VANCOUVER — Budding technology entrepreneurs are getting access to cash to fuel their startup companies as British Columbia launches a strategy aimed at creating jobs.
Premier Christy Clark has announced a $100-million venture capital fund in an effort to bolster the technology industry and diversify the economy.
Clark says the fund adds to the province's already well-developed community of so-called angel investors, who provide private funding.
First step of #BCTech Strategy will provide $100M fund so small tech companies can turn ideas into reality. pic.twitter.com/Dx2xpgLau5
— Christy Clark (@christyclarkbc) December 8, 2015
Igor Faletski, CEO of Vancouver-based Mobify, says the government fund will help B.C. startups compete with those in Silicon Valley, where access to capital is unlimited.
Greg Caws, president of the BC Innovation Council, says the money will help struggling young companies grow into profitable medium and large firms.
The province says its tech sector directly employs more than 86,000 people, who are paid 60 per cent higher wages than B.C.'s industrial average.
