Way Forward Commitment:
High performing firms are companies that have witnessed or have the potential to see considerable revenue growth and are led by management teams with a growth mindset and an appetite for continued expansion. Our Government recognizes that high performing firms must be supported to address barriers that may be restricting their potential to generate innovation, employment opportunities and revenues.
Our Government will identify target sectors with high growth potential and focus its human resources and financial supports on those organizations to maximize growth and economic output. In 2017-18, high performing firms will be identified based on criteria such as Gross Domestic Product (GDP), levels of employment, opportunities for diversification within the firm and supports to encourage internationalization.
What We’ve Accomplished:
- The Department of Tourism, Culture, Industry and Innovation is providing customized business growth support in areas such as financing solutions, advisory services, and export and innovation support to Newfoundland and Labrador firms with high-growth potential.
- Two specific initiatives devoted to delivering this work are:
- The Provincial Government’s collaboration with federal partners as part of the Accelerated Growth Service and the Cabinet Committee on Jobs (CCOJ) Technology Sector Work Plan, which was produced in partnership with industry.
- Through both initiatives, government is providing individualized assistance to businesses to assist with crucial growth and transition periods. Specific areas of support include:
- Firm-level export and international business development strategies;
- Business diagnostic services;
- Financing; and,
- Market and business development support.
- To-date, 22 companies have formally signed on for participation in the CCOJ high-growth firm initiation. Additionally, six firms are actively being engaged in the initiative, with a further 20 identified as future targets. Participation includes an initial diagnostic, growth plan assessment and intervention prioritization. In consultation with industry, company criteria for participation includes:
- a focus on innovation;
- a focus on export markets;
- capacity and enthusiasm to grow;
- strong management team; and,
- resources for investment.
- Since July 2017, 18 Newfoundland and Labrador companies have signed up for business growth support as part of the Accelerated Growth Service.
- As part of these initiatives, the Provincial Government will continue to work with industry and business partners to provide support for developing the entrepreneurial pipeline in Newfoundland and Labrador expand, providing ongoing support to accelerate business expansion and economic output.