Factor 5 delivers a full suite of economic development expertise and services, customized to the time, place, challenges and opportunities of our clients.
Our economic development consulting expertise draw from two very different schools of thought - Waterloo and Simon Fraser. The Waterloo school of thought is a traditional, well developed, technical school of Local Economic Development that places the municipality in the lead role in driving competitive advantages to attract investment and spur business growth, leading to GDP, jobs, increased tax base, and local amenities. This model is practiced widely by the federal and provincial governments in Canada, and municipalities across the country. Tools such as investment readiness assessments, business surveys and economic base analysis are powerful at crystalizing priorities and focusing local efforts. By contrast, the Simon Fraser School of thought of Community Economic Development places the broader community in the lead role driving local opportunity through collaboration and market-based solutions. Key drivers of change include entrepreneurs, non-profit organizations, educational institutions, utilities, chambers of commerce and local financial institutions, along side government and regional partnerships. The focus of this approach is squarely on improving the quality of life in the community through inclusive, sustainable economic development that is deeply rooted in place. By drawing on these two schools of thought, we help communities pursue local investment, entrepreneurship, workforce development and business expansion in a way that builds the long term capacity of the community, while strengthening the competitiveness of local industry within a global marketplace.
Delivering high impact economic development programs is a challenge for many communities that either don't know where to start or have had bad experiences with staff that did not achieve the expected results. We work with communities to custom design management programs to meet the unique needs of each client. From providing silent firepower to Economic Development Officers behind the scenes, to rallying communities through strong leadership, we are committed to supporting our clients in achieving lasting results. This often requires recruiting and training local staff that become long term leaders of economic development in the community.