After 2,000 employees were laid off globally from Waterloo giant Research in Motion (RIM) and the company’s most recent quarterly earnings were $1 billion below the expected revenues, it is easy to paint a picture of doom and gloom for the company and, by extension, the Waterloo Region economy in general.
RIM has brought almost 9,000 jobs to the region, is the largest employer of post-secondary students in co-op jobs and has a massive philanthropic presence in Waterloo. Its current downward trend could have major implications for the city.
There is, however, much more that the region has to offer beyond RIM. While stakeholders await RIM’s rebound, there are other important and exciting developments in Waterloo that citizens of the region can be hopeful about.
For instance, Jim Balsillie, co-founder of RIM, has worked to found the Centre for International Governance Innovation (CIGI), which has recently launched the CIGI Campus. This latest development will house the Balsillie School of International Affairs (BSIA), a testament to this region’s continued commitment to world-class education.
A recent addition to the Perimeter Institute (PI), the Stephen Hawking Centre, was officially unveiled last week and doubles the capacity of PI. The 55,000-square foot facility continues the institute’s commitment to theoretical physics with new facilities for presentations and multi-disciplinary research.
This region is continuing to lead in post-secondary research and advancements. The commitments to academia and all the economic and cultural benefits that come with it will only bode well for the city.
Regardless of what happens with RIM, this region’s promise is anchored in several different cutting-edge ventures. Waterloo will continue to hold its reputation of innovative and forward-looking thinking.
—The Cord Editorial Board
