According to a KPMG study conducted over the summer, as of 2023, the Okanagan tech sector includes 787 tech companies supporting 32,645 jobs and contributing a $4.98 billion economic impact.
The results were somewhat of a surprise to Accelerate Okanagan (AO) CEO Brea Lake.
"With the pandemic, it was hard to gauge if there was going to be growth or a decrease in the sector," she explained during an event announcing the report on Sept. 17. "The last report we did was in 2017, so this was a good benchmark of what has happened in the region over the last six years."
A 2013 study found tech sector had an economic impact of $1 billion.
"This means over the past 10 years Okanagan tech has averaged a year-over-year growth rate of 14 per cent," Lake added.
She said the growth can be attributed to a couple of key items outlined in the report including start-ups maturing into established companies and expanding their reach across the globe.
"I would say a majority are local...but you know our destination, everyone wants to move or retire here so we have had a handful of entrepreneurs relocate to our region and start another business after they've exited from some other centre."
Angela Nagy, who founded GreenStep Solutions in Kelowna in 2008, said AO, and its predecessors, are invaluable resources.
"I think that to have the ability to lean on the community AO has built here...is truly incredible. I've taken advantage of the great advisors and experts that AO brings to the table."
Entrepreneur Jason Richards founded Minga, a school management platform with 1,000 clients in the U.S., in Kelowna several years ago echoed Nagy's comments.
"One thing has continued to ring true...it is a community of people that are mutually invested in each others' success," he said. "A shared commitment from all of our community members that want to see this place get a little bit better every day."
The study also found that the cost of living, access to specialized talent, and securing growth capital remain substantial barriers for entrepreneurs looking to scale their tech companies. Lake is confident about continued growth in the Okanagan tech sector moving forward but noted there will be potential challenges.
"Right now you hear from a lot of different industries that things are slowing down. Tech is not immune to that but I think something that we need to stay focused on is helping companies access the growth capital that they need, the money they need to get to that next stage."
