The level of economic activities is driven by the geographical area where people live. This determines whether the given area is developed, developing or not. As a result, the understanding of the economy is very key to the big organizations and businesses to offer support to the small and new economies that will sooner or later grow and contribute to the country’s development.
Growth of Regional Tourism
Ontario is among the regions with great potential for tourism activities. Stimulating economic growth and investing in the businesses in Ontario will allow the region to compete successfully in this fast-growing world in terms of travel and leisure. For instance, a university can help in undertaking market research, product development, and investment to promote private sector investment to expand Ontario’s tourism business and the whole regional economic development. With proper research, it means that business start-ups will have strategies that are solution-focused and consumer-focused, thus, guaranteeing sector sustainability, attracting more visitors and retaining the visitors. This will be informed by the tourism receipts that calculate the general effect of tourism spending on Ontario’s economy.
Business start-ups require a lot of support to establish their ventures successfully. For any business to thrive, there is a need for a well-developed business plan to guide in the establishment and running of the venture. This means that a group of individuals might have a beautiful idea, but if not well supported, it might remain a dream forever. Therefore, not-for-profit organizations have a great role to play in capacity building start-ups on various aspects of the business world. This includes training on preparing a business strategy, marketing plan, budget preparation, and management to ensure they are sustainability. Besides, a repository of information where they can be accessed electronically, especially from the government and learning institutions, helps a lot in imparting business-oriented persons with the relevant information on how they can contribute in one way or the other to the regional economic development of Ontario.
Offsetting upfront project costs are significant in promoting economic development. Business Scale-up and Productivity programs like the ones provided by FedDEV Ontario have helped businesses grow faster. This is because the program helps business start-ups can easily adopt and adapt technologies to generate more revenues and repay over a period. Thus, such programs can promote business development and have ideas implemented. Furthermore, the program requires the recipients to provide reports of approved business costs, meaning support from other organizations and government promotes integrity in all business undertakings.
Supporting different economic activities in different sectors is very critical in ensuring regional economic development. The discussed ideas are just an example as there many other ideas to be pursued to realize the sector development. A sector like tourism can be fully supported both technically and financially, but without considering other sectors and other players in other industries, it might not be successful as they all complement one another. Ontario has excellent potential for economic development but requires support from both government, profit and not-for-profit organizations to exploit the opportunities.