What is the Value of a Business Accelerator in Grey Bruce?

After two epic snowstorms and the COVID-19 pandemic shutdown Catapult Grey Bruce's attempts to launch in early 2020, we knew it was not going to be "business as usual" for our accelerator.

Typically, one of the biggest values of an accelerator centre is the centre itself. It's a place where entrepreneurs and the service community they interact with can gather to work, connect and learn. Innovation centres refer to these as "collision spaces" where new ideas are sparked when creators and entrepreneurs from different backgrounds come together to work in the same space.

Clearly, gathering and colliding are greatly frowned upon in 2021.

As we have had to reconsider our strategy for the short-term, it has inevitably led to asking, what is the value today of a business accelerator in Grey Bruce?

It’s a very valid question.

After all, much of what we do has gone virtual, allowing local entrepreneurs to access accelerator services and programs from across the province.

Not discounting the effect of COVID-19 on sectors like tourism and hospitality, the Grey Bruce economy is still throttling along and unemployment remains lower than the rest of the province.

Migration out of urban centres has made Grey-Bruce Owen Sound one of Ontario's hot real estate markets and many rural towns would love to see their downtowns bustling the way many of ours are.

So, why do we we need a business accelerator?

People.

People remain businesses' greatest asset. While some work can be done remotely, the majority of job vacancies currently constraining local businesses cannot be outsourced. Furthermore, the people we are attracting to Grey and Bruce Counties to work are not staying.

Between 2011-2016, 22,124 people aged 18-64 moved to Grey and Bruce Counties, but during the same timeframe 21,388 left. Assuming they were all willing to work the net increase to our labour force was only 736 people over 5 years. (Four County Labour Market Planning Board)

There is no one organization that can "fix" this retention challenge. It’s a team effort between our communities, social services and businesses to help connect rural newcomers to the resources they need to prosper.

That includes entrepreneurs and businesses.

There are a wealth of local experts from different sectors who have figured out how to thrive in Grey Bruce and they are eager to share their knowledge.

An accelerator taps into these people so their knowledge can be shared more widely, helping more entrepreneurs to grow and thrive in Grey Bruce. The essence of an accelerator is highly focused mentorship, including further connections - whether it be to supply chains, financing, markets or even talent.

Whenever possible, we connect local entrepreneurs to other local entrepreneurs so the benefit remains in this region.

More thriving businesses enhance the community and encourages further service development, helping to retain more people. That's the great, ever-giving cycle.

That's why strengthening the local entrepreneurship ecosystem by investing time and funding into accelerator programs is so important.

Just as Bruce Power is investing in upgrades today that will power Ontario for generations to come, we are investing in today's entrepreneurs to grow thriving businesses that will provide the next generation with career opportunities here at home, in Grey Bruce.