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

IRM reports small sulphuric acid leak at Waneta reload

IRM states a small volume of less than one cup and three dime-sized drips were leaked from carrier

Columbia Basin RDI: Exercise Your Right to Vote

Voter turnout statistics from the Columbia Basin Rural Development Institute

New farmers in Columbia Basin supported by land matching program

New and young farmers in the Basin are receiving support and services from a dedicated land matcher

Columbia Basin Trust offering business accelerator program

Trust seeking motivated companies for customized support and mentorship program

Trail military exercises provide crucial training

Exercise Sapper Crucible: ‘The nuts and bolts of what a soldier is’

Environment Canada confirms Ottawa area hit by two tornadoes Friday

At one point more than 200,000 hydro customers were blacked out

Ottawa area residents take stock of tornado rubble as Ford tours the ruins

A tornado on Friday afternoon tore roofs off of homes, overturned cars and felled power lines in the Ottawa community of Dunrobin and in Gatineau, Que.

Trudeau arrives at United Nations, hoping to re-establish Canada on world stage

Trudeau is beginning his day at the opening of the Nelson Mandela Peace Summit, where he’s scheduled to deliver brief remarks later this afternoon.

B.C.’s FATSO peanut butter to appear on Dragon’s Den

The Victoria company will be featured on the Sept. 27 episode of the popular show highlighting Canadian businesses

Whitecaps see playoff dreams fade after 2-1 loss to FC Dallas

Goal in 87th minute seals Vancouver’s fate

B.C. students send books to displaced students of Hornby Island school fire

Maple Ridge elementary school teacher says students learned about acts of kindness

WHL: Kootenay Ice drop Calgary Hitmen 5-3 in home opener

Youth take centre stage as Kootenay explodes for three second-period goals

Trump drains oxygen from Trudeau foreign policy with PM, Freeland bound for UN

A lot has changed since the Liberals came to power in Canada in 2015

Most Read