Members of Board of Control today got a first look at the much-anticipated report on London's future economic development strategy. The report, London's Next Economy, was commissioned by the City of London and the London Economic Development Corporation (LEDC) and was developed in collaboration with two of LEDC's key business development partners - TechAlliance of Southwestern Ontario and the Stiller Centre for Biotechnology Commercialization. "City Council has identified economic development as one of its top strategic priorities for London," said Mayor Anne Marie DeCicco. "The timing of this bold and insightful report could not be better."
Among other issues, the report identifies the need and strategies for creating, attracting and retaining professional, managerial, technical and trade jobs in the key 25-54 year old demographic. This age group, comprised largely of entrepreneurs and highly educated creative and technical professionals, creates jobs and contributes financially, socially and culturally to a city's quality of life. "London's economic future will continue to improve when our brightest and best have more opportunities to stay and work in London," said Deputy Mayor and Budget Chief Tom Gosnell. "Creating those opportunities will require planning that is farsighted and visionary."
London's ability to attract and retain this group will help the city land among the ranks of current economic hotbeds like Kitchener-Waterloo, Ottawa, Minneapolis, San Diego and Raleigh, North Carolina, who are leaders in the new "knowledge-based economy."
Recent studies, such as the Creative Cities Task Force report, have shown that while London is making reasonable gains in the area of economic development, it is falling behind other leading North American cities in key indicators, including employment incomes, graduation retention, capacity for innovation and community investment. "Now is the time for London to take advantage of its formidable knowledge pool and its central location to guarantee our place in the global economy and secure a vibrant and sustainable job market," said the report's author, Paul Paolatto, President and CEO of the London-based software development firm, Keigan Systems and a former board member of both LEDC and TechAlliance. "This plan, if implemented, will enable London to compete in the new knowledge-based economy," said Dianne Cunningham, current Director of the Lawrence National Centre for Policy and Management (Ivey School of Business) and Chair of TechAlliance. "London will have a bold and strategic go forward plan to ensure that the community's high standard of living is sustained and improved for this generation and the next."
The plan projects that by 2020, London will be located in the middle of a new regional knowledge-based powerhouse similar in size and prestige to Silicon Valley and North Carolina's Research Triangle. The projected benefits of the new plan include:
Improved global profile and recognition
In his presentation to members of Board of Control, Paul Paolatto cited the unprecedented collaboration among London's business, academic and civic leaders in developing the report, which has been endorsed by the boards of LEDC, TechAlliance and Stiller Centre. "London has made a sizeable investment in its 'new economy' infrastructure over the past few years," said Moira Burke, Managing Partner of Ernst & Young and Chair of the Stiller Centre for Biotechnology Commercialization. "This plan now mobilizes those resources to help create better jobs for Londoners over the next two decades." "This plan builds upon the past success of the LEDC and its business attraction efforts over the past six years. London needs to continue to grow all aspects of its local economy, or risk falling behind," said Bernie Zaifman, President Z-Group and Chair of the LEDC Board of Directors.
Council will be asked to give its support, in principle, to the plan and to endorse a transition process for the plan's implementation strategy over the next several months.
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For more information contact City of London at www.london.ca or (519) 661-4500
