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

Paramedics say ambulances sitting idle

Shortages in Maple Ridge, Metro Vancouver

Teacher reprimanded after swearing at student during 2017 altercation

Gregory Norman Brock was issued letter of discipline, suspended three days without pay.

RMMBA holds first training session of season in Maple Ridge

Players wore green in honour of St. Patrick’s Day

UPDATE: Location for more temporary supportive housing in Maple Ridge by end of week

Evacuation shelter now a night refuge only, then shuts for good March 31.

Getting dry in Maple Ridge, be careful

Two brush fires recently already

VIDEO: Can you believe it? This B.C. hill pulls cars backwards up a slope

Sir Isaac Newton had clearly never been to this Vernon anomaly when he discovered gravity

Former South Surrey boxer relishing role on Riverdale

Peninsula resident Darcy Hinds has recurring role on popular CW series

Paramedic staff shortage at critical level: B.C. union

A number of units were out of service due to lack of staffing in Lower Mainland, union says

B.C. lottery winner being sued by Surrey co-workers

They claim he owes them $200,000 each, in a lawsuit filed in B.C. Supreme Court in Vancouver

Fraser Health under fire again for taxiing homeless man from Langley to Hope

Patient sent to Hope shelter because a spot in the man’s home community couldn’t be located

Dead sea lion discovered on Hornby Island shoreline

Reports indicate animal was shot in the head

Celina Caesar-Chavannes quits Liberal caucus, sits as independent MP

The Whitby, Ont., MP has been a vocal supporter of Jody Wilson-Raybould and Jane Philpott

Woman punched on the sidelines of B.C. soccer game

Both involved were watching the U21 game in West Vancouver from the sidelines when things got heated

B.C. dairy farmers say federal budget not enough to cut losses from USMCA

Concerns raised over vague details, funding access and impacts on growth

Most Read