2020 - waterloo edc

Message from the Chair of the Board of Directors 3 Arnold Drung

Message from the President & CEO 4 Tony LaMantia

Vision, Mission, Values 5

2020 Business Plan 5

Annual Highlights 6

Foreign Direct Investment 8

LocalBusinessRetentionandExpansion 10

InvestmentMarketingandAwareness 12

Strategic Plan 15

2020 Financial Statements 16

Board of Directors 18

TABLE OF CONTENTS

W A T E R L O O E D C 2 0 2 0 A N N U A L R E P O R T 3

A year ago, in Waterloo EDC’s last Annual Report,Iwrotethatglobalvolatilitywoulddefinethecomingyear.Atthetime,Brexit,theAmericanelectionandongoingtradedisruptionsweretop-of-mind–notaonce-in-a-lifetimeglobaldisruptionlikeCOVID-19.

However,I’mhappytoreportthatafutureofuncertaintywasn’tmyonlycorrectpredictionayear ago.

Itwasmyfirmbeliefthattheculturethatmakesourcommunitysospecial–acommunityofproblemsolvers–wouldhelpusweatherthestormbetterthanmost.Duringatimeofremarkable uncertainty and instability this communitydidrallytogether,collaborateopenlyandproveourresilienceandperseverance.We’vemadeCOVID-19anopportunitytobuildbackbetterandstrongerthanwewerebefore.

It’snosecretthat2020wasanexceptionallychallenging year and Waterloo EDC certainly didn’tescapetheconsequences.However,Ithinktheresults–asyouwillseeinthisreport–speakforthemselves.ThecreditgoestothewholeWaterlooEDCteam,whohavepivoted,adaptedand adjusted constantly over the last year to helpbusinesseslocate,relocateorexpandin our community.

Lookingforward,it’seasytoseewe’llhaveanotherchallengingyearaheadofus.COVID-19andthedisruptionitcauseswillcontinue,buttheopportunitiesthatcomefromthechallengewillalsocomeintogreaterfocus.Theseopportunities,particularlyastheypertaintosupplychainrepatriation,havethepotentialtodefineourcommunityforagenerationtocome.

Astheyearends,IwouldliketothankthemembersofourBoardwhosetermshaveendedthisyear–CharlesCipolla,BarbaraFennessyandGreg McCauley. These individuals have made incrediblecontributionstoWaterlooEDCandthecommunityandIwishthemallthebestintheirnextchapter.Iwouldalsoliketowelcomeour newBoardmembers–AngelicaDeVos,HarpreetKaurSinghandEldonSprickerhoff–whowillprovideanewperspectiveasweadapttoanuncertain future.

InDecember2020,mytwo-yeartermastheChairof Waterloo EDC’s Board of Directors ended. I am veryproudofwhatthisorganizationachievedinthosetwoyearsandextremelypleasedtoknowthatthemantlewillpasstoMurrayGambleasournextChairfor2021-2022.Murrayisanexceptionalbusinessman, engineer and asset to the Waterloo Regioncommunity.Aswemoveintoanewyear,andperhapsaneweraforWaterlooRegion,Iamconfidentthatourstrong,talentedandcommittedWaterlooEDCteamsupportedbyanexcellentboardwilldelivercontinuedexcellentresultsthatwillhelptokeepourcommunityprosperous.

Arnold Drung Chair, Board of Directors, Waterloo EDC

MESSAGE FROM THE CHAIR OF THE BOARD OF DIRECTORS

Arnold DrungChair, Board of Directors

4 W A T E R L O O E D C 2 0 2 0 A N N U A L R E P O R T

AsWaterlooEDC’sfifthyear comes to a close wecanagreeononething:thiswastrulyayear like no other. It wasawitchesbrewofuncertainty. We began theyearwithBrexitandtheUSelectionscastingashadowoverinternationalinvestingdecisions. Then COVID-19hitandputglobalbusiness-as-usualon hold.

Andyet,somethingsabout2020werefamiliar.Ourteamclosed11dealslastyearvaluedatmorethan$220million.Aswithmostyears,agoodpercentageofnewinvestmentinourcommunitycamefromforeign direct investment in both manufacturing andtechnology.However,wehitourinvestmenttargets in this most challenging of years thanks to localexpansionsdrivenbyaneedtohelpduring aglobalpandemic,includingCanadianShield, EclipseAutomationandPriMed.

