One of our favourite blog features is called “5 Questions With”, in which we pose 5 thought provoking questions to various prominent members of our community. In this week’s blog post, we ask 5 Questions to Toronto Mayor John Tory!
It’s been almost exactly one year since John Tory became Mayor of Toronto. Recently, Mayor Tory travelled to London, UK and brought 4 Toronto-based startups with him, including Borrowell! We caught up with the Mayor in London for the latest installment of ‘5 Questions With…’
1. How do you like being mayor so far and how does it compare to your expectations?
I think most of what goes on in the job is consistent with my expectations. I find sometimes the time it takes to get things done frustrating, because government is different than business. Having said that the opportunities are so exciting in Toronto that I’m thrilled!
2. What makes Toronto a great place for startups and entrepreneurs?
First of all the talent pool, and I think related to the talent pool is the diversity of the talent pool. It is the education of the talent pool and it is the intelligence of the talent pool. Secondly because of the critical mass of things in the city already like science financial institutions and so on. And thirdly would be the livability of the city.
3. What are your thoughts on the Fintech revolution and startups challenging the big banks?
The big banks have a choice to make. They can become the taxi industry of the future. The taxi industry assumed for far too long that they would have it the way it always had it. Then all the sudden came disruptive technology and they were in deep trouble. Or I think banks have the opportunity to partner with people and become the home or the sponsors of and supporters of disruptive technology. We’ll see if they make that choice going forward – I think they will because I think our banks are smart enough, big enough and competent enough to do that.
4. Do you have any financial advice for Canadians?
Yes, start saving young! It’s trite advice because everyone gives it, but it’s true. Have a goal with the date on which you want to have financial security, which to me is defined not as being rich but being out of debt and owning some assets like your home free and clear, so to me that gives you a degree of financial security. So start early with that as an objective, pay down and pay off debt, or save money, or both.
5. Who is your favourite Toronto Blue Jay and why?
I’d say Josh Donaldson, just because he has that drive, and he always looks like he’s competing. And I’d say tied for first is Kevin Pillar because if you look at the way they play, they play 120% and they dive for catches and slide into bases hard, so to me they’re the best.
Thank you Mayor Tory!