Communitech producing “big results” for local economy
Posted Apr 24, 2013 05:29:36 AM.
This article is more than 5 years old.
A five-year digital strategy from one local company is producing big results for the Region’s economy.
Waterloo-based Communitech set out to create 100 new digital media and mobile computing companies, help generate jobs, and attract more than $100-million in investments.
Just three years later they have done just that and more.
The company has created over 800 new startup companies since 2010, and close to 4,000 new jobs in existing tech terms — with client companies attracting more than $350-million in equity investments.
Locally, 83 per cent of startup companies are still in business after the five-year mark, which is far above the industrial average of 45 per cent in other locations.
Communitech CEO, Iain Klugman was a guest on 570’s Jeff Allen Show, and says the results from the ‘report card’ released Tuesday, are not an overnight success but “really the result of this community pulling together, trying to do something remarkable and make a difference.”
Communitech supports companies through all stages of their growth and development, from startups to large global players.
“We think there are a lot of good lessons we have learned along the way and their can be tremendous value in sharing those” Klugman adds.
