President's Message
- Tom Dickinson

As president of the Venture Kamloops Board of Directors it gives me great pleasure to present to you our 2019 Annual Report. By several measures, the past year was a record one for our organization. Staff worked with more Kamloops businesses than ever before and realized success from new programs like VK Accelerate.

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Executive Director’s Message
- Jim Anderson

2019 was the first year of the board’s new 5-year strategic plan which provides staff with new and exciting opportunities and direction. In addition to Business Retention & Expansion and Business Attraction, staff have expanded our core areas, or “Economic Building Blocks” to include focusses on Information & Resources and Workforce Capacity.

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The VK Team


The team at Venture Kamloops works to provide the most up-to-date information to those interested in starting their business in Kamloops or expanding their current operations in the city. Contact us today and book an appointment for a confidential, no-obligation consultation to discover how we can support you.

Meet Our Staff Meet Our Board

VK Programs


Start Here

Through the Start Here portal, local entrepreneurs can make their first contact with five economic development organizations for business guidance and facilitated access to an integrated resource network. Accessing local resources like business planning, employment skills training, finance connections and more is made easy with Start Here. Community Futures Thompson Country (CFTC), WorkBC, Venture Kamloops, Kamloops Innovation, and TRU Generator are committed to collaboration, and to supporting entrepreneurship in Kamloops.

VK Accelerate

Following a successful pilot in 2018, VK Accelerate welcomed two exciting new businesses in 2019 who were looking to get their business started or expanded into their first brick and mortar space. VK Accelerate connects entrepreneurs like Fern & Frond and Franca Muraca Notary Public Inc. to everything they need early on, including commercial real estate, marketing, interior design, media coverage, business coaching and more! Starting a business can be hard, so applying to VK Accelerate provides six months of one-on-one support from professional services and business experts.

VK Venture Advisors

Each month, a local entrepreneur participates in the VK Venture Advisors program. This program allows the entrepreneur to pitch their business idea to a panel of local business professionals and industry experts and receive constructive feedback, insight and connections regarding the business idea. What’s the best part? It’s FREE! Our expert advisory panel volunteers their insight, mentorship, and connections to help small business grow.

VK Inside Track

Venture Kamloops has adopted an integrated approach to sustainable growth. That’s why we offer market orientation to Kamloops real estate for developers who are interested in capitalizing on the opportunity in our growing city. The Inside Track program is designed to deliver relevant investment information to developers in the region and our province. Venture Kamloops is committed to targeting these efforts for developers in other markets, while highlighting the financial prospects and resources in Kamloops.

Business Successes


Chelsea HoganFern & Frond

After re-locating her family and her business to Kamloops from Alberta, Chelsea Hogan has taken the local wedding scene by storm. Chelsea first made contact with Venture Kamloops through the Start Here partnership and recognized quickly that the VK Accelerate program would be a great fit for her goal of opening her first studio. To give you a better idea of her journey, have a look at some of Fern & Frond’s significant milestones!

Cassidy WattCassidy Watt Artistry Collective

After working as a manager for MAC Cosmetics, Cassidy Watt decided to make the transition into owning and operating her own makeup artistry business. Over the past 4 years, Cassidy Watt Artistry Collective has been one of the biggest names in local weddings, receiving several awards, as well as coverage by major media outlets. With eyes on expansion, Cassidy connected with the VK Venture Advisor program to seek out advice and guidance from a wide range of professionals. Have a look at her journey as an entrepreneur and where she is today.

VK Metrics


Business Assisted; Categorized by:

Business Size (Number of Employees)

Business Sectors

Nature of Assistance

Performance Measures

Strategic Plan Implementation (Number of Goals Achieved)

Note: This number includes strategic items marked as ONGOING. This includes items where there is no intended completion date, but substantial progress has been made.

Educational Opportunities For Businesses

Social Media Engagement

Website Analytics

Economic Snapshot 2019


Employment Statistics

Population (Thompson / Okanagan)

Source: www5.statcan.gc.ca/cansim/

Housing

All housing numbers obtained from www.kamloops.ca/building/pdfs/2016/december.pdf
MLS® Activity Reports - Average Price is for single-detached units in Kamloops only.

Business Licenses

Source: www.kamloops.ca/development/pdfs/16-DES-AnnualReport.pdf

Excerpts from 2019 Financial Statements

Operating Results

For the Year Ended December 31 Budget 2019 2018
Revenue
City of Kamloops Economic development funding $633,399 $633,400 $620,979
Donations in kind $34,700 $34,700 $34,700
Government Grants
Federal - - $1,844
Other Revenue - $5,013 $3,796
$668,099 $673,113 $661,319
Expenses
Administrative $316,541 $322,468 $334,779
Business Attraction $251,869 $256,460 $232,277
Business Retention and Expansion $147,935 $131,020 $108,321
$716,345 $709,948 $675,377
Annual Deficit ($48,246) ($36,835) ($14,058)
Accumulated Surplus, beginning of year $169,590 $169,590 $183,648
Accumulated Surplus, end of year $121,344 $132,755 $169,590

 

Financial Position

As at December 31 2019 2018
Financial Assets
Cash and cash equivalents $166,881 $222,090
Accounts Receivable $3,474 $5,487
$170,355 $227,577
Liabilities
Accounts payable $61,616 $77,707
Net Financial Assets $108,739 $149,870
Non-financial assets
Prepaid expenses $10,974 $11,537
Tangible capital assets $13,042 $8,183
$24,016 $19,720
Accumulated surplus $132,755 $169,590
VK FAST FACT
EMPLOYMENT

Employment in the construction and health industries are projected to increase an average of approximately 2.5% annually from 2016 to 2022.