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

Update: North Beach clam harvest closed due to PSP biotoxin

Marine biotoxin results in closure for all bivalve harvesting from Wiah Point to Rose Spit

In Pictures: Rock the Plank! brings in the booty

Pirate-themed skate party raises $2,500 for new Masset Skate Society

Haida Gwaii fishing grounds are key to survival of northern resident killer whales: DFO

Plan marks waters from Langara to Rose Spit as critical habitat for northern resident killer whales

Masset suggests a simpler structure for Gwaii Trust

Change would parallel existing municipal, regional district representation for non-Haida communities

Grade 9s on Gwaii Haanas trip visit “the best spot on Haida Gwaii”

Now in its fourth year, Grade 9 trip gives Haida Gwaii youth a chance to visit Tanu and Windy Bay

Here’s what you need to know about Day 1 at the BC Games

All 18 events kick off on the track, riding ring, fields, courts and lake in the Cowichan Valley

Site C dam project plagued by problems: expert

E. Harvey Elwin expresses concern about internal BC Hydro and government documents

Seal attacks kayakers in the Broughton Archipelago

“It has to be one chance in a million of this happening.”

Victoria-area park sign removed after glitch redirects to porn site

Resident looking to learn more about workout equipment discovered the problem code

Special Olympic athletes take on BC Games during special anniversary

Known as the Global Day of Inclusion, July 20 marks the first Special Olympics in 1968 in Chicago

Scammers dressed as Mounties threaten to arrest senior if she doesn’t cough up cash

Pair of fraudulent officers threaten to arrest 90-year-old woman

Fundraiser to help mom of jogger detained after crossing U.S. border

Cedella Roman, 19, was held in U.S. after accidentally crossing border in South Surrey

Okanagan Wildfires: The latest on wildfires and evacuations

A Friday morning look at the major wildfires impact the Okanagan and Similkameen.

UPDATED: 1,500 residents on evacuation alert as Peachland under state of emergency

The Mount Eneas wildfire has forced an evacuation alert of 596 properties

Most Read