The Province of British Columbia announced today that is creating a $100-million venture capital fund.
The fund 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 (pictured with Mobify’s Igor Faletski) 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 aims to drive growth and job creation in the province’s 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 Clark.
The new fund will also help develop a sustainable venture capital system in the province, Clark said, building on the success of the B.C. Renaissance Capital Fund (BCRCF), the province’s Angel investment community.
“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,” Clark said.
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.
In partnership with the BC Innovation Council, the province is hosting B.C.s first #BCTECH Summit on January 18, where the #BCTECH Strategy will be released in full, and where the next Tech Fest will happen.