Surpassingourinvestmentgoalsthisyearisanincredibleachievement.WhenCOVID-19struck,wesuspendedalloutboundandinboundmissions–wenormallydonearly100inayear–andlookedforwaystokeepourcommunitymovingforward.Ourmissionswerequicklyreplacedwithdiscoverycallsandarenewedemphasisonprospecting.Ourmarketingefforts,whichhadalreadybeguntofocusondigitalleadgeneration,wereperfectlypositionedtodeliverresultsinthis“virtual”time.

Thefruitoftheseeffortsisseeninourgrowinginvestmentpipeline.Thisyear,weadded53newdealstoourpipelinethatrepresent$560millioninpotentialinvestmentandnearly1000potentialjobs.

Altogether,ourinvestmentpipelinenowhas 98potentialdealsworthmorethan$2billion,with$72 million in the “forecast” stage at year end.

Inthisyearlikenootherwecan’tsimplymeasureoursuccessesindollarsanddeals.Ourteamhasputincredibleeffortintoassistinglocalcompaniesastheysearchforgovernmentsupportintheformofwagesubsidies,taxdefermentsorrentassistance.We’vehadhundredsofcallswithlocalbusinessleaders,releasedaseriesofCOVID-19supportwebinars,maintainedanup-to-dateresourcespageandmore.

WealsoplayedakeyroleinthecreationoftheBusinessandEconomicSupportTeamofWaterlooRegion(BESTWR),whichbuiltastrongcoalitionacross business and government to advocate for betterCOVID-19policiesandsharebestpracticesandinformationaboutgovernmentprogramswithlocalcompanies.IamexceptionallyproudofhowthisbroadcoalitioncametogetherandwillcontinuetoChairitsLeadershipGroupasweenter2021andprepareforbetterdays.

Indeed,theCOVID-19pandemicwillcontinuethroughout2021nomatterhowmanyCanadiansarevaccinated.Theworld’stradenetworksarestillunsettled,there’suncertaintyintheEuropeanUnionandtheUnitedKingdom,andstillpotentialforinstabilityintheUnitedStateswiththe“BuyAmerican”supplychainbentofthenewBidenadministration.Witheverychallengecomesanopportunity,andI’mconfidentthatWaterloo’suniquecultureofproblem-solvingandentrepreneurshipwillwintheday.

Brighter days are ahead.

Let’sgettowork!

Tony LaMantia President & CEO, Waterloo EDC

MESSAGE FROM THE PRESIDENT & CEO

Tony LaMantiaPresident & CEO, Waterloo EDC


MISSIONTo build a world-leading legacy of sustainable economic development, prosperity and diversity for Waterloo Region.

VISIONTo be locally rooted, internationally competitive and globally renowned.

VALUESCollaborative, professional, honest, accountable, results-focused.

3Investment

Marketing and Awareness

1Foreign Direct

Investment

2Local Business Retention and

Expansion

2020 BUSINESS PLAN: THREE STRATEGIC PILLARS

We are pleased to report, even with the exogenous shock that COVID-19 had on global FDI, 2020 was another successful year for Waterloo EDC. Here is a summary of our key highlights and significant wins:


ANNUAL HIGHLIGHTS

5 localexpansioninvestments6 foreign direct investments

11 closed deals

Closed investment deals of $221.1 million

416 new jobs created from closed deals

Breakdown of deals by sector: 86.4% advanced manufacturing

13.6%informationandcommunicationstechnology

WINS BY MUNICIPALITY

Cambridge Kitchener Waterloo

INVESTMENT CLOSED DEALS IN 2020

Closed Deals (11) Investment Value ($)

27.25% 26.9%

27.25% 22.7%

45.5% 50.4%

Companies that closed deals in 2020


INVESTMENT SALES PIPELINE

Forecast

Upside

Pipeline

INVESTMENT BY STAGE

$130,411,341 | 6%$1,905,566,873 | 90%

$72,784,798 | 4%98 potential deals in our pipeline(attheendof2020)withanestimatedvalueof $2.1 billion

8 opportunities in ‘Forecast’ stage withanestimatedvalueof $72.8 million

Waterloo EDC advocacy involvement: • Waterloo Region Advocacy Day at

Queen’s Park•BusinessandEconomicSupport

Team Waterloo Region (BESTWR)•ConnecttheCorridorCoalition•FutureofWork&LearningCoalitionpartnership

9 inbound and 2 outbound missions*

*PausedasofMarch2020duetoCOVID-19.

