The Vancouver Business Thread

[dreambrother808]

Originally Posted by Alex Mackinnon

The obvious answer is that they can charge what they do. It's still busy, and often at capacity. If they charged less, they would be leaving money on the table.

The thing most of you aren't realizing is that Vail's takeover made the season's passes much cheaper. They used to be $1,600-ish, now they're about $1,100.

True and I appreciate the lower season pass price. They must have a calculation that maximizes profit according to daily price. I don’t want longer lift line waits, but I do think there is an issue of underdevelopment on the hills and in the village that could be addressed, increasing profits while also becoming more democratic. The status quo must be intentional on some level though, to create a more exclusive product. That is sad in ways for me as really this is part of our collective Canadian heritage, not just a business or a playground for some demographics.

[Sheba]

New cybersecurity centre developed by Mastercard, feds, slated for Vancouver

The federal government and Mastercard are working together to develop technologies and standards aimed at ensuring safe and secure use of any device connected to the internet.

Minister of Innovation, Science and Industry, Navdeep Bains and Ajay Banga, CEO of Mastercard say the strategies will be developed at a new centre to be built in Vancouver.

The Intelligence and Cyber Centre is to be funded by a $510-million investment from Mastercard and $49 million from Canada.

The centre's goal is to ensure any internet-enabled device, ranging from phones and tablets to computers and vehicles, can be used without fear that personal or financial information could be stolen.

In addition to providing leadership in cybersecurity, the new centre will also support 380 jobs and enable creation of 100 new co-op positions.

...

[Changing City]

A new tenant in Exchange

In an announcement at annual World Economic Forum currently being held in Davos, Switzerland, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, and Mastercard CEO Ajay Banga revealed today that Mastercard will open its latest global technology centre in Vancouver.

Located in the restored old Stock Exchange building, the new Intelligence and Cyber Centre is being launched in partnership with the Government of Canada through its Strategic Innovation Fund, with an additional $510 million investment by Mastercard.

The centre will expand the company’s Canadian presence by creating and maintaining a total of 380 jobs, and accelerate innovation in digital and cyber security, artificial intelligence, and the Internet of Things.

{Sheba beat me by 2 minutes).

[whatnext]

Originally Posted by Changing City

A new tenant in Exchange

In an announcement at annual World Economic Forum currently being held in Davos, Switzerland, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, and Mastercard CEO Ajay Banga revealed today that Mastercard will open its latest global technology centre in Vancouver.

Located in the restored old Stock Exchange building, the new Intelligence and Cyber Centre is being launched in partnership with the Government of Canada through its Strategic Innovation Fund, with an additional $510 million investment by Mastercard.

The centre will expand the company’s Canadian presence by creating and maintaining a total of 380 jobs, and accelerate innovation in digital and cyber security, artificial intelligence, and the Internet of Things.

{Sheba beat me by 2 minutes).

Why is the Federal government subsidizing Mastercard to open a facility at all, let alone in Vancouver? It's not like Mastercard needs money or that Vancouver has a surplus of office space. I could almost justify this if it was in Calgary but not here.

[svlt]

Availability of existing talent maybe? Or goal to develop Vancouver as a western Canada technology hub to attract global talent?

[SFUVancouver]

Mastercard also recently bought a Vancouver-based fintech company NuTech Security, around which perhaps this new cyber security platform will be built? As for Federal dollars, a $50 million investment helping realize 380+ high quality jobs, 100 co-op positions, and $500 million of private sector investment is a heckuva return. Furthermore, it’s entirely possible that this is coming through the Digital Supercluster funding program, which has a mandate for investment through partnerships in the digital technology space.

[misher]

Originally Posted by svlt

Availability of existing talent maybe? Or goal to develop Vancouver as a western Canada technology hub to attract global talent?

Its funny how we talk about decreasing real estate prices when we're doing everything possible to boom them up

Seriously Vancouver's future is bright when it comes to jobs and business. Wages and employment will just keep going up but there's only so many homes to go around.

[whatnext]

Originally Posted by SFUVancouver

Mastercard also recently bought a Vancouver-based fintech company NuTech Security, around which perhaps this new cyber security platform will be built? As for Federal dollars, a $50 million investment helping realize 380+ high quality jobs, 100 co-op positions, and $500 million of private sector investment is a heckuva return. Furthermore, it’s entirely possible that this is coming through the Digital Supercluster funding program, which has a mandate for investment through partnerships in the digital technology space.

Perhaps, but it is still going to a company and area that don't really need it. If you're going to preach to resource dependent areas about diversifying, you should be giving them the tools to do it.

