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The Record has a an opinion/insight piece from Frank McKenna. In it he talks about how education and entrepreneurialism contribute to the prosperity of Waterloo Region. He also identifies challenges including: not retaining or attracting post-secondary graduates, low exports despite proximity to much of the US population, and a large projected population growth.

Frank McKenna is the former premier of New Brunswick and former Canadian ambassador to the United States and currently deputy chair of the TD Bank Financial Group.

Canada can learn from Waterloo Region
Frank McKenna
2 Nov 2006

Behind these statistics, of course, is the real story; one that illuminates the fundamental reasons behind the region's fortunes, including, in my view, the twins of prosperity: education and entrepreneurialism.

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This stream of local entrepreneurs helps explain why so many companies established here, stay here. Unlike regions of similar size, the presence of head offices -- regardless of size -- ensures the region remains a boardroom rather than bedroom community. This can go a long way in enhancing the long-term prospects of Kitchener-Waterloo.

If this region's prosperity is founded on education and entrepreneurialism, it is sustained by a number of important institutions and initiatives. Take the Waterloo Region Small Business Centre, a unique model of co-operation between the public and private sectors, which TD is proud to support. It provides invaluable services to budding entrepreneurs throughout the region.

The chambers of commerce, in both Kitchener-Waterloo and Cambridge, provide a strong voice for the region's business communities. And in the near future, the Accelerator Centre at the University of Waterloo Research and Technology Park, will be instrumental in supporting homegrown ideas into worldwide innovations.

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Yet challenges remain.

In terms of educational attainment, both Kitchener and Waterloo have unique strengths. Yet collectively the average per cent of graduates of post-secondary institutions appear out of sync with the surroundings.

For instance, the combined average of university graduates in the two municipalities hovers just above the Canadian rate. The same is true for college graduates. And in terms of those with trade certificates, the region hovers slightly below national average.

These figures may speak to the inability to retain local graduates, as well as attract the brightest from elsewhere.

University of Waterloo president David Johnston has highlighted a number of key objectives to this end. He cites, for instance, the strategic investments in a wireless infrastructure for knowledge workers as well as a vibrant cultural community.

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By embracing the value of education and entrepreneurialism, this region has shown the rest of Canada how to compete and succeed in the global economy. Indeed, in a world that rewards ingenuity and innovation, this region is well-poised to thrive.