Twitterfollowersincreasedby 8.5%LinkedInfollowersincreasedby103%

Attendedandparticipatedinapproximately111 events

Countries visited: • United States (California)• United KingdomPlanned outbound missions to Germany, Boston,NewYork,Spain,ItalyaswellasadditionalmissionstoCaliforniaandtheUnitedKingdom,werepostponeddue toCOVID-19.

FOREIGN DIRECT INVESTMENT


This was a year like no other. The United Nations Conference on Trade and Development reported that global foreign direct investment fell by 42% in 2020, which had significant consequences for Canada and Waterloo EDC. Despite this challenge, Waterloo EDC still closed 6 FDI deals valued at more than $61 million, including new investments from Odyssey Interactive, Z Modular and TripleLift. Throughout the year, our organization focused on continuing to strengthen our overall pipeline, which now includes 98 potential deals valued at more than $2.1 billion.

THE FIRST QUARTER – A DIFFERENT WORLDAs the year ends, it is hard to remember that 2020 started like any other year. For Waterloo EDC, thatmeantbuildingonthesuccessesof2019.Weclosedtwonewdealsvaluedat$7.8millioninthefirstquarter.Wewelcomedagroupof11TradeCommissioners to Waterloo Region for an FDI training day and ecosystem tour to learn more about our uniqueandcompellingvalueproposition.

MembersoftheWaterlooEDCteamcompletedtwooutboundmissionsinthefirstmonthsof2020,landing in the United Kingdom and California to meet withpotentialinvestors,importantintermediariesand contract investment lead generators. We also welcomedseveninboundmissionstoWaterlooRegion,includingrepresentativesfrommultiplelargeadvancedmanufacturingcompaniesandalargedelegationfromJapan.

AsMarcharrived,WaterlooEDCpostponedfutureinboundandoutboundmissions,actinginanabundanceofcautionbeforeitwasclearhowCOVID-19wouldaffectfutureoperations.

A PIVOT TO DIGITAL-FIRST FDI ATTRACTIONOnceitbecameapparentthattheCOVID-19pandemicwasn’tgoingtoendinthenear-term,theWaterlooEDCteamshifteditsfocustoremote–primarilydigital–FDIattraction.Theteampivotedtovirtualconsults,

meetingsandvirtualinboundecosystemtourswithpotentialinvestors,increasednumbersofdiscoverycallsandanemphasisonresearchandprospecting.Withinthefirstfewmonths,theWaterlooEDCteamhadheld13investmentmeetingswithinternationalcompaniesandanadditional141meetingswithlocalstakeholders and intermediaries, including Trade Commissioners, local recruiters, site selectors and real estatecompanies.Byyearend,WaterlooEDChadheldwellover100investment-focusedmeetingswithinternationalcompanies.

TheteamalsobeganpursuingtrainingandinsightintohowCOVID-19wouldchangeFDIdecisions,searchingforopportunitiestosharpentheWaterlooRegionvalueproposition.Theteamparticipatedinmorethan35webinarswithinthefirsttwomonths.

GOOD NEWS AND GREAT PROMISEWhileCOVID-19severelyhamperedtheabilitytoattractFDI–forallinvestmentpromotionagencies–theyearendedwithgoodnewsforWaterlooEDCandtheWaterlooRegioncommunity.Ourorganizationclosedsixdealsvaluedatmorethan$61million.Perhapsmoreimportantly,weadded53potentialdealsvaluedat$562millionandrepresenting957potentialjobstoourinvestmentpipelinethisyear. Ourtotalinvestmentpipeline–allofthedealswe areworkingon–nowtops$2.1billioninvalue,whichsetsthestageforsuccesswhenCOVID-19restrictionsare eased.


