PacifiCan’s $3-Million Investment in SIPP a Major Boost for B.C.’s Blue Economy Potential 

SIPP received $3-million in funding this week from the Pacific Economic Development Agency of Canada (PacifiCan) to support our work in the blue economy and the Indigenous economy.

The Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for PacifiCan, made the announcement to a gathering of business, government and community leaders at Oak Bay Marina on Tuesday, June 27. The $3-million in SIPP funding is part of PacifiCan's $8.1-million ocean technology investment announced for Vancouver Island organizations, including the Association of BC Marine Industries and the University of Victoria.

SIPP's funding will support the development of an ocean and marine innovation network and hub through our Centre for Ocean Applied Sustainable Technologies (COAST). The funding will also foster Indigenous entrepreneurship and exploration of economic opportunities connected to ocean monitoring and conservation through SIPP's Indigenous-led arm, the Indigenous Prosperity Centre (IPC).

"We also want to express gratitude for PacifiCan's support and belief in our shared vision," says SIPP Group CEO Emilie de Rosenroll. "We look forward to celebrating many more milestones together over the coming years."

Our thanks to the District of Oak Bay and Oak Bay Marine Group for hosting this announcement — and to Barnacle Systems for providing attendees with a tour of their facility during the event

Province Approves $303.9 Million in Funding for Belleville Terminal Redevelopment

The Belleville Terminal is set to upgrade the passenger experience and drive regional economic growth following this week's B.C. government announcement of $303.9-million in funding for a redevelopment project.

The project is expected to be completed by the 2028 tourism season. The federal government has also confirmed $41.6 million for the project. Procurement will begin in the coming weeks.

"This is a transformational project that delivers on council's priority for our city's economic health and community vitality," says Victoria Mayor Marianne Alto. "Our immense thanks to both the provincial and federal governments for their investment in critical infrastructure supporting diverse tourism and service jobs across the region."

Business insights from SIPP's Dallas Gislason

Don't Underestimate the Economic Power of Transparency in Business

In a business era where accountability is key, transparency has grown from a buzzword to a vital principle for building consumer trust and loyalty. Dallas Gislason, SIPP's Executive Director of Community Economies, explores how business transparency can improve profitability in his recent Douglas magazine article "Can Your Business Gain from Increased Transparency?".

Gislason offers ways businesses can implement transparency on a deeper level. He uses examples such as Fogo Island Inn, which developed an Economic Nutrition label, similar to food labels in grocery stores, to showcase where customers' money goes in terms of categories like labour, operations and marketing.

"Unless you're operating in a highly regulated industry or publishing quarterly reports for shareholders, nobody is forcing you to make your business practices more transparent," writes Gislason. "But I'm here to tell you it's demonstrably good for business." 

What We're Watching

Artificial Intelligence and the Future of Economics

How will Large Language Models such as Chat GPT revolutionize economic analysis and decision-making? How will this change our understanding of the world — and the way the world works?

Renowned economist Professor Tyler Cowen of George Mason University delves into these questions and more in his insightful lecture released on June 6 from the London School of Economics.

View Royal to Explore Light-Rail Tech and Collaborations

View Royal Mayor Sid Tobias is urging other local governments to support the town's search for a suitable location to test light-rail transit tracks and technology.

On June 24, View Royal Council agreed to explore a pilot program involving a Canada-U.K. partnership laying two to three kilometres of tracks along an existing road or trail to support a battery-powered, light-rail train similar to one developed in Coventry, England.

Mayor Tobias said that the route could be located in View Royal or connected to trails and roads in Langford and Colwood.

VIATEC Collaborates With B.C. Tech Hubs to Create Support Network

B.C.’s leading technology ecosystem builders, including SIPP-member VIATEC, announced the establishment of an alliance of non-profit innovation hubs in B.C.’s Technology Ecosystems Network (BCTEN), on June 22. This alliance will leverage regional ecosystems into a robust network supporting transformative company building across B.C.

“The founding members of BCTEN recognize that fostering a truly vibrant innovation ecosystem demands a comprehensive approach,” says VIATEC CEO and BCTEN Chair Dan Gunn.

“From nurturing nascent ideas to empowering scale-ups, and supporting not-for-profit hubs, we believe that an inclusive strategy encompassing skills development, connections, access to capital, community engagement, best practice sharing, joint initiatives and beyond are pivotal to achieving long-lasting success.”

BC Government Invests $500 Million for Affordable Housing

In a bid to preserve housing affordability across B.C., the Province has created a $500 million rental fund for non-profit organizations. The program officially launched on June 28.

The Rental Protection Fund grants non-profit organizations funds to help purchase existing, occupied rental buildings and prevent re-development.

Initially announced in January, this fund requires interested groups to navigate a three-step qualification process for their organization and prospective property purchase. The Province actively encourages municipalities and social enterprise leaders to apply.

SIPP Prosperity Pulse: Retail Sales

Each week we showcase the economic markers most relevant to Greater Victoria Region.

Source: Statistics Canada.

Did You Know?

• Canadian inflation dropped to 3.4% in May, which is the lowest it's been since June 2021. – Times Colonist

News from the SIPP Ecosystem

Sea to Shore – Podcast Features Blue Tech Solutions to Coastal Challenges

Our oceans have taken the brunt of human-driven climate change, absorbing up to 90 per cent of the heat generated by global warming. The resulting rise in sea levels, marine heatwaves, ocean acidification, and coastal storms and erosion is driving marine biodiversity loss and affecting the livelihoods of communities along B.C.’s coastline.

COAST Talks explores today’s ocean challenges and examines how ocean tech companies are providing solutions.

Panelists:

• Joshua Charleson, Coastal Restoration Society 
• Thomas Storwick, Coastal Carbon AI  

At a Glance

🏆 Destination Greater Victoria wins international award for sustainable tourism - Saanich News

🚗 CRD looking for input on transportation governance - Victoria Chamber

🏠 Speedy approval from Victoria council for 43 new housing units - Times Colonist

In the Media 📰

PacifiCan’s $3-Million Investment in South Island Prosperity Partnership a Major Boost for B.C.’s Blue Economy Growth Potential - News Release

• Times Colonist
• Entrevestor
• Business Examiner
• Victoria News
• CTV News Vancouver Island

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