Doyletech is a recognized leader in economic impact assessment across industries and programs. Our experience ranges from the assessment of technology commercialization activities at publicly-funded labs and agencies to the economic impact of new companies and operations on a surrounding geographic area. We have developed proprietary economic impact models for specific applications. Our models for the assessment of licensing and fee-for-service activities from publicly-funded research are considered the keystone in Canada. Our community economic impact models, which assess the impact of a specific entity on the surrounding community have been applied across Canada. In the case of a new operation, (or a proposed operation), we have developed a comprehensive model that assesses not only the ongoing annual impact from the operation (or proposed operation) but also its one-time ‘startup’ impact. Based on our industry experience, we have developed operation-specific (and industry-specific) multiplier effects.
While we can offer a wide range of economic assessment assistance, the following outlines two of our assessment service offerings:
Doyletech’s Local Economic Impact Assessment Service – Measuring the Economic Impact of an Operation/Entity/Industry on the Local Community
These types of economic impact studies highlight the importance of an entity or operation’s activities in the generation of income, output, and employment in the market area serviced by the entity, typically a city or region. Doyletech has developed its own proprietary economic model (DT EconWin) explicitly for assignments such as this. As part of this service, we can provide expert testimony to external constituencies on the results of the assessment.
DT EconWin integrates key exogenous inputs (such as the value of construction and operating labour and materials, and the value of any related downstream investment in other new facilities), and projects forward, using various endogenous economic multipliers, the value of eventual total outputs (such as number of jobs created, value of extra local spending, and new tax revenues generated). A key value of the model is its ability to calculate “indirect” and “induced” economic effects, taking into account the “downstream” multiplier effects from the original investment.
The model can be used to project forward economic impacts for several years, and has proven invaluable to communities looking to illuminate how local investment can provide maximum economic benefits back to the community or region. The model’s results can be used for assessing the feasibility of an investment from the community’s viewpoint, as well as for promoting fund-raising, promoting community “buy-in”, and for practical community planning purposes. Finally, the model is ideal for assessing the future impacts under differing scenarios, such as with and without differing levels of government funding in place.
Doyletech’s Laboratory Impact Assessment Service – Measuring the Direct Economic Impact of Government-Funded Research
Depending on their missions, government laboratories in Canada contribute to the country’s economy in a number of ways, such as the pursuit of R&D projects that are too risky for the private sector, collaboration on industry standards, and participation in international programs such as space exploration and subatomic particle physics. They also develop technology that can be licensed to the private sector for the supply of products, services, and processes.
We can assist your laboratory in quantifying its economic contribution by: (1) measuring laboratory revenue from intellectual property and external research contracts; (2) estimating the sales and employment generated by the licensing and contract activity; (3) estimating the annual tax revenue from licensing and contract activity; and (4) preparing a report or presentation explaining the above results (this can include print-ready marketing materials produced by Doyletech).
Doyletech EconWin Economic Impact Modeling