is still a good replacement for gold in an investment portfolio.

Novel research conducted in 2018 by Irene Henriques and Perry Sadorsky, Schulich professors of sustainability and economics, examined whether bitcoin – often referred to as “digital gold” – can replace gold in an investment portfolio. Gold is considered a traditional hedge against inflation and a safe-haven investment.

An image of three bitcoins on a laptop keyboard, cryptocurrency
Bitcoin is often referred to as “digital gold”

The research paper titled “Can bitcoin replace gold in an investment portfolio?” was published in the Journal of Risk and Financial Management and examined the impact of introducing bitcoin on investment portfolio characteristics and returns. The researchers compared the economic value of portfolios substituting bitcoin for gold using a variety of statistical models, including GARCH, and a benchmark portfolio that included U.S. equities, U.S. bonds, U.S. real estate, EAFE equities, and gold.

The authors found that portfolios with bitcoin ranked highest according to risk-adjusted measures such as the Sharpe, Sortino, Omega and Information ratios. Based on their research findings, the authors concluded that “bitcoin is a viable new alternative asset class that can profitably diversify risk.”

The researchers believe those findings still hold true today, two-and-a-half years later. In September 2018, when the paper was published, a single bitcoin was worth $6,736.52 USD, the daily transaction volume was 262,591, and the supply of bitcoins on the network was 17.279 million. As of February 2021, a single bitcoin was worth $49,549.35 USD, the daily transaction volume was approximately 277,430, and the supply of bitcoins on the network was 18.642 million.

Over the past weekend, bitcoin broke through the $60,000 level, setting a new all-time high in price and more than doubling in value since the start of the new year. The cryptocurrency was trading at $20,000 less than three months ago.

The Schulich research findings were supported earlier this year by global investment firm JP Morgan, which said it views bitcoin as a rival to gold that is rapidly emerging as a safe-haven asset.

“If investors want bitcoin as an investment asset and don’t want to be bothered going through the process of buying cryptocurrency and acquiring a crypto wallet, they can simply buy a cryptocurrency ETF,” says Henriques. “This is equivalent to people who do not want to hold gold per se but rather a gold ETF, which follows its price across time.”

The Schulich researchers, however, caution that bitcoin is still a speculative investment and should not be the only asset in an individual’s investment portfolio.

International Indigenous Student Exchange Knowledge Fair runs April 7

Photo by Porapak Apichodilok from Pexels

York University and partners will host the International Indigenous Student Exchange Knowledge Fair on Wednesday, April 7 from 7 to 9:30 p.m. EST.

Understanding Indigeneity transcends national and regional contexts. York University launched the International Indigenous Student Exchange Program to provide opportunities for dialogue and collaboration between Indigenous students at York and their peers in Costa Rica, Ecuador, Mexico and the Philippines.

International Indigenous Student Knowledge Fair poster
International Indigenous Student Knowledge Fair poster

With support from Canada’s Outbound Student Mobility Program Innovation Fund and in collaboration with York Faculties (Liberal Arts & Professional Studies, Schulich School of Business, and Health), the Robarts Centre for Canadian Studies, and the Centre for Aboriginal Student Services (CASS), the pilot program launched in January 2021 with a series of facilitated virtual workshops. The series covered topics such as Indigenous knowledge and histories, language and cultures, the land, disrupting colonial spaces and re-indigenization, spirituality and current issues that Indigenous students and communities face in Canada and around the world.

Join the Knowledge Fair to hear students, faculty and organizers share about their learnings with the wider community. Students will be showcasing their projects and reflecting on what they learned in this pilot program. There will also be opportunities for questions and answers. Live interpretation for the event will be available in English, French and Spanish. Register in advance via Zoom.

To learn more about the program, visit the program page at: https://yorkinternational.yorku.ca/indigenous-exchange-program/.

Economics of luxury fashion explored in new book by Schulich Professor Emeritus Don Thompson

A photo of an open book on a table
A photo of an open book on a table

Why does one handbag sell for five times the price of another that looks and feels pretty much the same? And how does a luxury label justify a runway show costing millions of dollars, when most of the outfits paraded will never appear for sale?

Schulich marketing Professor Emeritus and author Don Thompson delves into these and other issues in the fast-evolving world of luxury fashion in his new book, The Curious Economics of Luxury Fashion: Millennials, Influencers and a Pandemic.

