Economic development was another focal point of the CVRD meeting, with the board reviewing funding options for the Cowichan Tech and Innovation Ecosystem Project. Presented by Barry O’Riordan, the project aims to bolster the region’s technology sector by fostering innovation and supporting local entrepreneurs.
The project proposes four main components: the development of an angel investment network, an innovation challenge, a tech ecosystem development plan, and technology adoption initiatives for existing non-tech businesses. The goal is to position the Cowichan Valley as a leader in technology and innovation, with a focus on leveraging local talent and fostering partnerships with universities and industry leaders.
O’Riordan outlined potential funding sources for the project, including a $500,000 grant application to the provincial Rural Economic Development Diversification Infrastructure Program (REDIP). Additional funding would be sought from the Island Coastal Economic Trust and other external sources, reducing the financial burden on local taxpayers.
The board expressed enthusiasm for the project, with many directors recognizing the importance of diversifying the regional economy. Director Acton highlighted the long-term benefits of building a robust tech ecosystem, which could attract new businesses, create high-paying jobs, and reduce the region’s reliance on traditional industries.
However, some directors raised questions about the feasibility of securing the necessary funding and the project’s potential impact on other Cowichan economic development initiatives. O’Riordan assured the board that the project team had carefully considered the funding landscape and were confident in their ability to secure external grants.
With unanimous support, the board approved the next steps for the Cowichan Tech Strategy, paving the way for the region to embrace innovation and technology as key drivers of future economic growth.
