VIATEC posted an articleThe tech sector in Greater Victoria has a total economic impact of $5.22 billion and employs 16,775 see more
VIATEC releases Economic Impact Study of the Technology Sector in Greater Victoria
There is a total economic impact of $5.22 billion and the sector employs 16,775 people.
VICTORIA, BC (October 15, 2018) - The Victoria Innovation, Advanced Technology and Entrepreneurship Council (VIATEC), has surveyed local technology companies and commissioned an independent researcher (Alan Chaffe, senior economics lecturer at the University of Victoria), to collect and analyze the data - releasing a brand new Economic Impact Study.
The study shows there has been a growth of 30% since the last study was released in 2013:
The technology sector in Greater Victoria has a total economic impact of $5.22 billion and employs 16,775 people.
The tech sector contributes significantly to employment and economic output in both the local community, as well as throughout the Province of British Columbia. Growth in revenue and the number of technology firms for Greater Victoria outpaces the national average.
Greater Victoria is home to a vibrant, diverse, and successful technology sector that has been a major driver of innovation and economic growth for the BC economy. The technology sector in Greater Victoria has experienced significant growth over the past decade—with industry revenues (direct impact) increasing from $1.0 billion in 2004 to $4.06 in 2017. This represents a more than fourfold increase over this period.
The combined direct ($4.06 billion) and indirect ($1.16 billion) economic impact of the technology sector in Greater Victoria for 2017 was $5.22 billion—a 30% increase from the $4.03 billion estimated in 2013. The technology sector is responsible for a substantial portion of the region’s employment. In 2017, there were 16,775 employees in the sector.
The technology sector in Greater Victoria is expected to continue to grow. The number of technology firms in Greater Victoria is expected to increase, reaching over 1,000 before 2020. VIATEC recently adopted a strategic plan focused on supporting the region’s tech sector in growing to $10 billion in annual revenues by 2030. Based on the findings of this study, it is expected that this goal will be achieved if not surpassed in that time frame.
VIATEC (Victoria Innovation, Advanced Technology and Entrepreneurship Council), started in 1989. Our mission is to serve as the one-stop hub that connects people, knowledge and resources to grow and promote the Greater Victoria technology sector (Victoria's biggest industry).
We work closely with our members to offer a variety of events, programs and services. In addition, VIATEC serves as the front door of the local tech sector and as its spokesperson. To better support local innovators, we acquired our own building (Fort Tectoria) where we offer flexible and affordable office space to emerging local companies along with a gathering/event space for local entrepreneurs.
Our Focus Areas are: Regional and Sector Promotion, Networking and Connections, Talent and, Education and Mentoring. www.viatec.ca
Tessa Bousfield posted an articleResearch hopes to get remote coastal communities off diesel-based power see more
Author: Travis Paterson
UVic draws $2.4M towards harvesting clean energy from the ocean
Research hopes to get remote coastal communities off diesel-based power
The influx of $2.4 million into clean energy is a stepping stone towards renewable energy alternatives for B.C.’s remote coastal communities and heavy-duty marine transportation companies.
Parliamentary Secretary to the Minister of Environment and Climate Change Jonathan Wilkinson made the announcement at the University of Victoria on Thursday. About $1.4 million from the federally run Western Economic Diversification Canada will establish the Pacific Regional Institute for Marine Energy Discovery at UVic, which will strive to develop and commercialize wind, wave and tidal energy technologies.
“Clean energy is a critical piece of the [Canadian clean growth plan], the mechanisms are obviously different here than in Saskatchewan, and the marine side of it is something we’re very interested in,” Wilkinson said. “It’s an area still developing, it offers significant promises on both the West Coast and the East Coast, where they’re interested in tidal technologies.
“This type of technology offers the promise of being able to take [coastal communities] off diesel and put them on a renewable source.”
The other $1 million is coming from the Dennis and Phyllis Washington Foundation, in conjunction with Seaspan Shipyards, and will go to a green transportation research team at UVic. Mechanical engineer Zuomin Dong leads the team and will work with UVic’s Institute for Integrated Energy Systems to find ways clean energy use can be implemented in the heavy-duty marine, mining and transportation sectors.
Brad Buckham, mechanical engineer and lead with PRIMED, said the $1.4 million is the latest of many grants and will continue ongoing research that will eventually help remote coastal communities, including Indigenous communities, move away from using diesel fuel generators to produce electricity.
Buckham said the more money they can put towards current research models now will save money for the communities, and companies, who eventually install the wind and ocean propulsion technologies to provide them with electricity.
Among the projects PRIMED has worked with are the wave monitoring buoys and a turbine that monitors wind performance.
There are several of the yellow wave monitoring buoys anchored in the Salish Sea and one off of Sombrio Beach. The wind turbine, on the other hand, is land based (mounted on a trailer) but will give way to ocean-based turbines, said Curran Crawford, a UVic associate professor and researcher with UVic’s Institute for Integrated Energy Systems.
“Putting the turbines on the ocean gets them away from people and avoids the NIMBY [issue], plus there is a lot of wind offshore,” Crawford said.
As the costs of wind-produced power have come down, the West Coast of Vancouver Island is being eyed for turbines that either float, or are on a base driven below the sea, Cawford said.
“As we tackle the many challenges posed by climate change, our researchers are leading the way in sustainable energy research, working closely with governments, industry and community groups to foster clean growth and low-carbon economic development,” said UVic president Jamie Cassels. “We’re very grateful to the Dennis and Phyllis Washington Foundation and Seaspan for their investments in this vital work, which responds to one of our most significant national and global challenges.”