IN THE KNOW:
Victoria’s Tech Sector Contributes $7.8 Billion to Regional Economy
VIATEC (Victoria Innovation, Advanced Technology and Entrepreneurship Council) has released its 2023 Economic Impact Study (EIS), highlighting the remarkable growth of Greater Victoria’s tech sector.
The study revealed a total economic impact of over $7.8 billion, marking a significant 50.8% increase since the last study.
Key Findings:
- Tech Sector Revenues: 44.3% increase from $4.06 billion to $5.87 billion
- Number of Tech firms: 19.6%* increase from 980 to 1172
- Job Creation: 19.3%* more net jobs from 16,775 to 20.007
- Total Economic Impact: 50.8%* increase from $5.22 billion to $7.87 billion *When compared to 2017.
VIATEC’s hope is for the tech sector to reach $10 billion in annual revenues by 2030 to further solidify Victoria’s position as a leading tech hub.
FROM THE CURRENT ISSUE OF DOUGLAS:
The Business of Bollards
Reliance Foundry produces everything from park benches to bike racks. The company’s core products, though, are architectural features called bollards. Used to divert vehicular and pedestrian traffic, these stout, vertical posts stand guard outside hospitals, businesses, government buildings and schools.
The term “bollard” first appeared in the Oxford English Dictionary in 1844, describing a post used to attach a maritime vessel’s mooring line. The demand for bollards rose dramatically after 9/11, and continues as cities cope with traffic and pedestrian safety.
Today the market is worth $400 million in North America alone. It’s why a 90-year-old foundry, led by third-generation owners, took the chance to retool to meet this demand. “Cities have become more dense and there’s a lot more interaction between cars, bikes and pedestrians,” says Reliance’s chief marketing officer Michael Dalzell. “A lot of cities around the world are now mandating bollards to separate vehicles and streets from bike lanes, sidewalks and pedestrian areas.”
The problem is that most bollards are useful but ugly and can detract from the esthetics of a place. To remedy this, Reliance offers an array of decorative and custom covers, so the installations blend into, and even complement the spaces they’re protecting.
Some of the company’s bollards can stop a one-tonne car travelling at 16 km/h, while the strongest models can stop a 15,000-pound truck barreling at 80 km/h. Since 2000, Reliance has sold some 200,000 bollards. Today, the company offers some 350 models and accounts for approximately five per cent of the North American market. The foundry’s prominent bollard installations include Fenway Park, the Pentagon and Apple’s Silicon Valley headquarters. Locally, they stand outside St. Michael’s University School and Royal Jubilee Hospital.
MARK YOUR CALENDAR:
JUNE
June 25: Belleville Terminal Redevelopment Project B2B Event
June 26: Small Business Information Session for Immigrants
June 27: Pop-Up Speed Networking Event by Socialinks
June 28: Business Leaders Luncheon: BC Hydro CEO, Chris O’Riley
August 10: The Five Chamber Business Mixer en Blanc
