Volume 1, Issue 1 - April 9, 2008
SIDIT and Private Investment Fund reach Terms of Agreement
Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT) announced on February 13 an agreement with the Southern Interior Innovation Fund Inc. (SIIF) for up to $2 million to support economic development in the Southern Interior.
“Our objective is to help grow and diversify the economy of the Southern Interior of British Columbia through economic development initiatives in 10 key sectors”, explained Jim Thomson, Chair of SIDIT. “Each of these initiatives aims to drive and remove constraints to economic development. By partnering with existing institutions, to provide businesses with access to loan and equity financing, we are doing this in the most efficient, effective and sustainable way possible”.
The Southern Interior Innovation Fund is a newly formed private investment fund fashioned after the successful Okanagan Innovation Fund (www.OIFund.ca) which was the first Private Equity Fund of its kind in the Southern Interior. OIF was created, funded, and is managed by leading Okanagan business leaders to provide support for, and to advance, the economic growth of the region. The fund has made 16 investments since inception and currently has 10 companies in its portfolio.
SIIF will broaden its mandate, seeking both investors and investment opportunities throughout the Southern Interior.
Pilot Funding Program Launched with Community Foundations
On February 13 SIDIT announced the launch of a pilot funding program with the Cranbrook & District, Central Okanagan and Phoenix (Grand Forks and area) Community Foundations. Under these partnerships SIDIT funding by way of grants will be made to community based not-for-profit and charitable organizations undertaking initiatives that deliver economic development benefits to the Southern Interior. The 3 Community Foundations participating in the pilot program will each be responsible for issuance of proposal calls and administration of $25,000 funding committed by SIDIT.
“This partnership advances a key component of our strategic plan” explained Jim Thomson. “We wish to positively impact economic development within the Southern Interior in the key sectors of forestry, pine beetle recovery, agriculture, energy, transportation, mining, Olympic opportunities, tourism, economic development and small business. By developing strategic alliances with agencies such as Community Foundations, SIDIT can maximize funding available for economic development opportunities, minimize internal administration and help strengthen its partner agencies”.
SIDIT CEO, Ron Baker explains “this partnership is designed to attract initiatives that have both economic development and social benefits. The synergy created by combining resources means we can collectively accomplish more with less overall administrative costs, benefiting the partnering agencies and the communities we serve. By first piloting this initiative with select Community Foundations we can evaluate the program before expanding it to all Southern Interior, Community Foundations.”
Investment in Technology Companies
March 25: Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), announced today its investment in two technology companies based in the Southern Interior. SIDIT in syndication with the Okanagan Innovation Fund Inc. (OIF) provided convertible debenture financing to RFind Systems Inc., Kelowna and Waveteq Communications Inc., Lake Country.
“Our mandate is to help grow and diversify the economy of the Southern Interior of British Columbia” said SIDIT CEO, Ron Baker. “SIDIT is pleased to further our mandate by investing with the OIF in emerging technology companies with international aspirations headquartered in the Southern Interior”.
$6.9 million funding for Education Awards
March 28: Students from communities across the Southern Interior of B.C., entering a wide range of trades and technology programs at four institutions will have access to $6.94 million in support over the next three years, as the result of the single largest donation for student awards in the history of Thompson Rivers University, Okanagan College, Selkirk College and College of the Rockies.
The announcement was made March 28th at Thompson Rivers University in Kamloops by Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT) and Soren Harbel, VP, Innovation Development of BC Innovation Council (BCIC).
The total package includes a $2.4 million fund for Post-Secondary Trades and Technology Awards, a $1.5 million fund for Secondary School Awards, along with a $3.04 million fund supporting research, innovation and entrepreneurship to be jointly administered by SIDIT and BCIC, who have contributed $ 1.52 million each.
“Experts have been warning us about the future shortage of a skilled workforce for over 40 years,” Thomson told the crowd of enthusiastic students and faculty, senior executives and students at TRU in Kamloops and at Okanagan College in Kelowna, Selkirk College in Castlegar and Nelson, and the College of the Rockies in Cranbrook via video conference.
“That future is here now and the reality is that there are few industries or businesses today whose capacity is not being restricted or limited due to a shortage of skilled people. This is an investment in the future well being of our region much the same as a business invests in plant and equipment or R&D. Education is expensive but in contrast to the alternative it is cheap, or in other words, this is a good investment."
The BCIC programs will support students, faculty, post-secondary institutions, industry organizations and companies involved in the areas of technology innovation, research, development and commercialization. This will be a major step in addressing key actions identified in the Province of British Columbia’s Research and Innovation Strategy.
“The Council is excited to be joining forces with SIDIT to promote innovation and commercialization in the Southern Interior,” said Harbel. “The potential and talent is strong in this region, laying the ground work for great opportunities to strengthen B.C.’s knowledge economy and business growth.”
Strategic Plan Update/Revisions
At its March 19 Board Meeting, SIDIT adopted its 2008-2010 Strategic Plan. Continuing on the course set last year, the Trust will continue to support economic development with an annual allocation of $7.5 million. The 2008-2010 Strategic Plan will be available on SIDIT’s website www.sidit-bc.ca in early April.
SIDIT’s 2008 fiscal year runs from April 1, to March 31.
Fiscal 2007 was SIDIT’s first full year of operations. A number of strategic alliances were formed throughout the year which will greatly enhance SIDIT’s future ability to attract and fund projects that help diversify and sustain the economy in the Southern Interior. SIDIT made funding commitments in excess of $8.4 million in fiscal 2007. Seeing these initiatives come to fruition and continuing to attract new projects will make 2008 a truly exciting year says SIDIT CEO, Ron Baker.
