Square One Tech Incubator

Innovation Island Technology Association

Sources of Funding
ICET :$18,694
Nanaimo Economic Development Corporation :$68,861
National Research Council:$68,240
BC Innovation Council:$181,648
Innovation Island:$13,436
Total Budget: $350,879
Quick Facts: 

The facility served as a launch pad for tech companies such as Input Logic, who now provide business innovation services.

SquareOne incubator was borne, in 2014, from the need to create a central networking hub where entrepreneurs, investors, students and service providers could meet and connect with the information and talent they needed to succeed.

ICET supported the launch and scale up of SquareOne's innovative programs and services. The incubator provided education and coaching assistance to entrepreneurs to learn key business skills and help them achieve a high growth trajectory, gain traction and build momentum. The project's goal was to increase the number of technology start-ups in the region and increase their success by accelerating growth. SquareOne linked entrepreneurs with student and mentors, identified possible sources of funding and guided participants through appropriate incubator programs to accelerate business development. SquareOne’s virtual incubator model engaged entrepreneurs residing outside the Nanaimo region and provided onsite tech jobs.

By the fall of 2015, the project had attracted 17 companies and 28 entrepreneurs.  Two companies formally “graduated” out of the incubator and moved into larger premises.  Several companies successfully acquired significant capital investment to scale up operations and commercialize their products. Approximately eight companies were in a position to scale up significantly. This project was completed in December 2015.

Less than four years after it launched, SquareOne incubator was officially closed as a public facility by the city of Nanaimo, due to unforeseen circumstances. In 2019, the facilties were acquired by Input Logic, one of the original tenants, who now runs a private incubator.

ICET By The Numbers

2,500
person years employment created (construction phase)

ICET By The Numbers

50
locally elected officials and MLAs working together

ICET By The Numbers

$10.4
million annual provincial government revenue generated

ICET By The Numbers

3,650
post completion jobs created

ICET By The Numbers

$4.6
dollars leveraged for every ICET dollar invested

ICET By The Numbers

$236
million leveraged into the region

ICET By The Numbers

$50.5
million disbursed

ICET By The Numbers

$52.1
million committed

ICET By The Numbers

212
economic development projects

ICET By The Numbers

170
projects completed

ICET By The Numbers

36%
projects in small (less than 5,000) communities

ICET By The Numbers

50+
communities with ICET projects

2020-2022 Strategic Plan

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