There have been a few articles in the news about local social media success story Hootsuite.
The reality is that the City of Vancouver and the Vancouver Economic Commission will allocate some funds to attract and retain local business. Why spend taxpayer’s money to retain a successful locally grown company like Hootsuite?
Local companies keep our economy strong.
Success breeds success. New tech start-ups are more likely to be successful because there is talent here – fostered by education, research, internships job opportunities and accelerators focused on tech companies. Those that invest private capital in tech start-ups know that, and, knowing that other successful companies like Hootsuite have made it here, send more funds the way of tech start-ups.
We’re not much for sector-based economic development, as we feel that it tends to ignore the place-based economics on which community economic development rests. But it’s important that we support what exists, is successful, and can
grow in our local economy. I’d much rather see tax dollars supporting a cluster of successful local tech companies than trade missions and other efforts to attract new Disney and Pixar companies here.