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

Stone re-joins Campbell River Storm as head coach/GM

Spent half of last season with the BCHL Surrey Eagles

Removal of old Elk Falls parking lots underway

Already replaced by the new access to the suspension bridge

Campbell River city council won’t support cannabis license, citing First Nation opposition and ‘at-risk youth’ nearby

The third application to come before council is the first to be denied city support

Former Campbell Riverite reaches Everest summit

Clayton Matthews’ team got to the top of the world earlier this week

Killer of Calgary mother, daughter gets no parole for 50 years

A jury found Edward Downey guilty last year in the deaths of Sara Baillie, 34, and five-year-old Taliyah Marsman

Serious crash scatters pylons, closes highway lanes on mid Island

Crash happened at 1 a.m. Wednesday on the Trans-Canada Highway in Nanaimo

Raptors beat Bucks 120-102 to even series at 2-2

Lowry pours in 25 as Toronto moves within two games of NBA Finals

Body of missing snowmobiler recovered from Great Slave Lake

Police confirm the body is that of one of three missing snowmobilers

Christmas morning burglar sentenced on Vancouver Island

Justin Redmond Feusse, 20, sentenced to 240 days in jail for Dec. 25 break-and-enter

So, do you know ‘Dave from Vancouver Island’?

Ontario man searching for fellow he travelled with in Europe 50 years ago

Toddler seriously injured after falling from Okanagan balcony

RCMP are investigating after a two-year-old boy fell from the balcony of an apartment in Kelowna

Cost jumps 35% for Trans-Canada Highway widening in B.C.

Revelstoke-area stretch first awarded under new union deal

Is vegan food a human right? Ontario firefighter battling B.C. blaze argues it is

Adam Knauff says he had to go hungry some days because there was no vegan food

Most Read