Recap of Season 14 Episode 6 of “Invested in Our New Reality” Featuring Eric McRae from MBO Coworking

In the recent episode of "Invested in Our New Reality," host Sam Laprade engages with Eric McRae, the Founder and CEO of MBO Coworking. The discussion revolves around the challenges and transformations experienced by McRae, particularly during the COVID-19 pandemic after launching his business in Ottawa's ByWard Market in 2015.

The podcast highlights the essence of entrepreneurship and community building within co-working spaces, underscoring the need for a supportive environment for startups and small businesses. McRae shares insights on why he started MBO Coworking, revealing his motivation to create a lively community for creative entrepreneurs, which he felt was lacking in Ottawa compared to other major cities he had visited.

The episode also delves into the significant impact the pandemic had on MBO Coworking, with McRae describing an immediate 70% drop in revenue as people shifted to remote work. His approach included scaling down operations while maintaining connections within the community. He emphasizes the importance of collaboration and support from organizations like Invest Ottawa during this turbulent period, which guided him in pivoting his business strategies effectively.

During the conversation, McRae reflects on the evolution of the workplace, noting that many people have become accustomed to remote working arrangements. This shift compelled him to reduce the physical footprint of MBO, scaling down from four locations to a single, more intimate space. Despite the challenges, McRae expresses optimism about the future of work and his plans to evolve MBO Coworking further. He aims to expand his focus towards guiding entrepreneurs through their startup journeys, launching a new initiative called Founders Coach, which will act as an incubator offering comprehensive support to emerging businesses.

As the podcast progresses, McRae contrasts Ottawa with other cities, particularly Toronto, which he identifies as having a healthier environment for entrepreneurship due to its investment in community and support networks. He remarks on the need for Ottawa to foster more vibrant downtown dynamics that engage entrepreneurs and meet their evolving needs.

The discussion also touches on the challenges faced by businesses in the ByWard Market area, with McRae expressing collective concerns about reduced foot traffic and the necessary adjustments to survive economically. He encourages young Black entrepreneurs to pursue business endeavors, indicating that the current landscape possesses unique opportunities and resources that can aid their journeys.

McRae concludes by emphasizing the joy he derives from working with a vibrant community of creative individuals in Ottawa’s downtown core, underscoring the fulfillment he experiences in his role. The episode wraps up with Laprade thanking McRae for sharing his journey and encouraging listeners to tune into future discussions that spotlight the evolving dynamics of Ottawa’s downtown.

Listeners can access the episode on various platforms like Spotify and Apple Podcasts, and the series continues to provide valuable insights into the experiences of business leaders shaping the National Capital Region's economic landscape.