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BC Government Announces $100 Million Venture Capital Fund for BC Tech Industry
Wednesday, December 9, 2015Company Profile | Follow Company
Vancouver, BC, December 9, 2015--(T-Net)--The Province of British Columbia announced today that it is creating a new $100-million venture capital fund as it builds the foundation for a comprehensive technology strategy aimed at stimulating growth in the fast-moving sector, creating jobs and strengthening a diverse economy.
Premier Christy Clark announced the new BC Tech Fund as part of the first of three economy-building pillars in the B.C. government's multi-year #BCTECH Strategy that will drive growth and job creation in the multi-billion dollar tech sector.
“B.C.'s technology sector is consistently growing faster than the overall economy making this the perfect time to catch the wave and help smaller companies join in the ranks of economy builders,” said Premier Clark. “With this fund we're creating a stronger foundation for B.C.'s technology sector, which is a major employer in communities across the province, to shine on the global stage while creating well-paying jobs back at home for British Columbians.”
The BC Tech Fund will help promising tech companies in B.C.'s tech sector by creating an avenue for capital funding, enabling them to take the next step towards joining the ranks of other job-creating tech companies.
The new fund will also help develop a sustainable venture capital system in the province, building on the success of the B.C. Renaissance Capital Fund (BCRCF), the province's well developed Angel investment community, and responding to current funding needs, according to the government.
Capital is one of three pillars in the forthcoming #BCTECH Strategy. This first pillar, announced today, also includes continuing to support B.C.'s competitive tax system and research environment.
The remaining two pillars, talent and markets, include actions to deepen the B.C. technology talent pool by developing and attracting the highest quality talent, and actions to make it easier to access new markets.
“We've seen phenomenal growth in the technology sector in recent years. The B.C. Tech Strategy will further increase that growth by giving early-stage companies greater access to the venture capital they need to start off their business on the right footing. The access to capital is the boost entrepreneurs need to build their companies, commercialize and create high-paying, skilled jobs” said Amrik Virk, Minister of Technology, Innovation and Citizens' Services.
“B.C. is already home to an amazing technology sector, and today's announcement provides needed support for business development and growth. Government's venture capital investment is a great start in terms of helping companies expand, and will solidify what many already know: B.C. is the best place to grow a tech company” said Bill Tam, president and CEO of the BC Technology Industry Association.
“Government gained a better understanding of what was needed to support growth of the technology sector by speaking with its leaders and influencers. Putting those needs into action has resulted in a strategy that provides promising tech companies with access to the capital they need, and reaffirms government's commitment to help researchers and innovators succeed in building world class new businesses that create high paying jobs in B.C.” continued Greg Peet, chair, Premier's Technology Council.
The complete #BCTECH Strategy will be announced in January, according to the government.
The BC Tech Fund will be in operation in 2016 following an open procurement process to secure a private sector fund manager to administer it. The process for identifying a fund manager begins today with a posting for a Negotiated Request for Proposal (NRFP).
The government reported in a press release that B.C.'s technology sector is consistently growing faster than the economy overall. Its continued growth is integral to diversifying the Province's economy, strengthening B.C.'s business landscape, and creating jobs in B.C. communities.
For information on Notice for Request for Proposal:
BC Bid: www.bcbid.gov.bc.ca/open.dll/welcome
Name of Document: Venture Capital Investment Fund Management
Opportunity Number: ON-002758
Contact: Tracy Harris procurement@gov.bc.ca
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Ministry of Jobs, Economic Recovery and Innovation
Victoria (Non-Tech Sectors)
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