The visionary Dr. Patrick McGeer, then Minister of Education for the Province of BC, founded Discovery Foundation nearly 40 years ago. Created to promote and support the province's high technology research and development industry, the Discovery Foundation has gone through many evolutions since its formation in 1979. Government involvement ceased in 1991 but the Discovery Foundation has continued its efforts as a private organization with a public mandate.

A registered charity now governed by its own Board of Directors, the Discovery Foundation's mandate is to promote and facilitate innovation and the development of the technology sector in British Columbia.

Its principal role is the delivery of the Technology Education Program (TEP) through selected Agents who educate technology entrepreneurs in British Columbia. Each year, industry organizations and educational institutions apply to be TEP Agents through a competitive process. This process ensures the delivery of the highest quality programs

Discovery Foundation currently receives all funding through the independent and self-sustaining organization, Discovery Parks.