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

#MeToo at work: Employers play a role in fixing culture of harassment

B.C. workplaces are getting ahead of being the next MeToo debacle, calling on experts to train staff

Hope Hospice tree brings Christmas cheer

Passers-by can use the provided tags to write the name of friends, family or even pets that have passed

Corruption no longer dogs Yale First Nation

A return to traditional governance helps to turn the tide

Emil Anderson earns multiple provincial contractor awards

Family-run companies with a long history in the FV were recognized for excellence in grading and community service

#MeToo at work: How reporting sexual harassment works – and how it doesn’t

British Columbians have four options to report harassment or assault, but none of them are easy

Homes in Hope sparkling for the holidays: Part 2

Hope photographer Ray Daws shares some festive sights

VIDEO: balloons and games and music at Basic for Babies in Langley

Event helps Food Banks stock supplies for infants

Update: RCMP arrest domestic assault suspect west of Kamloops.

The RCMP Emergency Response Team made the arrest at around 4:30 p.m.

Owl found dead after eating rat poison leaves B.C. woman concerned

After finding the owl on her Surrey property, Christine Trozzo says the poison is a concern for kids

Change to CPP death benefit panned as insufficient to cover funeral costs

Funeral Services Association of Canada lobbied governments to raise the value to $3,580

B.C. woman brain injured in crash as a baby gets $1.1 million in damages

Trial heard the woman was 16 months old, being carried by her mother when they were both hit

Court denies WestJet’s bid to toss out discrimination lawsuit of former worker

Mandalena Lewis is suing WestJet over allegations of gender-based discrimination

VIDEO: 3 months later, rescued sea lion released back into ocean

The young animal was found in Campbell River three months ago

Sagmoen neighbours recall alleged hammer attack

Woman was screaming outside Maple Ridge townhouse in 2013

Most Read