This past week, we held a roundtable with local government leaders to address key community concerns. Market changes are inevitable and often uncontrollable. The world is changing rapidly, but the question remains: what can we do to help offset future market impacts and support our local business economy?
One of the main themes discussed was the importance of upskilling our workforce and leveraging government funding to support local business growth. A key point raised was the economic uncertainty that continues to stifle business investment. While we can’t always predict what’s next, we can take proactive steps to support our economy. That includes finding innovative ways to create certainty, whether through technology, workforce development, or market insights, to help ground our local businesses so they can weather change rather than be overtaken by it. One such strategy discussed was bridging research opportunities for local businesses with our local post-secondary institutions.
There was consensus around the role our post-secondary institutions can play, both in workforce development and in business support. Connecting local businesses with colleges and universities helps fill labour shortages while also offering access to applied research and innovation. When research expertise is paired with private sector resources, the result can be meaningful breakthroughs in intellectual property and competitive advantage. Building stronger partnerships between academia and business is essential to spurring innovation and strong economic growth.
Another issue raised during the discussion was the importance of business attraction. Both the County and City of Peterborough have recently developed strong economic development teams to support our region’s economic goals. Our local economic development teams have plenty of positive things to position Peterborough as an appealing place for growth. Peterborough acts as a central hub and is in close proximity to Highway 407. The City has made major investments to modernize public transit, and with the potential of becoming a stop on the future high-speed rail line, our region is becoming increasingly well-positioned for investment. These infrastructure improvements, combined with Peterborough’s quality of life and available talent from post-secondary institutions, offer compelling reasons for businesses to consider setting up here.
There was also a strong interest in pivoting our economic development strategy toward targeting the technology sector. With the increasing reliance on AI and emerging tech solutions, there is an opportunity to attract companies that specialize in these areas to help meet local business challenges and fuel innovation. Peterborough’s growing appeal as a livable, mid-sized city makes it a strong candidate for this kind of targeted investment.
Recent government supports were also discussed. The Province recently released a grant for small and medium-sized businesses across Ontario to help digitize their operations. Businesses can receive up to $5,000 in support to adopt and implement digital technologies, hardware, and software. This is an excellent opportunity for businesses to modernize and become more competitive. Additionally, the Province has announced over $1.4 million in new funding to train and upskill 500 individuals for careers in manufacturing or who are already working in the sector. This is a welcomed investment for our manufacturing industry among our other crucial industries such as education, healthcare, and construction! The Chamber supports continued investment from all levels of government to address the evolving labour needs of businesses.
We also heard from businesses that they would like to see one centralized point of communication to stay informed about government support and policy updates. While there are many organizations already doing this, such as our local economic development teams, that have online data centres for businesses interested in setting up in Peterborough. Our Chamber also features a monthly policy newsletter that outlines new grants, investments, and programs from both the provincial and federal governments. We also post weekly policy posts and business resources that businesses can use right at their fingertips.
As your local Chamber, we are committed to supporting your business by proactively bringing you timely information on government support and advocating on your behalf. One of the ways we do this is by creating opportunities for you to share your experiences directly with government officials. Through continued collaboration with government, our post-secondary institutions, and the strategic use of technology and academic partnerships, we can work toward building a more predictable and supportive business environment in our region. When government leaders hear firsthand about the challenges facing our business community, it becomes possible to tailor support programs and policies that foster growth and help businesses thrive.
