Nine notes: Vancouver Economic Commission’s summer report
Summer may be winding to a close but there is no shortage of takeaways to dive into.
This whole fall thing is a little bittersweet. I did enjoy my first Starbucks PSL over the weekend and the sports calendar is unrivaled this time of year. Still, I can’t shake the vibe that I’ll miss how easy summer feels. Please allow me to revel in summer memories one last time with a deep dive into Vancouver Economic Commission (VEC) Vancouver Economy Report for summer 2023. Drink it in as if it's a frosty glass of lemonade.
This could be the year: In contextualizing historical VC activity in Metro Vancouver companies, the report notes that 2021 was the high-water mark for capital ($2.279 billion was invested) and 2017 was the top year for deals (just over 80 were struck). Vancouver is poised to eclipse that this year: 46 deals were signed in the first half of 2023.
Two from the top 10: The report also saw that Vancouver remained third in total investments behind Toronto and Montréal. Yet, two companies from BC were listed in Canada’s largest 10 deals of Q1 2023: CAD $56 million for Surrey’s No Meat Factory and CAD $34 million for Vancouver-based Operto Guest Technologies.
Lack of VC diversity: These deals, though, are being signed by a cohort of investors that show a distinct lack of diversity. VEC reports that 58 percent of VC partners are white and male. It also, though, cites Vancouver-based organizations like Future Capital, Raven Indigenous Capital Partners, and WEL Vancouver as some that are moving the dial.
Expense reports have long been a staple of corporate financial management, but their drawbacks are increasingly hard to ignore. Here are 3 reasons why your company should consider ditching them:
Time-Consuming: Preparing & reviewing expense reports is a time-intensive process. Employees spend valuable hours documenting expenses and managers must painstakingly review each submission.
Error-Prone: Manual entry often leads to errors, from miscalculated amounts to missing receipts. These mistakes can result in inaccurate financial records and potential compliance issues.
Lack of Real-Time Visibility: Expense reports provide a retrospective view of spending, making it challenging to track expenses in real time. This delay can hinder proactive cost control.