Technology company growth in Waterloo Region has burgeoned over the past two years, with a 21% increase report...
June 30, 2010
Technology company growth in Waterloo Region has burgeoned over the past two years, with a 21% increase reported in the recently published 2010 edition of the Waterloo Region Tech Directory and State of the Industry report.
Full release of the 2010 Tech Directory will coincide with the Communitech 2010 Tech Leadership Conference slated for July 14.
“We’re pleased to see this proof point of growth in the technology sector in Waterloo Region, especially in a time when many other opportunities contracted due to economic challenges,” said Iain Klugman, president and CEO of Communitech, the organization that commissions the annual State of the Industry report.
“One of the key drivers for this is digital media, which for the first time is mentioned in the report and which, along with Information, Communication and Technology, and software companies, now comprises 50% of the high-tech companies.”
The study, based on a survey and an inventory of technology firms in Waterloo Region and area in January and February this year, says that the number of tech companies in the region has now hit 700 compared to 550 in 2008.
Total invested venture capital in Waterloo Region tech companies exceeds $300 million, and tech firms account for $18 billion in annual revenues. It’s the first time that digital media has been mentioned in the report.