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2014-08-12 at 16:42

Support innovation

By tbnewswatch.com
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THUNDER BAY -- The city needs to continue to support innovation despite the fact that a decade-old company might be heading to receivership.

That’s according to Doug Murray, the CEO of the Thunder Bay Community Economic Development Commission, who added that he's obviously disappointed to hear the news that Mitomics Inc. is in trouble.

The hardest part of the research and innovation sector, part of the much-touted knowledge economy in the city, is actually getting a product to market.

"Everything looks great but at the end of they day somebody's gotta buy the product," Murray said.

While it's the hope that supporting those companies will lead to factories and jobs for the city, it's not always possible.

"We're still not going to have a home run every time we go to bat with a different company," he said.

The city needs to support the knowledge sector to keep diversifying its economy Murray said. It can't just sit around and hope that something happens. There needs to be outreach and support for the companies it thinks could be successful.


 

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Comments

We've improved our comment system.
jonthunder says:
Our city government should not, ever, be in the high risk investment marketplace. The Mayor and Council should deeply apologize for this gross over-sight, and promise it will never happen again. Tax dollars are not for playing roulette.
8/12/2014 7:16:23 PM
Just Sayin' says:
If only the City itself were more innovative we could save tonnes of money and improve service.
8/13/2014 9:44:02 AM
Jim Halpert says:
Can someone tell me when the CEDC ever hit a home run? Global Sticks, Tornado Medical, and now Mitomics are strike outs. RegenMed is next in the bad investment strike out column.
8/13/2014 8:46:51 PM
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