Book cover for The Curious Economics of Luxury Fashion“The traditional model of luxury fashion – elegant retail palaces, perceived scarcity, fabulous runway shows, no discounting ever, no online selling – has faltered under the onslaught of millennials and influencers, all accelerated by the impact of a pandemic,” says Thompson.

The book includes stories about the people and inner workings of luxury fashion, gathered from New York, London, Paris and Milan, as well as the rapidly growing markets of China.

For example, fashion designer Tom Ford usually holds fashion shows in the Park Avenue Armory in New York City. In fall 2019, he switched to an abandoned subway station at Bowery and Delancey streets and required the guests – women in high heels – to walk down a three-story stairway to the rails to view his “runway show.” Transit Authority workers in safety vests acted as guides. Ford served dumplings and margaritas in plastic cups, rather than the usual champagne cocktails.

And New York’s Metropolitan Museum of Art Costume Institute Benefit Ball, run by Anna Wintour, the editor of Vogue, is the most difficult-to-obtain ticket for any cultural event in America with the longest waiting list – despite costing a hundred thousand dollars for tickets, gala outfit and hotel.

The book includes a chapter on “Death by Amazon and AI,” which examines the inroads and existential threat of Amazon to the luxury fashion world.

Thompson’s book is the result of three years of research into the marketing secrets behind luxury fashion.

York research shows stock market concentration is slowing economic growth

An image depicting the logo for Schulich School of Business

Stock market concentration is stifling economic growth and innovation, according to new research from York University’s Schulich School of Business.

The findings, published in Journal of Financial Economics, found that concentrated stock markets dominated by a small number of powerful firms are associated with less efficient capital allocation, as well as sluggish initial public offerings (IPOs), less innovation activity (as measured by patents), and slower economic growth overall. The study utilized three decades of data from 47 countries.

The research paper, titled “Why is stock market concentration bad for the economy?,” was co-authored by Kee-Hong Bae, professor of finance and Bob Finlayson Chair in International Finance at the Schulich School of Business; Warren Bailey, professor of finance at Cornell University; and Jisok Kang, assistant professor of finance at Boler College of Business at John Carroll University.

“The stock market should fund promising new firms, thereby breeding competition, innovation, and economic growth,” said Bae. “But stock markets dominated by a few large firms are associated with declines in various measures of economic health, including patents, funding for new firms and economic growth.”

Adds Bae: “There is a growing concern among politicians, the media, and academia that the power and concentration of very large successful firms can have troubling consequences. Our findings validate such concern.”

Schulich paper explores strategies for sustainable development of commercial buildings

Research word graphic
Research word graphic

Getting a green building certification is only half the battle when it comes to making commercial buildings more sustainable and energy efficient, according to new research from the Schulich School of Business. 

In a newly published paper in the journal Energy Economics titled, “Beyond building certification: The impact of environmental interventions on commercial real estate operations,” researchers show that behaviour-focused “soft interventions” such as monitoring software and tenant engagement programs can be as effective as technical building engineering interventions such as green building certification when it comes to lowering energy consumption and making buildings more sustainable.

The paper was co-authored by Avis Devine, associate professor at the Schulich School of Business Brookfield Centre in Real Estate & Infrastructure; Jim Clayton, director and Timothy R. Price Chair at the Brookfield Centre in Real Estate & Infrastructure; and Rogier Holtermans, an assistant professor of Real Estate Finance at the University of Guelph.

The study was funded through a grant from the Lawrence Berkeley National Laboratory (LBNL) under the U.S. Department of Energy and the Real Estate Research Institute (RERI), as well as by BentallGreenOak, a leading global real estate investment management advisor and provider of real estate services with more than $53 billion USD in assets under management.

The study analyzed 10 years of asset-level operating statement and electricity consumption data in Canadian and U.S. office buildings, measuring both the initial impact of such interventions as well as any adjustments observed over time. The study found that all types of intervention, including green certification, led to decreased electricity consumption. The researchers conclude that utility consumption and its associated costs are only minimized when multiple environmental interventions are implemented.

“In commercial real estate, we often measure environmental building sustainability in terms of green building certification or building energy labels,” says Devine. “However, as sustainability in the built world advances, so too do our tools. Today, sustainable buildings utilize a number of environmental interventions – both ‘hard,’ or technical, interventions such as building certifications and environmentally focused capital expenditures, and ‘soft’ behavioural interventions such as monitoring software and tenant engagement programs. Therefore, to understand the impact of environmental interventions on building operations, we have to move past certifications to include other intervention types as well.”

