According to numerous economic indicators, Calgary is one of the most business-friendly cities in Canada. However, the city does not appear on key rankings related to dynamics and innovation (e.g. JLL City Momentum Index 2017; which measure both short and long-term growth) and entrepreneurial behaviour.
The oil and gas sector has loomed large for decades and has been poaching great entrepreneurial talent by offering high income salaries. The current economic downturn and ambiguous estimates as to how many jobs will return to the city if/when oil prices rebound, invite us to consider the long-term sustainability of Calgary’s economy. This is where innovation and entrepreneurship matter most.
Recent research comparing Calgary’s entrepreneurial ecosystem to Waterloo, Ontario indicates that the city lacks a) a diversified economy, b) social relations supportive of entrepreneurial behaviour, c) citizens who access/are aware of available networked support, and d) an entrepreneurial mindset for business development beyond quick buyouts and short-term profits.
Without addressing this concern, the city’s supportive business climate (i.e. competitive tax environment, newly completed and several in-progress infrastructure projects, high-skilled knowledge era workforce, youngest median age in Canada, available low-cost commercial real estate, etc.) will not be leveraged and fall short of creating the kind of networked innovation and entrepreneurial ecosystem.
This is especially disappointing given Calgary’s long history of more startups per capita than almost anywhere else in the country. This is a task our city can lead on.
