As an economy changes so must aspiring entrepreneurs if they want to keep up.
Growing and sustainable economies happen best when entrepreneurs and communities embrace global trends that work with local attributes and natural resources. The recent attraction of a number of emerging industry companies to the Medicine Hat region are proof that this phenomena can work.
Over the last 12 months, three key emerging industries have hit the Medicine Hat marketplace: Cryptocurrency mining, cannabis production and renewable energy development and all have begun to transform the economy and the workforce in positive ways.
The attraction of Hut 8, a cryptocurrency mining and blockchain infrastructure company, now in the early stages of operations has already created jobs and infused dollars in the regional economy through land development and construction.
The development of the new Aurora Sun facility also capitalizes on the communities natural sunshine and innate resources. It is hoped this facility will employ 450 people with an immense economic spin-off that touches numerous other industries and businesses positively, as construction continues and production begins.
Also widening the economy is renewable energy innovation, with large and small scale solar in particular, continuing to push the economy forward, creating opportunities for new ventures, entrepreneurs, landowners and local municipalities with direct investment and supply chain diversification.
These significant new industries and the globally positioned companies that are propelling them forward, offer many opportunities for new startups and aspiring entrepreneurs to capitalize on. Some interesting and notable prospects can be found in supply chain services, short-term construction and longer-term maintenance contracts, consulting and housing.
While we know there are plenty of opportunities for entrepreneurs as the economy shifts and grows, forward-thinking startup entrepreneurs play a prime role in further affecting the economic landscape locally. The ability of these entrepreneurs to align new business offerings to emerging industry trends will further solidify economic growth.
Seeking, researching and defining market opportunities and trends are a major risk proofing strategy that can be helpful for a new venture looking to capitalize. This type of exploration activity helps to build product lines and service offering that fits with a future economy.
The opportunity of global focused companies operating in the region allows for future proofing the economy and proposes a chance to inspire new entrepreneurs, both locally and beyond to invest in the region.
The MHC Entrepreneur Development Centre helps student and alumni bring their entrepreneurship dreams to life. We offer one-on-one coaching, training, mentorship and access to a diverse network of startup funding.
Christie Dick is an entrepreneur advisor at Medicine Hat College and the APEX Entrepreneurship Incubator.
