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EXECUTIVE DIRECTOR REPORT Annual General Meeting November 14, 2019
EXECUTIVE DIRECTOR REPORT
Annual General Meeting
November 14, 2019
East Kootenay Expansion MIDAS Lab sustainable NIC launched under KAST management Marketing overhaul Membership options for KAST launched GLOWS repatriated Attracted over $1m in outside investment
• Doubled staff capacity• Stage set for next level community impact
2019 Highlights
January 2019 Strategic PlanProject Status as of January 2019 Goal Anticipated Outcome
MIDAS • Nearing project end• Monitoring, reporting and coms gaps• Cashflow challenges
1. MIDAS sustainability & growth
MIDAS tracking to sustainability
NIC • Struggling to launch• Insufficient investment & capacity
2. KAST management of NIC; secure more investment
NIC project launched under KAST management
East Kootenay
• No operations in East Kootenay and no funds to do so
3. East Kootenay Expansion
KAST is a leader across the entire Basin
Revenue • No memberships, no “core” funds 4. Implement Memberships
Membership business model launched
Marketing & Stakeholder Engagement
• Website & branding out of date; not accurate & not engaging
• No coherent stakeholder engagement strategy or regional coordination
5. Overhaul Marketing & Stakeholder Engagement
Slick marketing and effective stakeholder engagement
Operations • Major challenges: IT, HR, finances, programs delivery & facility ops
Systemicimprovements
Solid organizationalfoundation for growth
Goal 1: MIDAS Lab Growth & Sustainability
Goal 1: MIDAS is fully funded, expands model and offers metal printing by 2020
A. MIDAS sustainability & growth. Actions:
Reduced operational costs
Received additional investment from:• Teck• CBT• Selkirk College
Full business plan overhaul successful investment pitches • Innovate BC $200,000 • Western Economic Diversification Canada $750,000 total over 3 years
Result: Fully funded• Uninterrupted operations in 2018/19• Investment to expand operations over 3 years; hired 2 new staff• On track to be fully sustainable by 2021• Well positioned to support Selkirk Technology Access Centre application
Goal 1: MIDAS is fully funded, expands model and offers metal printing by 2020B. MIDAS expands its model. Action:
Pitched fab lab guide and digital strategy to WED and Innovate BC
Result: MIDAS Lab will be a model for BC
Received additional investment from WED (+Innovate BC likely to support)• Create a fab lab guide by 2020• Regional digital strategy by 2020
Train-the-trainer supports now available for:• Revelstoke & Cranbrook fab labs (established)• Nelson, Castlegar, Silverton, Canal Flats, Invermere, Fernie (up and coming)• Ktunaxa makers/artisans
Goal 1: MIDAS is fully funded, expands model and offers metal printing by 2020C. MIDAS offers metal printing by 2020
Full Business Plan overhaul successful investment pitch to WD
Result: MIDAS Lab offers metal 3D printing by November 2019• Purchase of a Rapidia Metal 3D printer; installation November 2019• First in rural Canada • Regionally significant (Western Canada)
MIDAS Lab: Additional Notes
Hard-won success of MIDAS Project
Strong direct community impacts • $1m in R&D spend • 119 individuals trained (HQPs)• 94 Prototypes & 40 ready for commercialization• 12 businesses created or expanded• $3.0m in increased sales
New business model: revenue growth & sustainability by 2021• 2019: $120,000 generated revenue 2020: $80,000 Q1-Q2 actual
Strong partnership with Selkirk College potential TAC
Rebranded as MIDAS Lab
Goal 2: Nelson Innovation Centre (NIC)
Goal 2: KAST takes management of the NIC project and completes phase 3 by 2020
April 2019: contract signed with Community Future Central Kootenay • Subcontractor for original RDF funds & NAEDP commitments• KAST becomes project manager• KAST signed 3-year lease with Nelson Chamber
June: received investment from WED enough to complete project
