Nanaimo’s tech incubator faces uncertain future amid steep operating losses
NANAIMO — What was coined as the Nanaimo region’s first tech incubator is no longer fulfilling its intended goal, according to tenants and city staff.
The Nanaimo Economic Development Corporation (NEDC) launched SquareOne in July 2014. The downtown Nanaimo building was designed to create an incubator environment where tech start-ups could access affordable office space, mentorship and training resources. Since that time, the facility has run a combined annual deficit of more than $371,000, according to the City of Nanaimo’s economic development officer Amrit Manhas.
While Manhas wouldn’t outright confirm SquareOne will be shutting down, she said it was a fair assessment to say its future is very much in question, since council directed staff to dissolve the NEDC as of Jan. 31.
SquareOne tenants have been sent letters instructing them an official decision would be made by the end of June.