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

Golden Country: Daylight reveals the devastation and extent of the Hope Slide

Amid more rockslides and treacherous conditions, the search for the victims begins.

Smile Cookie Campaign a huge success for Tim Hortons and AVFD

Two anonymous donations had local firefighters and staff busy making cookies

Curling season has started again in Ashcroft

Club has some new members and looking for more newcomers to join

Cache Creek council wants to enter bus service negotiations

Calls from local residents for scheduled public transportation answered

Community Resiliency Barbecue well-attended and opens some eyes

Equality Project provides services for people with financial, social, and spiritual needs

Singer k.d. lang receives Alberta’s highest honour

Celebrated singer-songwriter k.d. lang received the Alberta Order of Excellence in Edmonton

Bernardo-like sexual deviancy poorly understood, expert says

What exactly causes such deviance is not known but some evidence exists of physical brain damage to the front part of the brain

B.C. high school teacher faces sexual assault charges

A Mt. Boucherie teacher has been charged with child luring, sexual exploitation and sexual assault.

Fashion Fridays: You can never have enough shoes

Kim XO, lets you know the best online shopping tips during Fashion Fridays on the Black Press Media Network

Former B.C. cop sentenced to jail ‘in the community’ after caught in Creep Catchers sting

Dario Devic pleaded guilty after getting caught up in Surrey Creep Catcher sting in Whalley in 2016

5 races to watch in B.C.’s municipal elections this Saturday

This year’s election results across more than 160 cities in B.C. will start pouring in after polls close Saturday at 8 p.m.

Annual pace of inflation slows to 2.2 per cent in September: Statistics Canada

Statistics Canada said Friday the consumer price index in September was up 2.2 per cent from a year ago compared with a year-over-year increase of 2.8 per cent in August

Dog deaths in Lower Mainland may be tied to suspected mushroom poisoning: RCMP

Police have received reports in the last month about several dogs becoming ill after visiting a park in North Vancouver

Record-breaking $113 million Lotto Max jackpot up for grabs

This is Canada’s highest top prize offering ever and includes 53 Max Millions

Most Read