Pursued CBT project funds
Result: NIC is launching under KAST management by 2020• ~$200,000 in additional investment under KAST management• In-kind support ~$50,000• Hired NIC manager
Goal 3: Eastern Promises
Goal 3: KAST receives funding for and expands operations into the East Kootenay region by March 2020
February 2019• KAST arrangement with New Ventures BC for Eastern EIR (Beth Gallup) • First engagements with E Kootenay companies
March 2019• BC Tech Summit Kootenay Regional House
May 2019• IRAP grants additional $30,000 for East Kootenay pilot
June 2019• WED grants $250,000 for Regional Capacity Building
Result: KAST recognized across the basin as economic driver
Joined Basin Economic Development Practitioners’ Network • Delivering discussion of regional strategy November 18-19th at annual forum
Hosting Kootenay Regional Collaboration Calls
Goal 4: Diversify Revenue
Goal 4: Diversify revenue streams, build profile, increase impact and move towards sustainability by implementing a membership business model by 2020
2019 Strategy: loss-leading to increase profile/market share – show value
Corporate sponsorship• Over $15,000 from 10 firms related to BC Tech Summit• $15,000 from Teck (MIDAS Lab)• $50,000 from MIDAS memberships (Q1-2: 2020 fiscal)• KAST memberships opened in October
Result: KAST Memberships Soft-Launched October 2019
New website functionality• Integrates with CRM and mailing list
Affiliate arrangements with Bench, Futurepreneur (TBC), Jalapeno, Virtual Heights, Small Business BC, F6S
Goal 5: Improved Marketing & Stakeholder Engagement
Goal 5: KAST is recognized across the region, province and country as the lead association supporting technology-driven business and people in the Kootenays
BC Tech Summit: a major boost for Kootenay Tech profile• VIP visits: Ministers Ralston & Mungall, PS Glumac, Innovation
Commissioner and Innovate BC CEO, BC Investor Services, WED rep
Kootenay success stories series
Launched Insightly CRM September 2019
Launched new KAST.com website October 2019
Result: KAST marketing and communications leveled up
• Branding redesign: logos, templates, letterhead, etc. • Contracted Marketing and Communications Manager• $120,000 in Google AdWords Non-profit Grant
#BCTECH SUMMIT • Over $15,000 raised from Kootenay sponsors + $10,000 KAST investment + $50,000 CBT
• $230,000 additional funding from Innovate BC
• $750,000 from WED• Amazing publicity• Premier Horgan visit to
Kootenay House • Ministers Melanie Mark &
Bruce Ralston – significant relationships formed
• Coordination of East and West
• Local Politicians informed • 66% reduction in cost
January 2019: Strategic Plan OutcomesGoal Anticipated Outcome Actual Outcome
1. MIDAS sustainability & growth
MIDAS tracking to sustainability
• New investment• MIDAS sustainable for 3 years• Selkirk TAC application
2. KAST management of NIC NIC project launched under KAST management
• New investment with KAST mgt. • P1-2 NIC launched; 3 on the way• NTAC Launched
3. East Kootenay Expansion KAST recognized as a key economic driver across the entire Basin
• VAP in East Kootenays• Inclusion of E Kootenay Directors• Significant relationship building
4. Implement Memberships Membership business model launched
• Memberships launched on new website
5. Overhaul Marketing & Stakeholder Engagement
Slick marketing and effective stakeholder engagement
• Website & branding overhaul• CRM and mailing last implemented
BONUS ROUND - • GLOWS & TEP• Operational upgrades: IT, HR, Finances
ProgramsVAP
Rev UpStart-up Basics
GLOWS
Workforce TrainingAdv. Manufacturing
GISDigital Technology
Community BuildingMarketing
Investment AttractionNetworking
Innovation HubsMIDAS Lab
Nelson Innovation Centre
KAST Offerings
CONTACT INFO
Dr. Cam Whitehead
Executive Director, [email protected]
Book a meeting:camkast.youcanbook.me
kast.com
midaslab.ca nesloninnovationcentre.com
