BC Announces $100 Million BC Tech Fund and Tech Strategy — BBOT Applauds Initiative
The Government of BC recently announced a comprehensive technology strategy aimed to attract more skilled talent to BC, expand markets for local tech companies and their products/services, and provide increased access to venture capital for tech start-ups, a move applauded by the Burnaby Board of Trade as an important step in supporting BC’s dynamic tech sector.
In its 2014 pre-budget consultation with the provincial government, the BBOT advocated for more policies to support the high tech sector, which is a key part of the Burnaby economy and our economic development strategy. In particular, the BBOT suggested a provincial investment fund to support tech start-ups would be highly beneficial, so it was especially pleased to see the announcement of a $100 million BC Tech Fund announced as part of the province’s tech strategy. The BC Tech Fund will be an important source of capital investment for tech start-ups in need of early-stage financing in order to grow, innovate and commercialize.
The vital role the high tech sector plays in our provincial economy can’t be overstated. This industry employs over 86,000 people who enjoy salaries 60% higher than the BC average. In addition, the high tech sector is the 3rd largest contributor to the provincial GDP and has seen the 2nd highest private-sector job creation over the past 10 years, growing significantly faster than the overall economy. And Burnaby in particular is emerging as a tech hub, home to a wide range of innovative tech companies in the digital arts and media, life sciences and bio-tech , and alternative energy sectors.
For more information on the BC Tech Strategy and the BC Tech Fund, visit the government’s dedicated BC Tech Strategy website:
To read the full BC Tech Strategy, click here: https://news.gov.bc.ca/files/BCTECH_Strategy.pdf
Read the BBOT’s letter to Premier Clark on this issue below, or click here: https://docs.google.com/viewerng/viewer?url=http://bbot.ca/file/Letter_PremierClark_BBOT.pdf