A plan for a technology incubator is one of the biggest-ticket items being proposed in an economic strategy just released by the Vancouver Economic Commission (VEC).
“Every other city region has these programs, where they have tech incubators and accelerators and it’s a gap for Vancouver,” said Lee Malleau, CEO of the VEC, “so it’s something that I’d say is a big priority for us.”
The Vancouver Economic Action Strategy: An Economic Development Plan for the City is the “most comprehensive plan on the local economy that the city has ever produced,” Malleau said.
Besides the tech incubator, another key gain for the business community envisioned by the plan is a BusinessWORKS “business-care program.” It would see 400 to 500 local businesses interviewed annually, their needs identified, and responses found.
“The idea there is to sit down, really understand what those businesses need to support them in growing – whether it’s a licensing issue or access to capital or an expanded location – that we can help them with.”
As an example, she said, if the VEC discovers that businesses require studio space and aren’t finding any on the market, they can work with the development community to respond to that.
Malleau said a third key component of the new strategy is a communications plan to build up Vancouver’s reputation as a business destination.
“When you ask people what they think of Vancouver, they think of beautiful mountains and oceans, friendly people, it’s a great livable city,” she said.
“What we’re trying to do is expand that brand dialogue and that brand impression and perception to also include Vancouver as a great destination for business and investment.”
For now, Malleau said, the implementation costs of the strategy’s various initiatives haven’t been calculated and project funds haven’t been found.
“We’re definitely in the exploration stage,” she said. “We know it’s needed, we know it’s a priority, we’re really committed to getting it done but we’re still in the very early stages.”
But she said the VEC expects to work with a range of government and other partners to lever the necessary funds to get the strategy’s projects underway.
“Our expectation is that we’re that we’re going to roll this out, execute and measure in the next three to five years and we’ll have some really tangible results in the first year that will build as we get to the third and fourth and fifth years.”
Jenny Wagler
Twitter: JennyWagler_BIV