St John possess a strategic position through its geographical position and institutional infrastructure. Compounded by increased investment with sale of local fintech company Verafin for $2.75 billion showing possible ocean innovation to transform St johns into a world centre of excellence for ocean technology. Currently failing to capitalise on the economic profitability of a growing 6-8% market annually. Facing overreliance on the oil industry making up 33% of its yearly GDP with a “resource roller coaster” fluctuation historically and inflated public sector.
Main stakeholders consist of:
Ocean Tech sector -Want Possibility of future revenue and expansion and skilled workforce. Needs Increasing revenue and cost efficiency with access to skilled workforce.
Government – Want Investment in innovation and aim to reduce oil reliance. Need quantitative Job creation and retention with business fluctuation to the city through viability
Students- Need future sustainable and profitable job pathways. Needing Clear sustainable job pathway with Competitive salary.
Heavy investments into technical education, as well as looking into re-skilling initiatives would meet labour demands. Investing in marketing of St John’s would change global perceptions. Moreover, setting up of a National Ocean Technology Research Center in St John’s would aid in research regulation, local research initiatives, and actively attracting research institutions.
Fostering partnerships between research institutions and MUN would allow for scholarships and funding for financially-struggling students.
Offering grants, subsidies, and lowered taxes for research institutions to establish headquarter operations in St John’s
Finally, funding of ocean tech degree programs for students as well as encouraging internship uptakes elevates study-and-work experiences.
We believe our solution is technically feasible (due to an existing pivot to technology in St John’s) and environmentally sustainable. However, efficient budgeting must be carried out in order to be financially feasible. Moreover, there may be some concerns circulating within the community surrounding the retention of culture.