University research and technology parks — the product of a successful partnership between government, academia and industry — are a critical engine for innovation and entrepreneurship in Canada. However, the tremendous economic momentum built through research parks is at risk of slowing, even stalling, if we don’t come together to make the necessary investments in the future.
Canada’s 26 R&T parks, which employ more than 65,000 people, generate $4.3-billion in gross domestic product. In the next five years, those numbers are expected to rise to $6.4-billion in GDP, nearly 100,000 employed, with an average of 33% of them holding an advanced Masters of PhD degree.
R&T parks provide a powerful attraction for offshore corporations looking to establish a Canadian presence, providing essential services, critical mass, and ready access to university research and a highly trained workforce. At the other end of the spectrum, 75% of the parks also offer accelerators and services for startups, helping to foster Canada’s next wave of innovation and business growth.
The economic ripples created by an R&T park impact all parts of a local economy. In Waterloo region, the David Johnston R+T Park has attracted global technology brands such as Agfa, Google, OpenText, and SAP. It is also home to the world renowned Waterloo Accelerator Centre, which houses upward of 40 young technology startups at any point in time. It is truly a success story that showcases what is possible when government, a university and the business community are united through a common vision for economic prosperity.
The brainchild of the current Governor General, the honourable David Johnston, the R+T Park broke ground in 2004 and welcomed its first corporate tenant later that year, with a mandate to foster radical innovation; providing Waterloo region with a compelling source of commercial advantage derived from technological leadership.
In the past decade, it has facilitated more than 6,400 jobs; generated $602-million in spending; and contributed $428-million to Waterloo region’s GDP. More than 50% of its tenants plan to launch a spin off in the next five years, and 87% of business ventures incubated at the Accelerator Centre, plan to remain in Waterloo region. Perhaps most astounding, 70% of the world’s GDP runs on software created by companies that are located within the park.
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