About Business Development
Business development is essential for a diversified, sustainable economy. It contributes to quality of life by providing more amenities and sources of entertainment. Business development includes building our local business sector and attracting new business to the city, also called Foreign Direct Investment (FDI). The word “foreign” doesn’t necessarily mean bringing in businesses from other countries; it’s about attracting any business that is currently operating outside Timmins. New businesses bring with them new sources of revenue, attract new residents and workers, and oftentimes increase tourism.
This tactic supports the Regional Hub project by making Timmins a more desirable destination for people throughout the region.
The Timmins Economic Development Corporation (TEDC) is taking the lead on the Business Development project. As of October 2012, the TEDC has hired a consultant firm, JWP Strategy, to conduct a Competitive Positioning Study. The study will identify Timmins’ competitive advantages, the features that make Timmins better than others when it comes to setting up a business. This will help us take a more targeted, focused approach to recruiting businesses to the area.
Certain business development initiatives that align with the City’s goals are already getting off the ground. A Centre of Excellence, one of the most popular business development suggestions that came up during public consultations, is in the process of being established. The committee leading the charge is calling it the Productivity and Innovation Centre (PIC) and, as of October 2012, was applying for funding to establish the centre sometime in 2013.
Business Development Ideas
During the Strategic Planning process, participants at public consultations submitted over 400 ideas for possible businesses for Timmins. You can see what’s being done with these ideas by visiting this page.
What You Can Do
- Share your thoughts about the Business Development project on our Facebook page.
- Talk to your friends and family about Timmins 2020 and this project.
- Contact the Timmins Economic Development Corporation to provide input or ask questions about this project.
- Read the Get Involved page for more ideas on how you can contribute!