A while ago, I wrote a blog entitled Why I don’t trust entrepreneurs in which I was trying to make the point that foreign investment has been critical to the development of the ICT sector in Canada. I mentioned Waterloo, Ontario as the prime example of this.
The ever present ‘anonymous’ seemed to take issue with my analysis. Well, now I have some definitive proof. In a recent article, John Tennant, CEO of Canada’s Technology Triangle Inc. says:
Foreign investment from the United States is increasingly important [to the ICT sector in the area], he said. A recent snapshot showed that of the 247 foreign-owned enterprises in the region, 169 firms (nearly 70 percent) reported parent company ownership in the United States.
Touché and not in the Apple sense of that word (requires QuickTime).
If you did a survey of the very small IT industry in New Brunswick, you would find maybe 5% with any form of US or even central Canadian investment.
Face it folks. Economic growth requires capital and investment and unless ‘anonymous’ is going to open up his/her mattress, we are going to need to attract some of that global investment flow to our fair province.
And the sooner the better.
Oh, by the way, we will also require the trained people to actually work in the ICT sector but that’s for another blog.