Source: Accelerate Okanagan
Author: Heidi Mann
The Province of British Columbia is creating a $100-million venture capital fund as it builds the foundation for a comprehensive technology strategy aimed at stimulating growth in the fast-moving sector, creating jobs and strengthening a diverse economy.
Premier Christy Clark today announced the new BC Tech Fund as part of the first of three economy-building pillars in the B.C. government’s multi-year #BCTECH Strategy that will drive growth and job creation in the multi-billion dollar tech sector.
“B.C.’s technology sector is consistently growing faster than the overall economy making this the perfect time to catch the wave and help smaller companies join in the ranks of economy builders,” said Premier Clark. “With this fund we’re creating a stronger foundation for B.C.’s technology sector, which is a major employer in communities across the province, to shine on the global stage while creating well-paying jobs back at home for British Columbians.”
The BC Tech Fund will help promising tech companies in B.C.’s tech sector by creating an avenue for capital funding, enabling them to take the next step towards joining the ranks of other job-creating tech companies.
The new fund will also help develop a sustainable venture capital system in the province, building on the success of the B.C. Renaissance Capital Fund (BCRCF), the province’s well developed Angel investment community, and responding to current funding needs.
Capital is one of three pillars in the forthcoming #BCTECH Strategy. This first pillar, announced today, also includes continuing to support B.C.'s competitive tax system and research environment.
The remaining two pillars, talent and markets, include actions to deepen the B.C. technology talent pool by developing and attracting the highest quality talent, and actions to make it easier to access new markets. The complete #BCTECH Strategy will be announced in January.
The BC Tech Fund will be in operation in 2016 following an open procurement process to secure a private sector fund manager to administer it. The process for identifying a fund manager begins today with a posting for a Negotiated Request for Proposal (NRFP).
B.C.’s technology sector, a key pillar of the BC Jobs Plan, is consistently growing faster than the economy overall. Its continued growth is integral to diversifying the Province’s economy, strengthening B.C.’s business landscape, and creating jobs in B.C. communities. The BC Jobs Plan builds on the strengths of B.C.'s key sectors and its educated and skilled workforce, keeping the province diverse, strong and growing.
In partnership with the BC Innovation Council, the province is hosting B.C.’s first #BCTECH Summit, Jan. 18-19, 2016, where the #BCTECH Strategy will be released in full. The summit will showcase our tech industry and offer opportunities to connect to this growing sector. To register or learn more, go to: http://bctechsummit.ca/