Newcomers are a vital and growing part of Summerside’s economy. They contribute to the social, economic and cultural enrichment of our city and province. Summerside Economic Development is investing in a collaborative model and supporting programs to help engage, support and integrate newcomers into our city so that they can thrive and excel.
• A recent study released by the Conference Board of Canada cites that with one in four people are anticipated to be 65 years old or older in 2040 and, due to a continuing low birth rate, Canada will need to rely heavily on immigration for its labour force if the country wants to maintain its social infrastructure and healthy growth.
• Currently, immigration accounts for 71% of Canada’s population growth and has accounted for as much as 90% of labour force growth in recent years.
• By 2040, 26.9% of the population is anticipated to be 65 years old and over.
• Canada’s potential economic growth would slow from 1.9% to an average of 1.3% annually without immigration.
Many are well aware of the value of new immigrants to a community including their contribution to a dynamic labour force, propensity to start a new business and create jobs, mitigating the population decline and ageing as a strategic outcome of attracting new residents to a community. Summerside is no different
So what does this mean for Summerside?
Since early 2018, the City has participated in a new model along with our Provincial Agency responsible for immigration called the Community Endorsement, as part of the Provincial Nominee Program. The primary motivation behind the idea is to create interest in areas not overly subscribed or attractive to new immigrant investment and showcase opportunities. The basic idea is that new immigrants identify a municipality around PEI that they believe will be a good fit and then work closely with organizations to seek a match and work towards the establishment of their business in that community.
With a community endorsement comes shared responsibility between both the applicant and sponsoring municipality to work towards a successful integration and business execution. In most cases, these responsibilities transcend beyond the execution of a simple business concept to include extended family’s questions, concerns and excitement about how to become part of the social and economic fabric of the community.
From February 8, 2018 to May 10, 2019, we have met with a diverse and large number of immigration candidates that bring a level of enthusiasm, business acumen and spirit to helping grow the Summerside economy. As one can appreciate, starting a new life in a new country can be a daunting task even without executing on a business plan in a business environment that is new and with inherent unfamiliar nuances.
Summerside’s Economic Development, in partnership with many locally based organizations and the business community, is exerting a great deal of effort to ensure our future Summerside business investors are served and networked for the highest probability of success. Every quarter or so, our department sends out a “check-up” message to see how the invited applicants are getting along. They often have questions or simply acknowledge receipt of our message. Either way, it is encouraging to receive these replies because they are a good indicator of their eagerness to invest in Summerside.
These successful invitees hail from many different countries, including China, Vietnam, Iran, UAE, and India. Business concepts range from restaurants to fixed-roof accommodations to smart home solutions.
As our office initiates the transition from business vetting to physical landings and retention services, we are now turning our attention to broadening our network of support and local business opportunities and looking to become more engaged in the process. Currently, we are trying to focus on connecting our new investors with key business services that are now in high demand in the community to help in driving the economic impact these investors will have. The key business services include the following:
- Property Managers and Building Owners: Leasing or sale of commercial space
- Realtors: Leasing or sale of commercial and/or residential space
- Downtown Summerside: Identifying commercial space opportunities
- PEI Connectors: Putting business plans into motion
- PEI Association for Newcomers to Canada: Settlement services
- Innovation PEI: Incentive and funding opportunities
- City Technical Services: Zoning and building requirements
- Greater Summerside Chamber of Commerce: Networking and advocacy
- Existing Business Owners: Identifying businesses for sale
Banking, accounting, legal services.
It’s time to get engaged
Based on our anecdotal assessment of our current candidates, Summerside could see new demand of over 65,000 square feet of office space, over 150,000 square feet in new retail space and over 100,000 square feet in new industrial space, which points to a great future for our community and the broadening of our potential service offerings. The stated space demands represent a cross-section of business opportunities from restaurants to professional services and these clients are actively seeking local business support to help them identify, build and execute their business dreams. The office has been working diligently in sharing key aspects of our business service offerings and would like to ensure we broaden our networks to help showcase our business talents.
With that, we want to hear from you on how we can help connect our clients with your professional services. We are encouraging all our business professionals, property owners and business support organizations to directly reach out and share exciting business opportunities, sale or space for lease availability and/or how you want to be involved in welcoming and providing key business settlement services to this exciting group of potential investors.
