Kelowna News

Representing the Board of the Southern Interior Development Initiative Trust (SIDIT), Mayor Sharon Shepherd presented a cheque to the Okanagan Research & Innovation Centre (ORIC) last week for the expansion of its Kelowna Innovation Centre.

SIDIT’s financial commitment of $150,000 is being used to expand ORIC’s Kelowna incubator facility to deliver an enhanced range of on-site services to job-creating, fast-growth, start-up technology companies.

The grant funding will support a 5,600sf expansion of the Kelowna Innovation Centre.

In addition, it will enable ORIC to leverage their current incubation programs to the benefit of start-up technology companies across the Okanagan Valley.

ORIC’s success in delivering support services to start-up and early-stage technology companies has resulted in the organization outgrowing its current downtown premises.

In addition, the expansion will further contribute to the diversification of the Okanagan Valley economy by helping to attract, retain and enhance the competitiveness of high technology businesses, which create jobs and economic growth.

According to ORIC Kelowna director, Martin Yuill, “Companies that graduate from the incubator will typically employ more than 10 staff.”

“We expect that approximately 84 per cent will remain in the Okanagan, creating economic benefits and sustainability for the region,” Yuill said.

The Kelowna Innovation Centre offers full residential services to early stage client companies, including:

a collaborative enabling incubator environment with office support

flexible space and short-term leases at affordable rates

shared meeting rooms and boardroom facilities

hot-desking options

wired and wireless internet access

ready access to in-house managerial, business and technical expertise

enhanced brand exposure