In a year like no other, Waterloo EDC has continued to drive investment in Waterloo

Region’s economy and played a key role in advocating for businesses over the course of the pandemic. Through BESTWR, Waterloo EDC collaborated with business leaders across the Region to support our business community through one of the most challenging economic times in our history.The Region of Waterloo appreciates the support Waterloo EDC has provided our community in the last year, and as we move toward economic recovery, we are optimistic about the future of our economy.

Karen Redman, Region of Waterloo Chair

It’s no secret that 2020 was a challenging year. However, in the midst of this challenge Waterloo EDC

continued to deliver results and support for the Township of Wellesley and the region as a whole. I was proud to work with them to help support our businesses throughout the crisis and pursue new opportunities for growth and prosperity in our community. I look forward to more collaboration in the coming year.

Mayor Joe Nowak, Township of Wellesley

Over the last year, Waterloo EDC has shown itself to be a leading driver in

our Region’s COVID-19 pandemic economic response. Not only did they continue attracting investment and talent to our region, but they also played a critical role in supporting a variety of our local companies, including those that pivoted to PPE manufacturing. As a team, they remained agile, took on new initiatives, provided leadership to BESTWR, and advocated for our community through their interactions with other orders of government.

Mayor Berry Vrbanovic, City of Kitchener

While FDI declined around the world due to COVID-19, in Waterloo Region several local expansions – overwhelmingly trying to fill a void in personal protective equipment production – were completed. In total, these 5 expansions represented nearly $160 million in new investment in Waterloo. In the process, these expansions also highlighted many of Waterloo’s greatest qualities, including resilience, collaboration and the entrepreneurial mindset. COVID-19 also put unexpected pressure on existing businesses, which led Waterloo EDC to play a leading role in the founding of the Business and Economic Support Team of Waterloo Region (BESTWR).

DOING OUR BEST FOR WATERLOO REGION BUSINESSES IN A PANDEMICInearlyMarch,itbecameclearthatCOVID-19wouldsubstantiallydisruptbusinessesandcommunitiesaroundtheworld.

Tocombatthisdisruption,WaterlooRegion’scivicleaders,alongwithWaterlooEDCandotherlocalpartners,createdtheBusinessandEconomicSupportTeamofWaterlooRegion(BESTWR)tohelpbusinessesofalltypesandsizesaddressCOVID-19-relatedchallenges.TonyLaMantia,theChairofBESTWR,hadthis to say at the outset:

“Collectively, this group will be a point of contact for governments as they make rapid decisions to support the evolving economic and business environment and will help to promptly disseminate these decisions to our business community. We will also be advocating on behalf of Waterloo Region firms to ensure their urgent needs and concerns are heard, clearly articulated and addressed.”

Overthecourseof2020,BESTWRleadershipissuedsixadvocacyletterstoPrimeMinisterTrudeauandPremierFord–thewholecommunityspeakingwithonevoice–andpublishedthreelocaleditorialsintheWaterloo Region Record. Members of the BESTWR teamalsoparticipatedinnumerousinterviewstohelpspreadinformationandmembershipgrewtonearly100participantsfromacrossthecommunity.Withinthefirstfewmonths,BESTWRmemberorganizations

had1,400+interactionswithlocalcompaniesseekingassistancewithgovernmentsupportandemploymentprograms.Theyalsodevelopedwebinars,“reopening/returntowork”bestpracticesandtoolkits,and much more.

TheBESTWRteamcontinuestooperateinto2021,whichisexpectedtocomewithadditionalchallengesforthelocal,nationalandinternationalbusinesscommunities.

ApartfromBESTWR,theWaterlooEDCteamshifteditsprioritiesawayfrominvestmentattractionandtowardsupportinglocalbusinesssustainabilityandrecovery.Inparticular,thefirstmonthsofthepandemicwerespentfieldingcallsfromlocalbusinesses,helpingbusinessesnavigatesupportprograms,includingforeign-ownedcompanieswithlimitedknowledgeofgovernmentprograms.

SOLVING PROBLEMS THE WATERLOO REGION WAYThepandemicshutdownmuchoftheglobaleconomywithinweeks.Theuncertainty,confusionandchallengesthatcamealongwiththeinitialresponse–essentially,acompletepauseonallworkplaceactivity–leftmanyinaprecariousposition.

