Mobify CEO Igor Faletsky gives B.C. technology minister Amrik Virk a tour of his mobile marketing company's Vancouver office.

$100 million tech fund for B.C. ‘Dragon’s Den’

Outside venture capital experts will be hired to administer seed money fund for high-tech startups establishing in B.C.

The B.C. government is putting up $100 million for a real-life version of the TV show Dragon’s Den, providing seed money to entrepreneurs who convince experts their new technology ideas will grow.

Premier Christy Clark announced the new fund Tuesday at the Vancouver offices of Mobify, a marketing company for retailers to advertise on mobile devices. The next step in a the government’s technology strategy is to invite proposals for a venture capital company to administer the fund.

“We don’t want to be influencing that, except that we want them to be in British Columbia, and we want the fund manager to have a managing partner based in B.C.,” she said.

Clark said high technology is performing better than other parts of the economy, and now directly employs 86,000 people who make higher wages than the industrial average. The taxpayer investment is to give startups the recognition they need to attract private venture capital.

Clark said banks look to invest in “guaranteed bets,” but technology companies are higher risk with higher rewards for those that succeed.

NDP technology critic George Heyman said the industry has been lobbying the province for this kind of assistance, and he supports it if the money is delivered in a transparent way and results are tracked.

A previous effort aimed at immigrant investors, the B.C. Renaissance Capital Fund, was criticized for a lack of both. In one case it provided money to a San Francisco company that opened an office in Calgary but not B.C.

“The taxpayer subsidizes all sorts of things that relate to job creation,” Heyman said. “In the case of the tech sector, these are the jobs of the 21st Century. B.C. has a sector that’s performing well but could perform a lot better, and it needs investment to do that.”

B.C. also offers $33 million in tax credits to “angel investors” who put up money to develop a business that has attracted seed money.

 

Just Posted

Two Terrace homeless campsites levelled

Private property owners brought in crews to clear trees, brush

Northwest Wave Riders return from Victoria Dragon Boat Festival

This was the first time in 25 years that northern B.C. teams competed

Feds approve $4M for Tahltan protected and conserved areas

Well defined stewardship will help nation reduce uncertainties for resource partners

NARA sends off rescues to cat cafe in Vancouver

Several cats and kittens from the region are now up for adoption at Catoro Cafe

BC Parks student rangers complete several northwest B.C. conservation projects

This was the first time the summer program operated out of Terrace

Trudeau vows to stand firm against ‘increasingly assertive’ China

China has accused Canada of meddling in its affairs

B.C. man tells judge he attempted suicide a month before daughters’ murders

Andrew Berry takes stand in his defense for December 2017 deaths of young daughters

‘Plenty of time for a deal’: Teachers’ union expects kids back in school on Sept. 3

BCTF says class size, composition at the heart of the issue

Province funds new shuttle buses for 13 B.C. senior centres

Activity, socializing helps maintain health, Adrian Dix says

Thermal imaging cameras eye Salish Sea in hopes of better detecting whales

Cameras installed at BC Ferries’ terminal on Galiano Island, and off southern Gulf Islands

BREAKING: Province approves Surrey police force

Minister of Public Safety Mike Farnworth green-lights city’s municipal police force

Police watchdog investigating two officers after Langley teen’s suspected overdose

According to IIO, two officers were deployed to help Carson Crimeni but did not locate him before he died

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

UPDATED: Kelly Ellard gets day parole extended for six more months, overnight leave

Kelly Ellard was convicted of killing 14-year-old Reena Virk in 1997

Most Read