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KELOWNA
FEBRUARY 2015
OKANAGAN TECHNOLOGY SECTOR – WHY THE KELOWNA CHAMBER IS A FIRM BELIEVER The growth of the tech industry in the Okanagan is creating thousands of jobs for many highly skilled people who are
KELOWNA CAROLINE GROVER
K
ELOWNA – Two weeks a go, we re a d a mu chanticipated technology sector report by the Victoria Advanced Technology Council, better known as VIATeC, which put the study together for Accelerate Okanagan. Accelerate Okanagan – the Okanagan’s top accelerator and resource hub for the tech industry – wanted answers to specific questions around employment and financial contribution, among other issues. For instance, how would you a n s wer t h e q u e s t ion “ How much did the Okanagan tech industry contribute to the local economy in 2013?” Guesses? $1 m i l l ion? $500,000? Less? More? Two million? T he a n swer i s a whoppi ng
moving to our area to enjoy the Okanagan lifestyle.
$1.02 billion. Here is the breakdown: a direct impact of $797 million in revenues generated by tech compa n ies – a nd a n indirect impact of $223 million created by businesses that supply inputs to the tech sector. So, is the Okanagan a good place to start or invest in a tech business? Accelerate’s CEO, Pilar Portela said “yes.” “Startups and tech companies in the Okanagan have great access to vital resources,” she said. Portela goes on to list two of many reasons: 6,500+ highly skilled tech workers and YLW – an international airport that offers non-stop f lights to 64 destinations. E mploy m e nt i s a pr i m a r y concern of ou r Cha mber, as well as of our elected officials, residents, and educational organizations. The growth of the tech industry in the Okanagan is creating thousands of jobs for many highly skilled people who are moving to our area to enjoy the Okanagan lifestyle. This is good news, as always, for Accelerate Okanagan and other local organizations that support the tech industry. According to the survey, the Okanagan Valley is home to 558 technology businesses with a collective workforce of 6,551 employees. The average business has ten employees (eight full-time and two part-time)
and works with two independent contractors. It is estimated that there are 1,920 self-employed technology workers in the Okanagan. Employees are younger; more women are entering tech. Technology employees tend to be sl ig ht ly you nger t h a n loca l employees in other industries, a lt houg h a l l age g roups a re represented in the industry. 38 percent of the Okanagan tech sector employees are under the age of 35. A nd, a lthough h istorica l ly the tech industry has been a mostly male-occupied sector, t h is t rend is ch a ng i ng. T he study shows that one-quarter of loca l tech employees a re women. Based on local initiatives highlighting Women in Tech, Accelerate Okanagan is optimistic that this percentage will increase over the next few years. Overall, the Okanagan tech sector is diverse, growing and makes a significant contribution to the local economy. Accelerate Okanagan’s continued support and promotion of the sector will be important in raising the profile of technology businesses in the region. Just to prove the long-term promise behind the numbers, all you have to do is drive to t he cor ner of D oyle & E l l i s i n Kelow na – it’s the active
construction site for the new Okanagan Innovation Centre, scheduled to open in early 2016. The BC Premier marked the beginning of construction on the last day of October, noting the provincial investment will help “local innovators get a head start in growing their business, creating jobs, and solidifying Kelowna as a leader in technological development and investment.” Si x stor ies, nea rly 10,000 square meters of space – and, on t he way to open i ng, 500 construction jobs are creating an economic plus in the city. The City of Kelowna will own the Innovation Centre, leasi ng backspace to non-profit innovators. The Mayor, looking forward, said it is a spark to make Kelowna a hotspot for technology. Sizzling words: wish I’d said that! Caroline Grover is the CEO of the Kelowna Chamber of Commerce. She can be reached by email at caroline@kelownachamber.org
Success Adds Up Success is the result of perseverance, hard work and the ability to capitalize on opportunities. MNP proudly congratulates Ryan Dolan, Jessica Grantham, Ryan McWhirter and Brett Matushewski on successfully completing the 2014 Canadian Uniform Evaluation (UFE). As a leading national accounting and business consulting firm, here are four more ways we can help your business succeed. Contact Tim Dekker, CPA, CA, Regional Managing Partner, Okanagan at 250.979.2589 or tim.dekker@mnp.ca Left to right: Ryan Dolan, Jessica Grantham, Ryan McWhirter, Brett Matushewski