Entrepreneurship is a real buzzword in the global economy right now. But what does that mean for businesses in our own backyard? Some things you might not know about the growth of entrepreneurship in the Peterborough Region include:
-> Half of all businesses in the region are owner-operated -> 36% of New Canadians in Peterborough are self-employed—the highest rate of immigrant entrepreneurship in all of Canada -> It is projected that 80% of all new jobs will come from companies under 5 years old
So why are people choosing Peterborough & the Kawarthas as a place to go into business for themselves? Here are 5 reasons why our community is a great place to be a business owner...
1. Accessibility We’re only 90 minutes from Toronto and 3 hours from Ottawa in the other direction. When it comes to connecting to suppliers and customers in larger urban centres, Peterborough & the Kawarthas is a great launching point for business—and has the infrastructure from 4 lane highways to super high speed Internet to link businesses to the global market.
2. Affordability Peterborough offers some of the most affordable commercial and industrial space, and tax and utility rates in Ontario (the Province also offers a competitive tax environment).
3. Support Whether you’re starting out or growing your business, there is no shortage of friendly, professional support offered by the area's business community by entities like the local Chambers of Commerce, business network groups, and local funding organizations and business support resources (such as Peterborough Economic Development’s Business Advisory Centre). Additionally, Peterborough was designated as a member of the Startup Canada Communities Network—a locally-integrated and national supported program that creates the culture and connections that entrepreneurs need to build scalable, competitive businesses. There are also a number of great co-working spaces, including Unicity on George, Offices That Work, Hatch Ptbo and The Cube at the Innovation Cluster.
4. Demographics Peterborough’s demographics almost seem to be a paradox. One in 5 people are seniors, yet the fastest growing cohort is 25-34 year olds. We have a seasonal adjustment in population from September to April with students from our three postsecondary institutions; and then another seasonal adjustment over the summer months with local cottagers. From the perspective of a business owner, this translates into opportunity to reach out to a diverse market of community members.
5. This is Living There is more opportunity to enjoy balance between work and life in Peterborough & the Kawarthas. Many entrepreneurs live in lakeside homes that business owners elsewhere might only dream of having as a vacation home. We also benefit by having one of the shortest average commute times in the province, and with seemingly endless recreational opportunities available, business owners are living the dream.
Peterborough Economic Development asked members of the local business community why they chose Peterborough & the Kawarthas. Hear what they had to say in this great video below...
Find out how people are redefining success in Peterborough. For more info, go here: