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A recently commissioned study by Accelerate Okanagan and conducted by a third party found the tech industry to be booming in the Okanagan.
Photo credit: Accelerate Okanagan.
The Economic Impact Report detailed the Okanagan tech industry as having contributed $1.02 billion to the local economy in 2013. Out of the $1.02 billion, a direct impact of $797 million in revenues was generated by tech companies, as well as an indirect impact of $223 million was created by businesses that supply input to the technology sector.
The Okanagan is one of the best places in Canada to start or invest in a tech business, according to Accelerate Okananga.
“Startups and tech companies in the Okanagan have great access to vital resources. With over 6,500 highly skilled tech workers, an international airport that offers non-stop flights to 64 destinations, and easy access to vital business support programs and services, the Okanagan is a thriving entrepreneurial community that offers everything today’s startups need for success,” said CEO of Accelerate Okanagan, Pilar Portela.
The lively and vibrant Okanagan culture and lifestyle attracts people to this area, and the growth of the tech industry in the Okanagan is helping to create thousands of jobs for the influx of highly trained and skilled individuals who choose to make the Valley their home.
According to the survey, the Okanagan is home to 558 tech businesses with a collective workforce of 6,551 employees. The average business has ten employees, which include eight full-time and two part-time. In addition, the average Okanagan business will work with two independent contractors. It is estimated that there are 1,920 self-employed technology workers in the Valley.
Photo credit: Accelerate Okanagan.
Coordinating with a generational trend, the study found that tech employees tend to be slightly younger than local employees in other industries; 38 per cent of Okanagan tech sector employees are under the age of 35. However, all age groups are represented in the tech business.
In the past, the tech industry has been mostly and consistently male dominated however, this trend is changing. The study shows that one quarter of local tech employees are women. Based on local initiatives that highlight women in tech, Accelerate Okanagan is optimistic that this percentage will increase over the next few years.
Photo credit: Accelerate Okanagan.
Accelerate Okanagan found that Kelowna is rich in tech resources to support an industry, and as a company, they wish to increase the number of technology companies that start and grow in the Valley.
Through helping to develop and support a vibrant entrepreneurial, creative and innovative technology community, as well as offering programs that support entrepreneurs and technology companies looking to start, accelerate and grow, Accelerate Okanagan hopes to bring the Valley's tech industry to the next level.
The two most common tech sectors here in the Okanagan are technology software and services and new media and internet technology.
Growing and diversifying, the tech industry is the up and coming business sector here in the Okanaga and across Canada.
For the full, detailed report, click here.
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