COURTENAY – The Island Coastal Economic Trust has launched a new economic development initiative, aimed at helping communities make strategic decisions around attracting tech sector investment.
The Technology Attraction/Community Broadband Strategy is a new component of ICET’s Economic Development Readiness Program (EDRP), and will provide up to $10,000 for communities engaging in proactive planning to attract the tech industry or to support the “growth in place” of existing tech sector businesses.
According to figures released by the provincial government, the high-tech sector now employs more people than the mining, oil and gas and forestry sectors combined. With an average wage of more than $80,000 per year, it has been identified as one of the key growth areas for high value, sustainable economic opportunity in the region.
“The Island and Coast region is gaining a strong reputation as a prime location for innovative and creative entrepreneurs, with companies choosing to base their business here to capitalize on the quality of life, housing affordability, and other factors that help recruit and retain employees,” said ICET Board Chair Phil Kent.
The emerging opportunities in the various parts of the tech sector are highly attractive to communities, but strategic planning is required to ensure that efforts aren’t wasted.
“We’re on the cusp of a tipping point when it comes to the high-tech industry choosing our region as a home-base,” said Paris Gaudet, Executive Director of Innovation Island, an organization focused on accelerating technology business success and growth. “Communities across the Island have the opportunity to start a conversation about what they have to offer in order to attracting exciting, innovative companies to set up shop.”
The global success of small town companies such as Qualicum’s virtual reality pioneers Cloudhead Games or Cumberland’s game developer Hinterland Games, are shining the spotlight on Vancouver Island and attracting interest and talent to the region.
“We’ve done well with the ‘early adopters’ choosing the Island and Sunshine Coast, and we’re crossing the threshold into a mainstream movement,” she explained. “This funding opportunity from ICET will help communities be strategic and focused on doing the right things at the right time to level and attract innovative tech entrepreneurs into their tax base.”
ICET’s Economic Development Readiness Program provides communities, First Nations, non-profits and other organizations with funding to build their investment readiness.
“Our communities are interested in building their capacity for growth, and the EDRP helps get the expertise needed into the right hands at the right time,” explained Kent. “This new Technology Attraction Strategy piece will help our communities keep pace with the future.”