Good old Toronto

I see in this article that the City of Toronto is relaunching its economic development agency (formerly known as the Toronto Economic Development Corp.) as Invest Toronto.  Invest Toronto’s mission is to market and promote the city in new and imaginative ways, especially to foreign investors.  Kind of interesting considering I have heard a number of economic development agencies in the Maritimes talking about taking the emphasis away from promotion and investment attraction.

What do you think?  Will Enterprise Chaleur ever be rebranded as Invest Chaleur?  Nah.  Business New Brunswick as Invest NB?  Nah.  ACOA as Invest Atlantic Canada?  Nah. 

Maybe we can learn a few things from our friends in T.O.

2 thoughts on “Good old Toronto

  1. Life is much simplier if you complicate the meaures.

    It may be too straight forward to measure the number of companies attracted or the dollar value of investments attracted with the approach you advocate.

    By taking the low probability strategy of trying to grow IBMs and Toyotas from budding entrepreneurs, you can always claim “it takes more time” or “it takes more money” or “we can’t raise VC here” or one of many other excuses which may be reality but don’t pay the bills. It allows for dilution of ED funds (like ACOA funding basic municipal infratructure) and is not producing the results we need to stop the widening of the gap to other provincial economies (and someday begin to close it)

    The fact remains that our prosperity gap continues to grow and it is time for new, or modified, approaches that allocate resources for (strategic) business attraction. Yes we should continue to support start ups but we should also be working to attract expanding or re-locating businesses.

  2. I live in Toronto, and yet haven’t heard much about this new “Invest Toronto”. It’s certainly piqued my interest though, so thanks for the heads up!

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