Fredericton: Atlantic Canada's business startup capital
May 11, 2016
The City of Fredericton launched its Vision 2020 Economic Development Strategy in 2013, declaring an intention to become the business startup capital of Atlantic Canada – and perhaps Canada as a whole. The ambitious project is part of Fredericton's longterm strategy, which began with diversifying its economy back in 1992 after government jobs in the New Brunswick capital became less reliable than they used to be.
In 1998, the city entered into a partnership with the University of New Brunswick (UNB) that saw UNB donate 26 acres of land to house Knowledge Park, a for-profit private organization that included the Greater Fredericton community among its stakeholders. Instead of paying out dividends, the company reinvests funds back into various local economic development initiatives.
Planet Hatch has been an integral part of Knowledge Park's success as a business incubator. A partnership of various government agencies and high-tech companies, it offers coaching, mentoring, funding, and educational tools to early-stage startups. Planet Hatch services and programs allow entrepreneurs, technology startups, and R&D initiatives to benefit from a vast support network.
But high-tech companies and knowledge industries aren't the only firms getting onboard with the city's vision of being the startup capital of Atlantic Canada. The Harvest Jazz and Blues Festival, a 25-year-old institution in the city, announced its intention to support Fredericton's Vision 2020 economic strategy by creating its Fredericton Startup Supporter Program. The festival began by creating a marketing and support relationship with Timbres Cases, a local startup that produces guitar cases, and pledging to help build product awareness for the firm among artists performing at the annual festival.
In a Vision 2020 progress report, Ignite Fredericton, the organization responsible for fostering economic growth in the city, noted that in 2014 there were 51 new startups in Fredericton – equating to 81 direct new jobs and $5 million in investment. Lee Danisch, chair of Ignite Fredericton's board of directors, said in a press release: "When you see results like this, it's clear the entrepreneurial spirit is flourishing in Fredericton."
Photo by Kandise Brown
About Christine Purfield
Christine Purfield traded numbers for words when she gave up the dizzy heights of finance and accounting to become a freelance writer. She can usually be found writing, knitting, or avoiding housework. If you can't find her, she's travelling.