The Results Are In!

Each year, we ask our clients to complete our annual survey. Now we know when we say survey you probably want to skip over the email or even delete it but hear us out. The surveys provide us with valuable information we use to tailor programming and services to better serve client needs and expectations; they provide an opportunity for us to understand how you are doing; and the results allow us to provide feedback to government, who provides direct funding to us, and you - the entrepreneurs. Program and service decisions that stem from data ensure we are efficiently using our budget and maximizing our impact to small businesses and the innovation ecosystem in Northwestern Ontario.

So after we nudged you (probably more than once!) to complete our annual survey, we compiled the results and created the annual infograph. The information on this infograph reflects the dedication and hardwork of our clients. They are the ones taking risks, starting these companies, developing new products, getting investment, and hiring new people.

Over the last couple of years Northwestern Ontario has increased the number of local products you can find in stores and this past year we saw 164 new products and services brought to the market, and 71 new prototypes developed. This means even more local products will be available in the near future.

10 new companies were started this past year, and over 70 new jobs were created (these are new jobs that didn’t exist the previous year). We always say it’s these small and medium sized companies that are helping to grow and diversify our economy, and this past year they accounted for over $4.5 million in payroll, and even better yet 80% of the companies said that they are expecting to hire in the coming year. We know growing the company can be a challenge, especially with finding the right talent. With this in mind the Innovation Centre has developed a couple of programs to assist. Our Go Global and Youth Effect program help companies to hire skilled youth and provide the training and mentorship needed to make them successful. The overall aim of these programs is to assist companies as they look to expand their team, because as we’ve seen it also helps companies expand their product offerings, and their market penetration.

The financing numbers are equally impressive, as we’ve seen almost $5 million in financing leveraged; some from different levels of government, but also $1.5 million from the private sector. This is a fabulous number which demonstrates the calibre of companies we have, and highlights the potential of Northwestern Ontario as it relates to innovation, and technology.

Annually, the infograph is one of our best success stories of the year because it communicates the value small businesses provide to our region. The infograph captures all the hard work that entrepreneurs put in because for the large part, those hours and efforts result in incremental increases – but aggregated they illustrate the BIG impact innovation has on our community.