When I was going through my B.Sc. at Memorial there was one industry that really didn't exist here on the island - video game development. This has changed quite recently. Today there are at least four operating video game studios in or around town, with more on the horizon. I've linked these studios in below so that you can explore this growing local industry.
Other Oceans Interactive:
Is the largest of the game development studios to setup shop in Newfoundland. They have a wide variety of game genres and platforms that they have released upon - including titles such as "Dark Void Zero" for DSiWare, "Super Monkey Ball 2" for iphone, "CSI: Deadly Intent - The Hidden Cases" for Nintendo DS, and "Puffins: Island Adventure" also for the DS (a much longer, detailed list of their products & platforms can be found here).
Bit Trap Studios:
There isn't much that I can write about Bit Trap at this time. They are a very recent addition to the local scene, receiving assistance from the provincial government to help with the establishment of their studio. This being a small town, I know of two awesome former Progress employees joining this venture - I can't wait to see what they produce :)
A locally developed company, Source Studios was founded in 2007 by a group of computer engineering students from Memorial University. I actually worked with one of the founders of this group, training him in QA/testing procedures at the former Consilient Technologies. Their first title "ProtoGalaxy" is an online, multi-player, space based action-puzzle-adventure game.
Our last company to look at is Binary Dawn. They're a small locally grown and owned operation that released their first title "Through To Iota" in September of 2009. As with the previous group, I worked with one of the founders of this company at the former IONA Technologies. Binary Dawn's current games target the iphone, with their second title "WordUs2" coming soon.