The latest business venture in Terrace opens its doors this week with the sole objective of helping entrepreneurs succeed in businesses of their own.
The TEC Space enterprise is a technology and business service co-working space, established with the support of the City of Terrace and The Terrace Entrepreneurs’ Coalition.
“Many entrepreneurs typically find when working from home or coffee shops it’s difficult to get into a flow. The purpose of the initiative is to bring entrepreneurs out of isolation and into direct collaboration in their own community,” a spokesperson said in a press release.
The City of Terrace identified the need for the space after a community consultation in November of 2017 when over 35 local entrepreneurs responded with feedback on a potential space. The Terrace Entrepreneurs’ Coalition was officially established in June 2018 as a non-profit society and a downtown location for TEC Space was identified in the heart of the city’s downtown revitalization.
According to TEC Space, there have been more than 26 co-working spaces spring up in B.C. alone to satisfy the needs of entrepreneurs. Globally, co-working is seeing a 400-per-cent rise in popularity.
Establishing a facility in Terrace coincidentally dovetails into recommendations outlined in a report issued earlier this year. It suggests a balance must be found between the new economy of young professionals and the established resource industries if Terrace is to continue its five-year climb out of an economic slump.
The year-long study commissioned by the SkeenaWild Conservation Trust pegs the professional, scientific and technical fields as the top job creators between 2011 and 2016, bringing in 107 new jobs for 455 total. As more people can work from their laptops anywhere in the world, the study found people are increasingly moving here not for a job as before, but for the outdoor lifestyle as they pursue self-employment. These professions are reliant more on a technological base, like fiberoptic internet connections and reliable cellular signals. This mostly includes the 20 to 34-year-old age bracket, which accounted for the majority of new residents to the area in the five-year span explored in the study.
Along with regular office features like a boardroom, kitchen and a shower and other amenities at TEC Space, furnished offices are available for $500 per month, or a single hot desk for $200 per month.
TEC Space is located in the Stantec Building at 4623 Park Avenue. There will be an open house on September 4th from 1 p.m. to 8 p.m. where the public can view, ask the directors questions, and explore the space.