New Glasgow-based Velsoft plans to grow. And with the growth that the educational software company has planned, comes the possibility of economic growth – both on a provincial and local level.
According to information released from Velsoft, this may lead to the creation of 30 new jobs, as part of the expansion of its virtual campus software. This will be aided by the means of a payroll rebate provided by Nova Scotia Business Inc. (NSBI).
“In Nova Scotia, if a company is growing, and has the need to hire a lot of people – we do – the province has an incentive to make sure the jobs stay in Nova Scotia, and as local as possible. So, it provides a rebate for those position,” said Jim Fitt, owner and CEO of Velsoft.
According to estimates from NSBI, the company could end up spending $4,500,000 in salaries in its growth. In a call with The News, Fitt said the growth that Velsoft intends to embark upon could lead to new jobs in New Glasgow and Halifax, adding that “I’m expecting it’s going to mean a lot of opportunity for some of the talent we have here, in Pictou County.”
New employees for Velsoft could potentially contribute tax revenue of $480,000 from their income and consumption taxes. This would lead to a rebate of up to $315,000 over the course of five years.
In order to qualify for the rebate, Fitt said Velsoft went through a process by which it determined plans going forward, “providing a rationale as to why we would deserve (a rebate).” This rationale proved credible, as the province responded favourably.
“So, going forward we will implement our growth strategy. We will have a payroll rebate to help us,” Fitt said.
That growth process entails an effort to grow its exporting power. This is encapsulated in a program entitled 2020 Vision, aimed at increases in exporting by the year 2020.
“In the last several years, we have begun the process, and part of that process is to generate several new products,” said Fitt. “Now that those products are done, it’s time to take them to market. We expect this phase will happen before the end of 2020, so we have a couple of years to roll it out.”
By the year 2020, Fitt noted that Velsoft will evaluated its success, and “will stand back, see what worked, and what didn’t and what needs to be changed, so that when we go beyond 2020, we’re in a stronger position as a company – and that growth will build, year over year.”
Fitt said he feels like Velsoft has a good relationship with the province, and that the latter has been very supportive of the former.
“They know we focus heavily on exporting, and they know more people need to start exporting in the province. The fact that we are exporting means we’re going in the right direction that they know a lot of companies need to go in,” said Fitt. “In addition to being supportive of us, they honoured us as Exporter of the Year in 2013.”