Economic development refers to efforts that enhance the economic well-being of a city, region or country.
This simply means that, any strategy, be it social or fiscal, that improves the quality of life for a community can fall under the umbrella of economic development. This usually looks like communities having the ability to independently produce wealth sustaining business and future expansion.
By leveraging the unique features of their communities, governments and economic development agencies can build talent, create opportunities for future expansion and grow existing businesses.
Waterloo EDC is a prime example of how economic development agencies work on behalf of communities to sustain growth, support businesses and attract new investment.
This article explains the importance of economic development, their role within the community and how the work they do impacts local residents and businesses.
Economic development agencies such as Waterloo EDC help attract business investment into a particular country or region.
What role do economic development agencies play?
An economic development agency helps attract business investment into a particular country or region.
When businesses are interested in expanding to a new area an economic development agency can act as a support by offering their local expertise and resources to facilitate a smooth transition into the new market.
Some economic development teams focus on helping existing local businesses grow or attracting new talent to the community. These offices support the development of strategic infrastructure and/or advise municipal governments on priorities within their region.
What does Waterloo EDC do?
Waterloo EDC’s main focus is on attracting Foreign Direct Investment (FDI), which is why we’re referred to as an investment promotion agency (IPA). While we also work with our local municipal economic development teams to help local businesses grow, primarily through access to government programs like immigration, tax credits or grants, attracting international businesses to Waterloo Region is our main goal.
Our team is highly trained in the needs of international businesses and has the knowledge, expertise and connections required to provide the highest level of support.
Specifically, we help growing businesses…
- Connect with legal, financial and recruitment experts
- Collect custom expansion data including cost comparisons
- Take advantage of government support and incentives
- Explore real estate options and locations
- Navigate the Canadian business immigration process
- Access top talent and local leaders
- Integrate into the local business community
All our economic development services are complimentary, data-driven and grounded in strong relationships with experts and organizations in our community.
Our passionate team of economic development professionals are dedicated to building a thriving community fueled by growth and innovation.
Who are our partners?
To support businesses at every stage of their expansion journey, Waterloo EDC works closely with multiple strategic partners, acting as a bridge that connects businesses to the people and resources that can make their expansion successful.
Our partners include:
- Government Partners: Waterloo Region is made up of three cities and four townships, all of which are considered our municipal partners. We’re also aligned with, and supported by, the federal, provincial and regional governments, including the Region of Waterloo.
- Other Investment Agencies: Economic development is a team sport. Invest Ontario and Invest in Canada are our main investment agency partners. We occasionally collaborate with other regional economic development agencies, too.
- Experts: To ensure that businesses have the latest information and expertise on all aspects of their expansion, we work closely with experts in law, immigration, finance and recruitment.
- Industry Support Organizations: Waterloo’s post-secondary institutions – the University of Waterloo, Wilfrid Laurier University and Conestoga College – are all key partners critical to industry support, along with research institutions, tech hubs, accelerators and incubators.
" One of the areas where Waterloo EDC really helps is in making the right connections. Being introduced to the right people at the right time can really help a business grow. "
Alexander Wong
Co-Founder, DarwinAI
How does Waterloo EDC support economic growth?
Since forming in 2016, Waterloo EDC has delivered more than $1.8B in new investment and created 4,936 new jobs in the region, while simultaneously helping retain thousands more. We aim to create a meaningful impact on a local and international scale through regional advocacy and investment attraction.
Our Market Development team provides businesses considering expansion with access to sector-specific data and information on the regions strengths, highlighting our robust tech ecosystem, skilled workforce, research-intensive universities and proximity to key consumer markets .
We have a track record of helping big-name clients expand in our region, the most notable examples include Google and Toyota, who were both drawn to our region’s business ecosystem, top-notch talent pool and reputation as one of Canada’s leading tech hubs.
Companies such as EPAM Systems and Constant Contact are two of many expansion success stories, both of which contributed to the $188.1M in investment we generated in 2022.
EPAM Systems expanded its Canadian presence in 2023, with help from Waterloo EDC.
With support from Waterloo EDC, EPAM Systems, a software engineering and business consulting firm, increased the number of local employees hired and opened a new Kitchener office.
Constant Contact, a high-performance digital marketing platform, opened an innovation lab at Communitech, a local tech hub. Access to talent from the University of Waterloo’s computer science and software engineering programs was a major factor in the company’s decision to locate in the region.
As one of Canada’s premier investment promotion agencies, we look forward to welcoming even more growing businesses into our community and inventing the future together.
In a nutshell
Economic development is the engine that propels regions toward progress and prosperity, nurturing a community’s well-being and encouraging self-sufficient growth.
As the champion of economic growth in Waterloo Region, Waterloo EDC supports international businesses seeking to expand into our thriving ecosystem and strategic location.
Through our collaborative partnerships and commitment to nurturing business growth, we unlock a world of opportunities for businesses to thrive and achieve their goals in the heart of Canada’s innovation corridor.
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