Government promises $100-million fund to B.C. small tech businesses

B.C.’s small tech businesses are getting more support from the province.

A $100-million fund to boost B.C.’s tech sector was announced by Premier Christy Clark this morning.

Clark says providing capital is the first step in the province’s multi-year #BCTECH strategy, in addition to deepening B.C. tech talent pool and making it easier for the B.C. businesses to access new markets.

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The hope is to grow B.C.’s presence in the tech sector, which directly employs more than 86,000 people.

The premier noted B.C.’s technology sector is consistently growing faster than the overall economy. In 2013, it grew at a rate of 4.7 per cent, higher than the 3.2 per cent growth of the provincial economy, according to the government. In the same year, B.C.’s tech businesses brought in $23.3 billion in revenue.

The BC Tech Fund will help promising tech companies by creating an avenue for capital funding. The new fund will also help develop a sustainable venture capital system in the province.

The province is now actively looking for a private sector fund manager to administer the fund.

The complete #BCTECH strategy will be announced in January at the summit that will showcase B.C.’s tech industry.