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Economic Cluster Strategy for the Toronto Region: Matching Capital to Innovation

Greater Toronto Summit 2011 Breakout Session

The Challenge: Greater Toronto, especially the City of Toronto, has a diverse and modern economic base with great potential to lead in several growth sectors. The Toronto region is already a significant leader on the international stage in the following areas:

  • Financial Services: Toronto is the third-largest financial services centre in North America, and the TSX is the seventh largest stock exchange in the world;
  • Digital Media: among other strengths, Toronto is the third largest centre for film and television production in the world;
  • Advanced Technology: Toronto is the third largest centre in North America for biotechnology as well as information and communications technology; and
  • Clean Technology: the TSX is the leading stock exchange in the world for clean tech companies.
Growth strategies based on economic clusters were first championed by Michael Porter in the 1990s. They are recognized for their ability to strengthen regional industrial sectors by increasing productivity and efficiency, stimulating and enabling innovations, and attracting capital to facilitate commercialization. Greater Toronto does not currently have a comprehensive regional cluster-based approach to economic development. This fact may partially explain why our economic growth has fallen behind our global peers, particularly when compared to those with a strong regional growth strategy.

Find the backgrounder for Economic Cluster Strategy for the Toronto Region: Matching Capital to Innovation here.

Moderator: George Smitherman

Speakers
  • Sarah Ker-Hornell, Executive Director & CEO, FilmOntario
  • Sean Kelly, Director, Patient Access & Health Policy, Pfizer
  • Ray Cao, CEO, Loose Button
  • John Ruffolo, Senior VP & Head of Knowledge Investing, OMERS Strategic Investments and Co-CEO, Inkef Capital


Questions for Discussion:
  1. Is an economic cluster strategy an appropriate way for the Toronto region to boost economic development? Should the barriers to the venture capital industry be resolved before we launch an economic cluster strategy?
  2. Have we identified the right mix of sectors on which to base a cluster strategy? Are there any sectors missing?
  3. Who should champion this cluster strategy?
  4. What role should the federal, provincial and municipal governments undertake to support an economic cluster strategy?