You can’t solve new problems with old solutions. Innovation is crucial for adapting and growing your business, especially in times of global uncertainty. If you want to remain competitive in your industry, you’ll want to explore every opportunity to maximize innovation, especially through research and development.
You can’t solve new problems with old solutions. Innovation is crucial for adapting and growing your business, especially in times of global uncertainty.
If you want to remain competitive in your industry, you’ll want to explore every opportunity to maximize innovation, especially through research and development.
A strategic business expansion is a perfect opportunity to do just that.
With an expansion, you can enhance your R&D capabilities and discover new opportunities for collaboration in local innovation ecosystems. You can locate your business near research centres and tech clusters, and access emerging technologies while leveraging new expertise. A strategic expansion can future-proof your R&D strategy and spur sustaining and disruptive innovation so you can successfully grow your business – even in challenging economic times.
Here are four reasons why you should accelerate your innovation agenda with expansion:
1. Proximity to research institutions
Research institutions are the foundation for a successful innovation ecosystem.
They advance development in multiple industries, nurture promising talent and drive the commercialization of tech and manufacturing breakthroughs. By expanding to a location near top research institutions, you can work with experts to advance your R&D output and bring new ideas to market more quickly.
What Waterloo offers:
- Waterloo region is home to two of the world’s most celebrated research centres for quantum theory and experimentation: Perimeter Institute and the Institute for Quantum Computing
- The University of Waterloo (UWaterloo) has been the “Top Comprehensive Research University in Canada” for 16 consecutive years
- UWaterloo has significant research expertise in artificial intelligence, automotive technologies, cybersecurity and robotics
2. Work with tech hubs and innovation centres
It might be a buzzword right now, but innovation has always required an excellent team and steadfast collaboration. Working with tech hubs and innovation centres is the best way to advance your R&D strategy. Innovation hubs and business accelerators invest in innovative ventures. They promote R&D work in the community and are often open to collaborating with companies.
A strategic expansion can connect you with industry support and connect you with exciting new ideas, so you can streamline your innovation strategy alongside talented and experienced experts in the field.
What Waterloo offers:
- Communitech, Canada’s top innovation hub, supports more than 1,200 innovation-focused companies
- The Accelerator Centre is Canada’s #1-ranked private business accelerator
- Velocity is Canada’s most productive tech incubator
- The Toronto-Waterloo Corridor is the third-largest tech cluster in North America
Velocity operates open hardware, lab and community spaces
3. Access to emerging technologies
With rapid technological advancements, new technologies are constantly emerging and evolving. From AI to quantum to clean tech developments, innovation is accelerating around the world, and it’s more important than ever to keep an ear to the ground.
A strategic expansion can help you access, leverage and integrate emerging technologies into your business operations. Locating near research institutions and innovation hubs that are at the cutting-edge of technology can ensure your R&D strategy is always future-facing.
What Waterloo offers:
- Canada’s National Quantum Strategy is led out of Waterloo at two of the world’s largest quantum and theoretical physics research centres
- The Waterloo community is home to the Innovation Arena, a facility dedicated to accelerating advancements in health technology with world-class labs for testing and experimentation, and state-of-the-art hardware workshops
- Mercedes-Benz, OVIN and Siemens are investing in Waterloo’s zero-emission vehicle (ZEV) ecosystem with two cutting-edge centres developing technologies in AI-driven automation and battery R&D
4. Draw on talent and expertise
If you want to drive the development of new technology, you need to find a place with experienced tech workers and post-secondary programs producing graduates ready to pitch in.
Finding and retaining the right people to help you develop and implement your technology strategy depends on the availability of talent. Which communities have a large, skilled talent pool? What about post-secondary schools with top-quality programs in computer science, finance and engineering? Are there research institutions with experienced researchers you can partner with?
Expanding to a region with top talent in tech and research can bolster your talent ranks and grow your R&D team.
What Waterloo offers:
- 380+ researchers working in quantum, AI and deep tech fields
- Home to Canada’s largest concentration of math, computer science and engineering talent
- 26,000+ tech companies with 373,600+ tech workers in the Toronto-Waterloo Corridor
- #1 small tech talent market in North America
Researcher at the University of Waterloo
What Waterloo offered: Success stories
A strategic expansion can make your company more successful and help you achieve all of your R&D goals. With a thriving innovation ecosystem and a laundry list of R&D accomplishments, Waterloo region was the ideal location for these three companies to advance their innovation agenda.
- Hinduja Global Solutions (HGS): Global tech leader HGS achieved R&D success in the Waterloo area with the launch of its newest digital customer experience (CX) and Data & Analytics innovation centre, thanks to Waterloo’s reputation for innovation and entrepreneurship.
- Meta IT: Since their expansion to Waterloo five years ago, Meta IT has become a global leader in AI innovations by growing their R&D capacities with support from Waterloo’s innovative ecosystem.
- OVHCloud: A leading force in the cloud computing industry, OVHCloud launched its second Canadian data centre in Waterloo region in 2024. The centre focuses on innovation and environmental sustainability. Guillaume Gilbert, Senior Communications Manager – Americas at OVHcloud said, “Expanding in Waterloo opens a crucial chapter in our Canadian story, in one of the most vibrant innovation and tech ecosystems in North America.”
With a strategic expansion, you can tap into world-renowned research institutions and tech hubs operating at the cutting-edge of innovation, access emerging technologies in a variety of industries and draw on local talent to fuel your R&D strategy – and success.