To achieve building certification, adds Devine, specific technology or resources are often installed in a building.

“Yet if the building users are never trained on these available tools, or if the technology is not calibrated for the building’s use, then the environmental benefits may not be maximized, leaving operational savings on the table.”

A copy of the study can be found here.

Study explores how companies use voyeuristic practices to create entertainment value

Schulich School of Business

A growing number of businesses across a wide range of industries are successfully commercializing voyeurism – the practice of providing a glimpse into the private life of another person to give audiences a revealing and entertaining experience.

From MMA (mixed martial arts), which offers an up-close look at the intense violence of a no-holds-barred fight, to celebrity lifestyle news programs and reality TV shows like Survivor, Big Brother and Love Island, voyeurism delivers excitement, thrills and shocks to entertainment-hungry consumers.

A new paper forthcoming in the journal Academy of Management Review titled “Commercializing the practice of voyeurism: How organizations leverage authenticity and transgression to create value,” explores how companies use authenticity – a sneak peek into the real life of others – and transgression – viewing the forbidden – to generate a distinctive experience for audiences.

Maxim Voronov
Maxim Voronov

The paper is co-authored by Maxim Voronov, professor of Organization Studies at York University’s Schulich School of Business; Trish Ruebottom, an associate professor of Human Resources and Management at McMaster University’s DeGroote School of Business; Sean Buchanan, an assistant professor of Business Administration at the University of Manitoba’s Asper School of Business; and Madeline Toubiana, an assistant professor of Strategy, Entrepreneurship and Management at the University of Alberta. Ruebottom, Sean Buchanan and Toubiana are all Schulich PhD graduates.

“When it comes to leveraging voyeuristic practices, it’s often a very thin line between creating entertainment value and creating negative emotions such as anxiety and guilt that disengage audiences,” says Voronov. “For example, left unchecked, reality TV could easily move beyond being a guilty pleasure toward becoming something that makes audience members feel too guilty to watch. It’s not simply authenticity or transgression that create value, but rather the audience’s emotional responses to these two dimensions.”

According to Voronov, emotional optimization involves efforts to reduce undesirable emotional responses by dampening the authenticity or transgression in the voyeuristic practice while reinforcing the associated desirable emotional responses. This can be done by utilizing various mechanisms, including shielding audiences, depersonalizing performers, and creating the impression that performers are consenting or willing participants in the voyeuristic practice.

Voronov cites MMA fighting as an example of shielding audiences to create the desired emotional response. “The use of cages in MMA, as opposed to less constraining barriers used in boxing or the lack of barriers in traditional martial arts competitions, increases the sense that MMA fights are more violent and dangerous, while simultaneously shielding audiences,” says Voronov.

A copy of the study can be found here.

Schulich partnership with City of Toronto wins EDCO Award of Excellence

ecommerce online shopping FEATURED

A program involving 100 students from York University’s Schulich School of Business has just won an award of excellence from the Economic Developers Council of Ontario (EDCO). The ‘Innovation in Community Resiliency (Urban)’ award was granted to the ShopHERE program, an initiative designed to help small businesses struggling due to the impact of COVID-19.

The award was granted to project partners, the City of Toronto and Digital Main Street (DMS), during the 64th annual Evolve ON Conference & Showcase. As part of the partnership, 100 students from Schulich’s MBA, master’s and undergraduate programs gained paid summer placements and were assigned to help Toronto’s local retailers and artists move their businesses online.

“The role of Schulich’s students in the Digital Main Street ShopHERE initiative was one of the great Schulich success stories during a challenging and unforgettable year,” said Detlev Zwick, Schulich interim dean. “We are proud of what they accomplished. By using their skills and expertise, our students were able to help small local businesses move their business online and stay afloat during the pandemic lockdowns.”

A panel of professionals from the fields of economic development, marketing, advertising and tourism judge the entries by using a scorecard to evaluate:

  • the objective of the initiative and its success;
  • target audience being assisted;
  • initiative’s estimated ROI; and
  • initiative becoming a model of best practice for the industry.

Funding for ShopHERE was provided by the City of Toronto and Magnet, a social innovation platform with a mission to accelerate inclusive economic growth in Canada. The placement program was supported by a number of community and corporate partners, including the Toronto Association of Business Improvement Areas, Shopify, Google, Mastercard, Microsoft, Facebook, eBay, Ritual, Trufan, eShipper and Snapchat.

Schulich’s participation in the project was led by the Office of Innovation and Entrepreneurship.