Premier Christy Clark announced a $100-million venture-capital fund to give early-stage tech entrepreneurs access to money that will help grow their businesses. She said the money will address the difficulty entrepreneurs face when trying to bankroll their innovative but untested ideas.
“Tech tends not to be guaranteed bets,” Clark told a news conference Tuesday. “This seed fund is going to be proof that the British Columbia government has faith and confidence in our tech industry. It will allow us to attract a lot of investment from around the world that we hope would match it.”
The B.C. Tech Fund is the first part of a three-pronged strategy by government to enhance the technology sector’s role in the government’s broad economic plan.
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.