Whilegovernmentsupportdidrolloutovertheensuingmonths,itwastheresponseofWaterloo’scommunity,particularlyitsbusinesses,thatwillliveoninourmemories.Withindays,breweriesand

1 1 W A T E R L O O E D C 2 0 2 0 A N N U A L R E P O R T

LOCAL BUSINESS RETENTION AND EXPANSION


distillerieswereproducinghandsanitizer.CompanieslikeRouteThis,BonfireandVidyardmadetoolsthatcouldhelpeasetherapidswitchtoremoteworkavailableforfree.ReebeeandAxonify,amongothers,leveragedtheirproductstohelpconsumersandfront-lineworkersstayinformedaboutavailabilityofessentialitems,storehoursandworkplacebestpractices.DarwinAIuseditspowerfulartificialintelligenceplatformtodevelopanovelapproachtotestpatientsforCOVID-19beforeswabtestbecamereadily accessible.

Manufacturerssteppedin,adaptingproductionlinestosupplymuch-neededmedicalsupplies.Tri-MachGroupbeganmanufacturingsanitarypersonalprotectiveequipment(PPE)barriers.EclipseAutomationlaunchedafully-automatedN95respiratormaskproductionline.MitchellPlasticsbeganproducingPPEfaceshields.ATSAutomationannouncedplanstoproduceeverythingfromventilatorcomponentstomedicalsupplies.That’sjustscratchingthesurface.

InkSmithisthehighest-profilestory.Theybegantheyearasanedtechcompanyspecializingin3Dprinting.Atfirst,theyusedtheirexpertiseto3Dprintandlasercutcomponentsforfaceshields.Soon,theybegantoscaletheiroperation,hiring100+employeesandsigningacontracttoproduce10millionfaceshields.TheybrandedthePPEmanufacturinggroupTheCanadianShield(InkSmithisstillworkingonedtech!)andbranchedouttoaddressotherPPEneeds.As2021begins,thecompanyprimarilyproducesASTM-ratedproceduralmasks,solddirectlytoconsumersviaanonline store.

CELEBRATING SUCCESS, BUT KEEPING AN EYE ON THE FUTUREStorieslikeTheCanadianShielddon’tjusthappenontheirown,theytakevisionaryleaders,helpfulexperts,awillingworkforceandcommunitysupport.ForWaterlooEDC,helpingmanyoftheseoperationsgrowbecamecentraltoourefforttohelpthecommunity,whilecontinuingtoreachouraggressivecommunityinvestmentgoals.TheCanadianShield,forexample,receivedgovernmentsupporttoscaletheiroperationsandweplayedakeyroleinhelpingthemgetit.WhenEclipseAutomationannounced$1.4millioninsupportfortheirproposedN95productionline,wehadhelpedthem, too.

Throughsupportingourlocalbusinesscommunity–especiallymanufacturerswithhighcapitalrequirementstoretoolforPPEproduction–adapttothenewrealityofCOVID-19,WaterlooEDCwasabletohelpfivelocalcompaniesexpandforatotalinvestmentofalmost$160million.

This is certainly an achievement to celebrate, but at WaterlooEDCweareawarethatthejobisnotdone.Thepandemicisn’tover.InCanada,itwillcontinuetoimpactourbusinessesthroughout2021.ItisimperativethatWaterlooEDCcontinuestoprovidecommunityleadership,throughpartnershipslikeBESTWRandthroughadvocacy,aswellasassistancetobusinessesthatneedourhelp.Itisn’tcapturedinourinvestment results, but ensuring that local businesses canaccesswagesubsidyandrentdefermentprograms,orlow-interestloans,hasmadejustasmuchofacommunityimpact.

Aswitheverychallenge,COVID-19hasalsopresentedWaterlooRegionwithnewopportunities.Already,ourinvestmentwinsin2020havehelpedreshorePPEmanufacturingfromlower-costjurisdictions,creatinghundredsofjobsintheprocess.TheideaofreshoringsupplychainstoincreasetheresilienceofNorthAmerica-basedmanufacturingisalsogainingpopularity,andWaterloo–asCanada’slargestroboticsandautomationcluster–isuniquelypositionedtohelpattractnewmanufacturinginvestment.