[csbvan]

Originally Posted by whatnext

Perhaps, but it is still going to a company and area that don't really need it. If you're going to preach to resource dependent areas about diversifying, you should be giving them the tools to do it.

That overstates the government's role in where private companies choose to establish new offices though. The Feds are providing incentives that are less than 10% of the total investment, I am sure they would have provided the same incentives regardless where Mastercard ended up. It is likely that Calgary was never an option.

[misher]

Originally Posted by csbvan

That overstates the government's role in where private companies choose to establish new offices though. The Feds are providing incentives that are less than 10% of the total investment, I am sure they would have provided the same incentives regardless where Mastercard ended up. It is likely that Calgary was never an option.

Yep, its not that easy to diversify your city, waterfront cities with good climates have huge advantages. Also we are West Coast which gives us a huge advantage due to spillover from SF, LA, and Seattle. People may complain about expensive real estate here but ours is honestly cheaper or at least comparable to those cities.

Another small win for Vancouver. I suspect we will be seeing articles like this weekly as new companies keep gobbling up all the new office space opening up.

U.S. fintech Tipalti opening Vancouver office with plans to hire 50 workers

CEO Chen Amit tells Business in Vancouver his company hired a consulting firm that evaluated 940 cities to find the best fit for Tipalti.

“It [Vancouver] actually came out on top in terms of all the metrics we cared about,” he said, citing factors such as availability of talent and a location within a three hours’ flight of the company’s Silicon Valley headquarters.

https://biv.com/article/2020/01/us-finte...m_term=0_c5e00a74ef-c158240d95-211143457

[whatnext]

Originally Posted by csbvan

That overstates the government's role in where private companies choose to establish new offices though. The Feds are providing incentives that are less than 10% of the total investment, I am sure they would have provided the same incentives regardless where Mastercard ended up. It is likely that Calgary was never an option.

What I'm saying is the Feds should be more targetted at where funding is needed.

[misher]

Originally Posted by whatnext

What I'm saying is the Feds should be more targetted at where funding is needed.

They put every nuclear power plant in the East instead of spreading them out. Funding goes where votes are.

Imagine how much lower Alberta's emissions would be if they had the power to use electric instead of gas turbines. Same for BC LNG which will likely be forced to use gas because we can't provide the power to use electric.

The lions share of infastructure funding seems to be focused on the three most populous provinces.

If we develop every viable Hydro electric and geothermal site in BC we will still have no where near the power we require for LNG and electric cars. We need nuclear power.

[red-paladin]

Way off topic...

[officedweller]

Apparently this is in the Exchange Tower:

Mastercard announces half-billion-dollar cybersecurity centre for Vancouverr
https://globalnews.ca/news/6451382/mastercard-cybersecurity-centre-vancouver/

[LeftCoaster]

Originally Posted by whatnext

What I'm saying is the Feds should be more targetted at where funding is needed.

Lots of money gets dumped into Alberta these days.

The Province of Alberta just cancelled several tech related tax incentives and programs, so they are sending a message to the feds that the industry is not a priority for them.

Originally Posted by officedweller

Apparently this is in the Exchange Tower:

Mastercard announces half-billion-dollar cybersecurity centre for Vancouverr
https://globalnews.ca/news/6451382/mastercard-cybersecurity-centre-vancouver/

Yes, though that office has existed for a few years now, so I would imagine this latest announcement will mean a bit of an expansion for Mastercard. Great news that a huge and expanding industry will be growing here. Vancouver already has a lot of tech security expertise with the likes of Sophos and this will only help grow the sector.

[jollyburger]

NuData had 40,000 square feet in the Exchange Building which is around 3 floors of space? And they're adding another four floors?

The Intelligence and Cyber Centre is located in The Exchange office tower in the restored Old Stock Exchange building, in downtown Vancouver. It is currently home to NuData and members of Mastercard’s research and development, operations and technology, and cyber and intelligence divisions. Four floors in The Exchange will be the base for Mastercard’s expansion of the new centre. Along with 100 existing jobs at NuData, Mastercard plans to hire 270 new employees and create 100 student co-op positions.

[Migrant_Coconut]

Originally Posted by LeftCoaster

The Province of Alberta just cancelled several tech related tax incentives and programs, so they are sending a message to the feds that the industry is not a priority for them.

Well, that was a great idea that certainly won't bite them in the ass...

[misher]

Originally Posted by Migrant_Coconut

Well, that was a great idea that certainly won't bite them in the ass...

A balanced budget is nice?

[jollyburger]

What are good tax breaks and what are bad ones?

[Migrant_Coconut]

Originally Posted by misher

A balanced budget is nice?

If the Conservatives' motive was fiscal responsibility, they wouldn't have increased subsidies on the oil & gas industry immediately after.