Metal Tech Alley: Creating new business and Investment opportunities in Kootenays.
In a recent government report, Emerging Economy Task Force Final Report – March 2020, Metal Tech Alley was recognized for the work they are doing to build the local economy and attract new businesses and innovators in the Trail BC area. Metal Tech Alley is a community champion already adapting to global trends and realizing the benefits of doing so.
BC’s economy is emerging, and it has a prosperous future with the public, private, and non-profit sectors work together. The economy of the future will experience regular disruption and uncertainty, creating a need for nimble, adaptive, and flexible business practices and policy, as well as continuous learning to remain globally relevant and competitive.
Technology & Innovation is going to play an important role in the growth of BC’s economy. Many of B.C.’s technology and innovation companies are part of the service sector, which accounts for more than 70% of the province’s GDP as well as some 80% of all jobs. Service industries are increasingly diverse, with many exporting in addition to meeting domestic needs. BC has a competitive base and strategic advantage to expand industries in this sector, due in part to B.C.’s strong education system and a location that is a desirable destination for immigrants.
As an Engagement Highlight in the report, Metal Tech Alley was described as follows:
“When task force members visited Trail and saw first-hand collaboration between post-secondary institutions (Selkirk College), industry (Teck Resources), the technology sector KAST (Kootenay Association for Science & Technology), and dozens of start-ups and established companies. This collaboration supports the growth of the local innovation community and the Metal Tech Alley cluster, which is key to creating new business and investment opportunities in the region. As an example, Retriev Technologies, a business that is part of Metal Tech Alley in Trail evolved from recycling traditional acid batteries to now recycling EV batteries from Tesla, with end products repurposed and re-introduced into the supply chain. This is a perfect example of how people in B.C. are innovating. “
In the coming years, all the sectors need to act strategically, maximize opportunities, and actively mitigate risks. Anticipating global business trends is going to be crucial, along with forming a policy that helps to emerge economic opportunities, placing people first, supporting our industries for success and ensuring a healthy environment.