There couldn’t be a bigger difference between the famed, historical trade of fishing in NL, and the modern day technology industry. The ways we can make money here are ever-changing, and our people are now responsible for a provincial tech industry valued at $1.6 Billion. That’s more than the fishery is reeling in these days; more than tourism too.
That figure, $1.6 BILLION bucks, proves the broad-ranging ingenuity, adaptability, and creative spirit of our people. When paired with, say, the $424 Million per year the Arts industry generates, one can’t help wonder what kind of revenues we could be earning with the right forward-looking investments and innovative thinking at the helms of NL.
It was the Newfoundland and Labrador Association of Technology Industries (Nati) who brought this figure to the public’s attention, alongside the fact that the local technology sector employs 4,000 people at 165 companies, specializing in things like data security and sonar technology.
Thanks to these 165 companies, we can now lay claim to facts like these:
♦ More than 1,000 financial institutions in the Americas use software developed in NL to detect fraudulent financial crimes.
♦ A local startup is emerging as a market leader in wireless power tech for both consumer and military applications.
♦ Sonar technology developed right here provides ultra-high resolution seabed mapping and imaging for marine, military, and oil industries.
Our broad “technology sector” includes sub-industries like information technology and ocean technology, as well as aspects of the energy sector, from Green energy to the servicing the oil and gas industry.
These people are quite literally valuable to the tune of $400,000. Each tech sector employee represents an economic gain of $400,000 for Newfoundland and Labrador, and our local high-tech companies attract and retain grads from MUN to further strengthen the local labour pool and drive the growth of their industry.
Nati sees itself as “an essential component in the prosperity of the technology industry in Newfoundland and Labrador” and plan to continue advocating and “ensuring the sector’s voice is heard by government at all levels.”
If the oil bust that busted our economy has taught us one thing, it’s taught us to diversify our economy by focussing on revenue potential from industries other than oil & gas. We live in the era of technology, and now is the time to capitalize on the bright-minded locals at the forefront of this clearly profitable industry.
Nati is currently ramping up the sector’s earning potential thanks to $513,000 it received from the Atlantic Canada Opportunities Agency (ACOA). Their long-term vision is to double the sector’s size by 2025, to 8,000 employees, which they estimate would generate $4 Billion a year in annual revenue.
Thanks for the reply Chris.
First of all, yes. Lol at VOCM. Let’s just not enter this discussion as there is no comparison between the two. Overcast is solid.
I know it sounds like a personal vendetta but when largely the organization is one person it is hard to differentiate. My concerns come from the lack of quality mentorship Nati provides to young companies but purport it to be at an expert level. I really do encourage you to talk to them and realize what a superficial level they operate on. It’s more political than ground level. It’s more showmanship than results.
James: Sounds a bit like you have a personal vendetta here my friend. Against someone in the tech industry. I am glad you acknowledge liking the overcast, because — CAN WE PLEASE just take a second and go to VOCM’s website. They post like 5 sentences, barely coherent, and call that news? ON the flipside, who’s gonna read a story as long as the one you propose? The way I read this article was that we’ve got a serious tech industry brewing here, in a time where we NEED to diversity our economy, and Nati are only mentioned insofar as trying to bolster it with grants, advocacy, and pleas to government. Good on them!
I love the Overcast – great publication with good ground level take on our surroundings.
However, this article is saddening. It really looks like it was really based on a news release put out by NATI. I do expect the Overcast to question and take a more critical look at stories before reporting them:
An unfortunate reality about being a not for profit that is based on industry participation (actual dollars invested) and government funding is the practice of underlining it’s own need. Thus it would be in NATI’s best efforts to highlight such “facts”. Conflict of interest aside – it is in their domain so they should report on it righ?t – we do need to question the validity of this number.
The ED of NATI has time and time again operated on an incredibly superficial plain. The interest in NATI’s efforts is to build numbers. They want tons of start-ups, companies and ventures using IT to do business. Fantastic goal – if quality was a factor. Of these “165 companies” how many have revenue, support part-time or full time employment? Obviously the story will highlight Verafin (but this is an old story of which NATI’s efforts are not directly attributable to it’s success in any way), Solace Power (which is still finding its footing) and Kraken (which is a hot news story). But how about the other companies? The ones that are no more than people with an idea and no plan for execution. The ones that look for government backed VC funding as a viable business model the ones Ron Taylor will assist to get government funding for a consultation fee? The ones that are more press than substance?
Broad definitions for press. Repetition of tactics Ron has seen on Monday night TV. The quest for attention and a pat on the back is disingenuous.
That being said, come on Overcast, dig a little deeper.