The Accelerate Okanagan Technology Association announced yesterday that it has received a $1 million investment from the provincial government, according to technology blog Techvibes.com.
The province, through the BC Innovation Council, will provide the accelerator with the funding over a 2.5-year period.
“It allows us to continue to offer the programs and services to really help start and grow tech companies in the Okanagan Valley,” Accelerate Okanagan program director Braden Messenger told Business in Vancouver. He added that the organization is currently working with 26 companies and has had over 120 companies go through their doors in the last 22 months.
“Our flagship product is called the Venture Acceleration Program. This is designed to help entrepreneurs or would-be entrepreneurs to come in, get one-on-one coaching and mentoring with one of our executives-in-residence and really help them build their company.”
The executives-in-residence are all seasoned executives who have started and grown successful technology companies, he said, which gives immeasurable assistance to the startups.
Jeff Keen, Accelerate Okanagan CEO, said that using the accelerator reduces the risk to tech entrepreneurs as they receive guidance through the challenges of building a sustainable business.
“For tech entrepreneurs, getting to a point of sustained profitability is very difficult,” said Keen.
Messenger said the accelerator has created 172 jobs that are currently filled, as well as a similar number of positions that it hasn’t yet been able to fill.
