Jobs, Economic Development and Innovation
A $2.1-million investment by the governments of Canada and British Columbia, through the BC Innovation Council, will help Accelerate Okanagan increase the number of technology companies that start and grow in the region.
The funding, over three years, was announced today at the official opening of Accelerate Okanagan, a technology-focused not-for-profit organization that is already benefiting more than 20 local firms through its startup and growth strategy programs.
"The Government of Canada is committed to paving the way for the success of emerging sectors in the Okanagan," said Ron Cannan, Member of Parliament for Lake Country, on behalf of the Honourable Lynne Yelich, Minister of State for Western Economic Diversification. "Today's investment will provide small and emerging businesses, which are pivotal for our economic success, with the tools they need to grow and create jobs in our region."
Accelerate Okanagan programs support the growth and acceleration of local startups in the gaming, animation, mobile, web, life sciences and clean energy sectors.
"Our BC Jobs Plan pinpointed technology as one of the eight key sectors that has a competitive edge and has huge potential to bring dollars into our economy from our most important trading partners," said Dr. Moira Stilwell, Parliamentary Secretary for Industry, Research and Innovation. "Through BCIC, we're making sure that potential is realized across the province, especially in the Okanagan, where the industry is already showing increased strength thanks to the work of Accelerate Okanagan."
The organization's latest program, the Jump:Start Challenge, attracted applications from more than 40 companies, 15 of which were new startups. Many have since enrolled in Accelerate Okanagan's entrepreneurial support programs. On Nov. 3, the organization announced the five finalists that will have the opportunity to present their "investor-ready" pitch to select members of the investment community in Vancouver and the Okanagan.
Accelerate Okanagan CEO Jason Neale said the funding will be used to deliver support programs to high-growth technology companies across the Okanagan.
"Accelerate Okanagan's programs provide the key elements needed to ensure the success of technology companies," said Neale. "This includes individualized needs assessments, hands-on coaching, mentorship, and access to world-class expertise, as well as providing key connections provincially, nationally and internationally."
The $2.1 million from the federal and provincial governments comes to Accelerate Okanagan through the Western Economic Partnership Agreement. Under the agreement, Canada and B.C. are contributing $25 million each, over four years, to strengthen economic activity and improve quality of life in western Canadian communities.
Quick Facts
- Economic benefits of supporting Accelerate Okanagan are expected to include the commercialization of 15 new technologies developed by client firms.
- 450 entrepreneurs are expected to take part in Accelerate Okanagan's training workshops in the fields of finance, access to capital, marketing and business development; while 50 small and medium-size businesses will participate in their mentoring services.
- Accelerate Okanagan aims to support its clients to raise $3 million in investment capital.
- Kelowna has one of the highest concentrations of wireless and digital media companies in the province.
About Accelerate Okanagan
Accelerate Okanagan, a technology-focused not-for-profit, was formed on Dec. 31, 2010, with the mission to increase the number of technology companies that start and grow in the Okanagan by helping to develop and support a vibrant entrepreneurial, creative and innovative technology community and providing programs that support entrepreneurs and technology companies looking to start, accelerate and grow.
About Western Economic Diversification Canada
Western Economic Diversification Canada works with the provinces, industry associations and communities to promote the development and diversification of the western economy, co-ordinates federal economic activities in the West and advances the interests of western Canadians in national decision making.
About BCIC
The British Columbia Innovation Council develops entrepreneurial talent and commercializes technology. BCIC focuses on competitively positioning British Columbia in today's global knowledge economy in order to provide significant employment opportunities and a high standard of living for British Columbians. BCIC is a Crown agency of the Province of British Columbia.
Media contact:
Jaime Burke
Regional Communications Manager
Western Economic Diversification Canada
604 666-1318
Carolyn Heiman
Communications Manager
Ministry of Jobs, Tourism and Innovation
250 387-2799
250 888-3545 (cell)
Lin Kishore
Director, Marketing & Communications
BCIC
604 328-4221
