BC Regional Innovation Chair in Rural Economic Development (RIC)
The work of the RIC is based on regional priorities and partnerships with local and regional organizations and businesses. By supporting evidence-based planning and decision-making, the RIC will aim to improve the economic climate of regional rural communities.
The RIC was formally established in 2006 to conduct a program of research in rural economic development. The position is supported through an endowment established under the BC Leading Edge Endowment Fund, which included matching funding from non-government sources.
Based on a foundation of applied research and outreach, the goals of the Regional Innovation Chair in Rural Economic Development are to:
- Develop the capacity in the region for sound decision-making in matters related to economic development, through the provision of relevant research data and analysis, together with related skill and capacity development;
- Assist in the diversification of the regional economy through the promotion of innovation and technology transfer in existing and new enterprises; and
- Support provincial and national networks that undertake applied research on the revitalization of high amenity, highly rural communities and regions.
Expected outcomes include:
- Better understanding of the challenges faced by rural areas, leading to more effective policies, programs and regulations;
- Greater capacity within regional and local organizations involved in economic development;
- Better informed decisions by both public and private sector organizations;
- Assistance in development of strategic directions for investment and economic development within the region;
- Innovative, more effective and greater levels of public and private sector investment;
- Diversification and innovation in telecommunications and the knowledge sectors;
- Increased employment or, at the very least, stabilizing existing employment levels and security of income; and
- Greater economic diversity within both regional and local economies.