The City of Ottawa exhibits a number of key assets that can be leveraged as focus areas for economic growth and diversification. These include the City being a national capital. Having the highest educated population per capita of any other major city in Canada, with four major post secondary institutions and government researchers, Ottawa has developed a very strong knowledge based industry sector.
The continued growth and diversification of knowledge based industries is a significant area of focus for growing and diversifying the City’s economy. As such, Knowledge-Based Business is one of the four pillars of the City’s Economic Development agenda.
Businesses in the knowledge-based sector offer high remuneration and provide longevity of jobs. Businesses in this category have numerous economic impacts on the local economy. They serve global, rather than just local, markets and therefore inject outside money into the Ottawa economy. In addition, these businesses often have extensive supplier networks and local purchasing resulting in further indirect economic impacts on the Ottawa economy.
Key elements of this sector include private knowledge based business, government related institutions and agencies that relate to and/or support knowledge based industries, the diplomatic community and NGO’s with their connections to international knowledge based industries, post secondary institutions, and hospitals.
Many of the initiatives set out in the City’s current Economic Development Strategy focus on strengthening and continued diversification of the City’s knowledge based industry ecosystems through continuing support with the City’s key economic development partners including Invest Ottawa (IO), Innovation Centre at Bayview Yards (ICBY), post secondary institutions (PSIs), and other business groups for innovation, entrepreneurships, investment attraction, talent attraction/retention and cluster development.
Invest Ottawa has the primary responsibility of serving knowledge-based businesses in Ottawa through venture development assistance and foreign market entry or growth.