W A T E R L O O E D C 2 0 2 0 A N N U A L R E P O R T 1 1

In 2020, the Marketing team began the year building on its successes in the previous year. As COVID-19 hit, the organization’s efforts in developing a heavily-digitized marketing strategy that emphasized content, inbound and virtual experiences began to pay increased dividends. Despite an initial drop in marketing metrics immediately following the pandemic’s arrival in North America, the Marketing team finished the year setting new organizational records across the board. Not only did this help fuel foreign direct investment efforts during a year where everyone was grounded, but it has set the stage for a successful 2021.

Launchedin2018,theWaterlooEDCblogcontinuedtoplayanimportantroleinengaginganinternationalbusinessaudiencein2020and,duetoCOVID-19,evolvedtoaddressmorecommunity-orientedandbusinesscontinuity-basedsubjects.Forourinternationalaudience,wecontinuedtocoverlocalbusinessstories–Google’sexpansionplans,ApplyBoard’smassivegrowth,etc.–andlaunchednewdata-drivenarticles,includingour“5 Charts: Waterloo vs.”series.However,wealsowroteaboutlocalcompaniesthatwerehelpingtheworldadapttoCOVID-19,publishedQ&Aswithlocalbusinessleadersaboutremoteworkand highlighted the workofBESTWR.Overthe course of 2020, wepublished95blogpostswhilebeatingourpageviewsgoalby about 20%. The Waterloo EDC blog continuestohavea central role in the organization’sleadgeneration,socialengagement and lead nurturingfunctions.

Ourmainwebsitealsosawsignificantchange,includingarefreshofthehomepage,theintegration ofnewleadgenerationfeaturesandacomplete re-writeofwebcopycompletedin2020.Thesetasksweredonewithaneyetoimprovingthequalityofourwebsitekeymetrics,includingtimespentonpageandvisitorsfromcoremarkets.EvenwiththeimpactofCOVID-19,weachievedourgoals,increasingpagespersession,averagesessiondurationandimprovingourbounce rate.

As2020began,WaterlooEDCcontinuedtopursueanaggressivescheduleforpublishingandpromoting

newcontenttofeed our inbound marketinggoals.Newcontent included a Guide to Foreign Business Expansion, a Waterloo Economic Guide, four Sector Deep Dives (autotech, artificial intelligence, robotics/automation and fintech) and the launch of a Waterloo Virtual Tour–aseries of 22 videos

INVESTMENT MARKETING AND AWARENESS


Waterloo EDC Blog

providinga360-degreelookatsomeoftheWaterlooecosystem’smostimportantspaces,includingVelocity,Communitechandlocalpost-secondaryinstitutions.

Drawingonthishighvolumeofcontent,WaterlooEDC’ssocialchannelscontinuedtogrowintermsoffollowershipandengagement.OnLinkedIn,ourprimarysocialchannel,followershipgrewmore than100%.

Oureffortsacrossweb,contentandsocialareprimarilymeanttoserveourinboundmarketingstrategy,whichaimstogeneratenewFDIleadswithoutexternalcontractleadgeneration.In2020,weputafocusontotalnewcontacts,qualityofnewcontactsandincreasedleadsthatareactionablebyourBusinessDevelopmentteam.Atyear-endwehadachievedallofourgoals,includingsurpassingourtotalnewleadsobjectivebymorethan100%.

WaterlooEDCisentering2021withalotofnewcontactsandleadswithhighpotentialtobecomeimportantinvestorsinourcommunity.


A Leader in Applied Artificial Intelligence

WHY WATERLOO?

Canada’s Largest Robotics and Automation Cluster

WHY WATERLOO?

WaterlooVirtualTour–aseriesof22videosprovidinga360-degreelookatsomeoftheWaterlooecosystem’smostimportantspaces

SectorDeepDiveReports GuidetoForeignBusinessExpansion


In 2017, Waterloo EDC – with input from our Board of Directors – finalized a strategic business plan that will lead the organization from 2018 to 2023. Thisplanfocusesonourcoreorganizationalpillars,coreobjectivesandpotentialincrementalmandatesthatwouldaccompanypossibleadditionalfunding.WaterlooEDCreceiveda StrategicSectorSupportGrantof$500,000in2020/2021andbegantoreceiveanadditional$600,000annuallyfromtheFedDevRegionalDiversificationfund.Thisfederalfundingruns from2019-2023.