It is about choice
In the coming months, some of the successful PNP applicants will be in Summerside and will be looking for assistance and support to realize their dreams. As with any investor, it’s about choice and settling in a community that both welcomes and supports them. Summerside EDO is just one player and requires the direct support and effort of our collective community. We look forward to hearing from you on how we can work towards a growing economy! That next connection just might be the star employee you have been looking for, that quality tenant looking to lease space or that neighbour who shares the same passions as you.
Futurpreneur Canada – A Partner in Entrepreneur Success
Looking for that sage advice to help you turn your ideas into reality? Looking for that critical resource to garner the attention of that key investor or partner? Futurpreneur Canada maybe that trusted support network to catapult your business success.
Futurpreneur Canada has been fueling the entrepreneurial passions of Canada’s young enterprise for two decades. Being the only national, non-proﬁt organization that provides ﬁnancing, mentoring and support tools to aspiring business owners aged 18-39, having a partner like Futurpreneur may be just what you need. Having an internationally recognized mentoring program that matches young entrepreneurs with a business expert from a network of more than 3,000 volunteer mentors is a valuable resource to tap into. Having refined their service offerings to focus specifically on what matters to entrepreneurs, Futurpreneur has mentored over 12,000 young business owners, is active in over 200 communities and have helped to successfully launch over 10,000 new Canadian businesses.
A critical asset to their service offerings is a Business Plan writer. All entrepreneurs know the importance of a solid, researched-based business plan. Research shows that a good business plan not only helps entrepreneurs to focus on the specific steps necessary for them to turn ideas into business success, but it also helps them to achieve both their short-term and long-term objectives and tap into resources and networks to support their vision.
Futurpreneur Canada has developed an interactive Business Plan Writer that has been designed to simplify the business planning process. Not only is this tool dynamic, allowing you to customize your plan, it also provides tips & tricks and plenty of examples to guide you as you write.
Futurpreneur Canada understands that writing a business plan can be a daunting experience. You have a great idea, loads of experience in the industry, but you’ve never had to produce a document like this before… this tool is here to help you create a business plan that is well structured to aid you in securing the financing you may need to get your business off the ground.
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Summerside In the News
Starport Managed Services
A recent tenant of the Holman Centre in Downtown Summerside, Toronto-based Starport Managed Services, first joined us over the summer of 2018. Since co-founders Dave Poulson and Brian Everest have connections to PEI and spend time here during the summer, expanding operations to Summerside was a natural choice. They join several other IT-themed companies that have opened in the area in recent years, including IO Solutions, HR.com, and Careworx. The Holman Centre, with tenants such as Starport, is solidifying itself as an IT centre of excellence, which was the building’s original intent.
Managed Services is a timely industry. Many companies lack an internal IT department but still want to maintain their IT infrastructure rather than only attending to it when it breaks down. That’s where a company like Starport comes in. Members of their staff include Service Desk Analysts, Support Technicians, Support Specialists, and Security Specialists. They began operations in Summerside with a team of five and hope to grow to ten during 2019.
Two years ago, Randy Perry got the urge to make his return home to Summerside from Toronto. As he and his spouse, Jamie Niessen, like to put it, they wanted “more space and less pace”. After researching possible business opportunities, the couple decided to buy Island Stoneware and also a house in Summerside. From November 2017 until around January 2019, they ran the business out of Borden-Carleton. They are now located on Water St. East in Summerside.
Several factors played into their decision to move their business to Summerside, including shipping considerations and securing labour, not to mention being closer to their home. Island Stoneware is primarily a wholesaler that sells its products across North America. To ensure they fill as many orders as possible, moving to Summerside was a necessary choice. Randy and Jamie now enjoy Summerside, both personally and business-wise. As Randy said, “We have so much more time to live, not just work.”
If interested in learning more about investment opportunities, economic development support or opportunities for growth, please call our Economic Development Professionals.
We would love to chat.
Alternatively, you can email us at firstname.lastname@example.org.
It could be the most profitable email you ever send.
Director of Economic Development City of Summerside
275 Fitzroy Street, Summerside PE C1N 1H9
M: 902.432.0103, E: email@example.com
LET’S BUILD THE FUTURE TOGETHER!