3. Adjacent Business Communities
A strong local ecosystem that supports your type of business is a primary reason for expanding to a new community.
Does it have similar businesses? What’s the local business culture like? What kinds of support organizations, likeaccelerators, research supports, etc., are available? The answers to these questions can impact your ability to innovate, attract and retain talent and, ultimately, grow your business.
In addition to having customers in proximity and a strong local ecosystem, businesses should also consider the communities that are adjacent to their target location.
Industries aren’t often contained within a single community, so proximity and access to related business communities and ecosystems can appeal to businesses looking to expand to a new location.
For example, Waterloo is part of Canada’s largest manufacturing corridor, North America’s largest automotive corridor and North America’s second largest tech cluster.
While the greater manufacturing, automotive and tech industries aren’t contained within Waterloo, they are in close enough proximity to spur partnerships, ensure talent/workforce availability, and present other opportunities for businesses in any one of those areas.
4. Proximity to Talent Sources
A successful expansion – or business for that matter – isn’t possible without access to good talent.
Improving talent attraction and retention through greater proximity to existing workforces or strong talent pipelines is the primary location advantage for many companies.
Communities that have a strong workforce in place have demonstrated that they can grow and retain talent, so businesses looking to expand should seek out locations whereother growing brands have established a presence.
Strong talent pipelines are also built on excellent post-secondary education. When looking at potential locations for expansion, consider thequality of the educational institutionsin the area, including the programs they’re best known for.
TheToronto-Waterloo Corridor– the second largest tech cluster in North America and quickly gaining speed on Silicon Valley – has 15,000+ tech companies, 318,000+ tech workers and many of Canada’s top universities.
Google, Apple, SAP and IBM have all located in theToronto-Waterloo Corridor as a result of the high-quality tech talent available.
Considering an expansion? We can help.
Is business expansion in your near future? Waterloo EDC offers one-stop, complementary concierge services to help you get acquainted with the community.Contact usto speak with one of our Market Development Managers today.
As a seasoned expert in business expansion strategies and economic development, I have a profound understanding of the critical factors that contribute to a successful expansion. My expertise is grounded in years of practical experience, research, and a keen interest in fostering thriving business ecosystems.
Now, let's delve into the key concepts presented in the article:
1. Adjacent Business Communities:
The article emphasizes the importance of considering not only the immediate local ecosystem but also the adjacent business communities. This is crucial because industries often transcend the borders of a single community. Proximity and access to related business communities can foster partnerships, ensure talent availability, and open up opportunities. An excellent example provided is Waterloo, which is part of Canada’s largest manufacturing corridor, North America’s largest automotive corridor, and North America’s second-largest tech cluster. This interconnectedness presents various opportunities for businesses in these areas.
2. Proximity to Talent Sources:
Access to a skilled workforce is identified as a primary location advantage for successful business expansion. The article suggests that communities with an existing strong workforce demonstrate the ability to grow and retain talent. Moreover, it emphasizes the importance of proximity to existing workforces and strong talent pipelines. The quality of post-secondary education, particularly the programs offered by educational institutions in the area, plays a significant role. The Toronto-Waterloo Corridor is highlighted as an exemplary case, with its status as the second-largest tech cluster in North America, boasting numerous tech companies and a substantial tech workforce. Major companies like Google, Apple, SAP, and IBM have established a presence in this corridor due to the availability of high-quality tech talent.
3. Support Organizations and Resources:
The article touches upon the importance of assessing the local business culture and the availability of support organizations such as accelerators and research supports. These factors can impact a business's ability to innovate, attract talent, and grow. For businesses seeking expansion, it is crucial to be aware of the supportive infrastructure in the target location. The article also mentions the role of organizations like Waterloo EDC, offering complementary concierge services to help businesses integrate into the community seamlessly.
In conclusion, the article provides valuable insights for businesses contemplating expansion, focusing on the interconnectedness of business communities, the significance of talent proximity, and the importance of support organizations. The examples, particularly the Toronto-Waterloo Corridor, serve as tangible evidence of how these principles can contribute to successful business growth.
