Canada’s economic future depends on developing and growing small businesses that are innovative and productive. Here at home, our government is making local investments in projects that help small business meet these goals which results in economic growth and job creation.  Today almost 30,000 more people are working in Cambridge-Kitchener-Waterloo compared to two years ago.

That’s good news for local entrepreneurs, who are celebrating Small Business Week. Its theme of investment, growth and innovation can be easily applied to National Science and Technology Week, which is also taking place. Businesses rely on science and technology to maintain their competitive edge, while researchers need the know-how of entrepreneurs to bring their ideas to market. And nowhere is that relationship more productive than in Cambridge’s small business sector.

Small businesses are an important part of our local economy. Just over half of Cambridge businesses have fewer than 100 employees. Our government supports strategic partnerships between players that have complementary goals, but differing means of achieving them. Agencies like FedDev were created to ensure that hard-hit southern Ontario communities received immediate support in the wake of the global downturn, while creating partnerships to strengthen their long-term economic prosperity.

Many of these partnerships are formed at the college level between visionary entrepreneurs and ambitious students.  For these reasons, our government invested close to $40 million towards the construction of Conestoga College’s School of Engineering and Information Technology.  Working together can lead to the exchange of knowledge and the development of new products. By focussing on applied research and commercialization, our government is helping small- and medium-sized companies experiment with new products or production methods in a cost-effective way.

Although we have made these strategic investments in the business and scientific community, there is more to do. Our government continues to put measures in place that support small businesses by creating economic conditions for success. This includes initiatives that focus on access to capital, commercialization of new products, business expansion, training and skills development and a strategy for science and technology that encourages stronger private sector commitment, builds on Waterloo Region’s research strengths, and attracts and retains highly skilled thought leaders.

With the talk now of brain gain, rather than brain drain, Cambridge is playing an important role in Canada’s global reputation for innovative thinking, economic competitiveness and strong leadership.  We can be proud of our track record, while always striving to do better.