Several years ago Progress launched a new section that focused specifically on the formation, retention, and repatriation of capital. In every issue, “Working Capital” reviewed a publicly traded company while Jonathan Norwood offered a view from the analyst’s couch and Kevin Yarr studied the issues of finance. Eventually the October issue was designated as “The Capital” issue. More coverage, more depth, and highly focused on that which drives business growth.

Five years ago, when we began all of this, these initiatives were needed. There were still too many among us who shivered at the words profit, capital, and growth. There were too many who insisted that investing here at home was dangerous and misguided. The conventional wisdom was to get wealth out of the region where it was perceived to be safe—places like Southern Ontario, Alberta, B.C., or anywhere in the U.S. or Europe.

To our great relief this trend has started to reverse. Current thinking is that we must start investing at home if we are to keep our young people and attract new ones. Local investment drives the growth of local businesses. As businesses prosper and continue to grow, they need more highly qualified people—our people.

Investing locally is now recognized as virtuous, and this leads directly to the need for local investment instruments and companies that are ready to accept and employ equity capital.

Companies like Secunda Marine in Dartmouth, N.S., and Newfound Genomics in St. John’s, N.L., among countless others, are not only seeking equity capital but are also ready to receive it.

Many more companies need to prepare for acquiring and employing equity capital. Global competition and competing for highly qualified employees demands that our businesses get deeper pockets. The instruments to do so are in place or nearly in place. Capital Pool Corporations, Community Economic Development Investment Funds (CEDIFs), government investment funds, equity tax credit programs, labour-sponsored funds, Co-op/Credit Union equity funds, and angel investor consortia are all active now where five years ago they either didn’t exist or were simply not on anyone’s radar. On a related note, the Atlantic Provinces Chambers of Commerce is about to announce pilot projects using the N.S.-based CEDIFs to build multi-million dollar blind pools driven by local chambers of commerce and managed by qualified professionals.

So five years later, Progress continues to evolve. Therefore the need to have a special section of the magazine and a special issue every year has passed. The culture of capital has been realized. The ideals of a capital culture live on in every page of Progress, much as they exist within the hearts and minds of the business community—the community that is changing, for the better, everything about our economy, our standard of living, our culture, and our future prosperity.