For a region full of beauty, natural resources, evidence of affluence and a plethora of people from throughout our world with varying degrees of knowledge, experience, education and zeal, it is sometimes hard to not see the Okanagan as an entrepreneur’s playground or home of tomorrow’s innovation. Places like Calgary and Vancouver have traditionally reserved the title for entrepreneurially “make your dreams come true” cities. These appear to be locations where entrepreneurship is expected, encouraged and fostered.
After moving to the Central Okanagan little over 8 1/2 years ago from Saskatoon, and in particular the last six months, I have been blown away by the entrepreneurial culture that is quietly emerging among the young and ambitious who want to dramatically shake the status quo here in our Valley region as well as globally.
In an opinion shared by many, there is no reason why the Okanagan shouldn’t be a hub for entrepreneurship and innovation. After all, we possess many of the critical ingredients that arguably, comprise the foundational seat of innovation and creativity—the touchstones of the entrepreneurial path.
There does exist, in our region, a massive brain-trust, access to enormous resources (if only we look) and an expansive representation of power and authority amidst the many organizations and institutions that comprise our landscape.
That being said, I have heard several times over the past few years, that what is missing from the equation is the culture of entrepreneurship. So, this week, let’s talk a bit about that piece of the puzzle.
Increasingly, supporting entrepreneurship is an economic development strategy with genuine potential to revitalize regional economies and, at the same time, open windows of opportunity for individuals previously left out of the mainstream economy.
Communities tend to support entrepreneurs with high growth potential in the hope that they may generate many jobs.
Research, however, tells us that most of the new jobs are being created by ventures with less than nine employees but communities ought to support these entrepreneurs as well. Because, with support, such entrepreneurs can undoubtedly generate additional economic activity.
The concept of entrepreneurship helps focus development efforts on building an environment in which many types of people from all types of backgrounds can start entrepreneurial self-employment ventures that do contribute to a regional economy as ours, no matter what their size.
Putting economic development work in a regional context can increase its impact for sure. Instead of working in pillars, people who attend to development in all its applications ideally should link with others doing similar work throughout our region.
One of the impacts I am witnessing lately, which has given rise to this week’s column, is my view of the incredible change occurring in our midst.
Recently, many of our organizations and institutions have stepped-up their realization that if they are to have a significant impact, they need to act in a larger arena, partnering with other organizations and entrepreneurs to transform our regional economy and create an integrated set of forces bringing about that shift.
By joining hands with others to create a healthy vibrant entrepreneurial economy, we will collectively be able to leverage our capacities and help make many more individuals gain assets and independence.
Let’s look at a regional entrepreneurship system as a framework for creating a network hub.
Entrepreneurship does require a well thought out system of support.
Many Canadians dream of becoming entrepreneurs, the research tells us, but seldom use, or know how to access, the resources they will need for achievement and success.
The literature tells me that a system of choice might include: co-ordination of easily accessible technical assistance and training, regional communities that value entrepreneurs and link them to appropriate services, access to appropriate capital, the formation of clusters that provide sector-specific assistance, a process for gathering information about gaps in the system and developing policy and new services to address such gaps
The importance of this void truly needs highlighting.
This set of entrepreneurial system points leads us to view a network or conceptual hub model which, in order to work well, requires entrepreneurs and associated organizations to work together in a network hub concept.
Such a hub concept is the set of entrepreneurs, both technological and non-technological alike, organizations, and residents working together to make sure that entrepreneurs get the support they need to start up and flourish.
To be truly effective, such a hub model must include and be driven by the region’s entrepreneurs and their needs.
Here is where I have become, of late, particularly excited – many organizations, not just the entrepreneurs themselves will be involved in the network hub to develop new or modified services, policies and collaborations.
And so, dear readers, I must clearly state my joy with my observation and interaction with critically important components that we have, not only in the Central Okanagan, that lead me to the conclusion, that we are on the cusp of a major entrepreneurial hub in the interior of our beloved province through the leadership that has evolved through the creation of new initiative in Kelowna and Penticton, the new face of Accelerate Okanagan; the Okanagan Valley Entrepreneurs Society and the spirit of innovation that has arisen strongly within our institutions as UBCO,Okanagan College, CATO and a valley media that is demonstrating a strong support for new venture creation in our midst.
The Okanagan Valley is also home to a growing number of entrepreneurs with a broad range of interests and passions.
I’m continually running into them and through my writing and our society, and hence am witnessing more prominently than ever this growing and emerging cultural hub.
There is no doubt in my mind, the Okanagan can be and is on the road to becoming a major hub for entrepreneurship and innovation and this is going to be very, very big.