Afterthreeyearsofthisplan,WaterlooEDCcanreportthatwithcloseddealsofmorethan$740million,wearenearlythree-quartersofthewaytoourfive-yeargoal,witharobustpipelineofpotentialinvestmentsthatprovidesastrongpositiontocontinuetodeliveronourcloseddealsobjectives.Asweprogressour5-yearstrategicplan,theteamisalsofocusedonlandingalargeFDIgreenfielddealgreaterthan$40million.

STRATEGIC PLAN

Investment Sales and Trade Promotion

Concierge Service

Investment Marketing and Awareness

Intergovernmental Advocacy

To forge a clear track record of investment attraction, scale-up wins, trade promotion and increased Waterloo Region health

To build a best-in-class “go to” concierge service to facilitate investment attraction and retention

To increase awareness and interest of Waterloo Region’s unique economic development value proposition in targeted geographies and sectors

To lead government navigation, advocacy and economic development initiatives to increase Waterloo Region prosperity

OBJECTIVES WITH ADDITIONAL FUNDING*2019 – 2023Close deals of $1.4B, maintain a pipeline of potential investment of $450M

CURRENT OBJECTIVES 2018 – 2023

Close deals of $1.0B, maintain a pipeline of potential investment of $350M

STRATEGIC BUSINESS PLAN 2018 – 2023


2020 FINANCIAL STATEMENTS

REVENUEMunicipal funding $2,000,000 Federal Government funding $935,158 Provincial Government funding $331,541Other revenue $22,537 Total revenue $3,289,236

EXPENSESProgram costs $840,935 Administrative $2,259,740 Amortization $20,582 Total expenses $3,121,257

Excess of revenue over expenses $167,979

NET ASSETSNet assets, beginning of year $793,751 Excess of revenue over expenses $167,979Net assets, end of year $961,730

STATEMENT OF EARNINGS – YEAR ENDED DECEMBER 31, 2020

STATEMENT OF NET ASSETS – YEAR ENDED DECEMBER 31, 2020


ASSETSCash $400,916 Investments $535,815 Accounts receivable $408,070 HST receivable $61,806 Prepaid expenses $19,696 Current assets $1,426,303

Capital assets $15,220 Total assets $1,441,523

LIABILITIES AND NET ASSETSAccounts payable and accrued liabilities $479,793Total liabilities and deferred contributions $479,793Net assets $961,730Total liabilities and net assets $1,441,523

FINANCIAL POSITION – DECEMBER 31, 2020


BOARD OF DIRECTORS

Jay ShahFormer Director, Velocity

Harpreet Kaur Singh**

PresidentofHKSLaw

Eldon Sprickerhoff**

Co-FounderandChiefInnovationOfficer,eSentire

David Petras Partner,GowlingWLG

Lukas von Arx** President, LEONI Elocab Ltd.

Erica TennenbaumVice President, Wealth Advisor and AssociatePortfolioManager at RBC DominionSecurities

Arnold Drung Chair of the BoardPresident, Conestoga Meat Packers Ltd.

Charles Cipolla*

Chartered Professional Accountant and former President of RockwellAutomation

Krystal DarlingChiefExecutiveOfficer,Tri-MachGroupInc.

Angelica DeVos** ChiefFinancialOfficer,ChristianHorizons

Dr. Barbara Fennessy Vice President, AppliedResearchandInternationalEducation,ConestogaCollegeInstituteofTechnology and Advanced Learning

David Fransen ChiefOperationsOfficer,NextGenerationManufacturing Canada

Murray Gamble President,C3Group(incoming Chair of theBoardin2021)

Martha George President, Grand ValleyConstructionAssociation

Greg McCauley* Chartered Professional Accountant,RetiredManaging Partner of EYWaterlooRegion

Jeff MacIntyre Co-founder,GrappleworksLtd.

Avvey Peters Chief Strategy Officer,Communitech

Jennifer McCredieSales Strategist Lead, Google

*DepartedtheBoardin2020**JoinedtheBoardfor2021

WE ARE INVENTING THE FUTURE.

Waterloo Region Economic Development Corporation 151CharlesSt.W,Suite100,Kitchener,ON,N2G1H6

@WaterlooEDC/WaterlooEDCwaterlooedc.ca

2020 - waterloo edc

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