Public Information Meeting Recap: ‘Riding the Tiger of Innovation’

Held in Kitchener at Communitech, Canada’s largest regional innovation centre, the event highlighted achievements, discussed challenges ahead, and celebrated the strength of collaboration between regional and provincial partners.

Chair David Fransen opened the meeting with remarks that acknowledged both progress and challenges ahead: “Since 2016, Waterloo EDC has been extraordinarily successful, securing over $2B in investments and creating more than 5,258 jobs. But remarkable results are no cause for complacency – there are storm clouds on the horizon,” said Fransen.

A recurring theme throughout the meeting was the importance of site readiness for securing mega projects. Fransen noted, “The Region of Waterloo has the lowest [industrial] vacancy rate in Canada. Addressing land readiness is critical to securing transformative investments.”

Later in the presentation, Waterloo EDC President & CEO Tony LaMantia would emphasize the need to maintain momentum and balance on this fast-moving “tiger” – a nod to the region’s rapid growth and position as a leader in innovation.

A vision for growth and collaboration

Regional Chair Karen Redman highlighted the region’s readiness for growth, its commitment to collaboration and Waterloo EDC’s role in preparing for the future.

“As Waterloo Region grows, we must embrace change to lay the groundwork for our future community. With great confidence, the Region and our municipalities renewed Waterloo EDC’s funding for another five years starting in 2024,” said Redman.

She also reflected on the connection between community development and economic growth. “Community development is economic development. Together, we can build a community rooted in care, collaboration, bold innovation and lasting impact.”

2024 milestones and the road ahead

In his final annual meeting as President & CEO, Tony LaMantia reflected on Waterloo EDC’s 2024 achievements, which included:

• $288M in investments secured
• 267 new jobs created and 500 retained
• Key projects included a Mercedes-Benz automotive incubator, OVHcloud’s Cambridge expansion, and Westinghouse’s investment in Kitchener

LaMantia emphasized the importance of manufacturing jobs for the region’s long-term growth. “Manufacturing jobs paying $70,000-90,000 a year are essential to addressing affordability issues. These investments provide stability and long-term benefits for our community.”

He also highlighted how Waterloo EDC’s digital marketing efforts have become a key driver for attracting qualified leads, calling the transformation “remarkable.”

Insights from Invest Ontario

The meeting featured insights from Khawar Nasim, Vice President of Business Development at Invest Ontario, and Nicole Simone, Director of Strategic Partnerships. Both provided a provincial perspective on the investment landscape and the importance of collaboration.

“Ontario’s product is phenomenal: politically stable, clean energy, incredible talent supply, proximity to the US and great universities,” said Nasim. “For too long, we sat on our hands – now, we’re much more aggressive in the space.”

Simone emphasized the value of coordinated efforts: “When companies see all levels of government in one room, working together, they recognize the unique advantage of choosing Ontario. It’s an approach that’s hard to find elsewhere.”

Key takeaways from the Q&A

For those unable to join the event, the engaging Q&A session between LaMantia and Nasim provided valuable insights into pressing opportunities and challenges facing the region.

Here are some of the topics they discussed:

• What are clients’ expectations when choosing a location and during aftercare? Investors often need quick decisions to remain competitive. As Nasim explained, “The house is on fire – I need a decision by the end of the month, or Indiana will.” Waterloo’s livability and affordability are significant advantages, and ensuring site readiness through environmental assessments, traffic studies and consultation processes is critical.
• Is the manufacturing investment boom slowing down? While the pace of large-scale EV investments has cooled slightly, Ontario remains competitive. Nasim noted, “EV investments drove a surge, but as the market transitions to mass adoption, projects may take longer to materialize. That said, there’s still juice in this orange.”
• How important is the tone and alignment of elected officials? Alignment among all levels of government is essential in building investor confidence. Nasim emphasized that elected officials must actively embrace companies: “When elected officials show genuine enthusiasm for an investment, it creates emotional engagement that often seals the deal.”
• Are incentives still key, or is there a shift toward other priorities? Incentives remain a useful tool but are no longer the primary focus. Talent, site readiness and energy availability now take precedence. “If the conversation starts with incentives, run for the hills,” Nasim said, emphasizing Ontario’s unique strengths.
• How is energy scarcity affecting large-scale projects? Energy availability is a growing challenge for energy-intensive industries. Ontario’s plan to increase power generation by 70% through clean energy and nuclear options is expected to help meet future demand. “We’re in a relatively good place, but it’s a race to meet growing needs,” said Nasim.
• What is the outlook for Waterloo’s quantum and AI sectors? Waterloo is well-positioned as a leader in quantum and AI thanks to its universities and specialized institutes. However, energy infrastructure must support sector growth. LaMantia remarked, “Waterloo is riding the tiger of innovation in AI and quantum, but readiness is critical to capitalize on these opportunities.”
• What are the spin-off benefits of large-scale projects like Volkswagen’s PowerCo? Large-scale investments drive supply chain growth and community infrastructure development. Nasim explained, “The anchor tenant is just the beginning – the supply chain and community infrastructure amplify the economic impact.” Secondary benefits include housing, childcare and emergency services.

Watch the recording

Couldn’t attend the Public Information Meeting in person? Watch the full recording below, or skip ahead to a specific presentation:

• 0:06 – Chair remarks from David Fransen
• 11:08 – A special message from Karen Redman, Regional Chair of Waterloo Region
• 14:13 – Waterloo EDC 2024 key highlights from President & CEO Tony LaMantia
• 39:29 – Investing in Ontario from Khawar Nasim, Vice President of Business Development, Invest Ontario, and Nicole Simone, Director of Strategic Partnerships, Invest Ontario
• 1:00:06 – Discussion and Q&A with Tony LaMantia and Khawar Nasim

Looking to the future

The meeting closed on an optimistic note. LaMantia summed up the collaborative spirit of Waterloo EDC and its partners: “It really does take a village. Together, we’ve made Waterloo Region a globally recognized hub for innovation and investment.”

This annual event reinforced Waterloo EDC’s mission to position the region as a top destination for business investment, innovation and growth.