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Sierra Wireless is at the leading edge of the Internet of Things. D-Wave is breaking ground in quantum computing, selling to Google and NASA. Kairos Therapeutics is tackling cancer by combining antibodies with drugs. General Fusion is researching the production of clean energy from fusion.
All of this is happening in British Columbia. It’s a solid foundation. It’s gaining momentum.
The B.C. tech sector has come into its own. The entrepreneurial drive in B.C. has created tech companies with nine-figure revenues, a vibrant startup ecosystem, and world-class technology used by the most prestigious companies in finance, information technology, aerospace, and retail.
The tech sector is a key driver of growth for the provincial economy, expanding faster than the economy at large. Employing over 86,000 people, with an average wage that is 60% higher than B.C.’s industrial average, the sector has a principal role in the BC Jobs Plan.1 The tech sector has outpaced the overall provincial economy for eight of the past ten years. The 9,000 technology companies2 in British Columbia in 2013 combined to generate over $23 billion in revenue3, adding over $13 billion to B.C.’s GDP. That same year, over 700 new technology companies came into existence in the province.4
We have clear advantages over other jurisdictions. We have the ‘3 Ts’: Talent, Taxes, and Time Zone.
We have a 11% provincial and 26% combined provincial and federal corporate tax rate, and tax credits to support tech investment. We have esteemed, science-focused universities that produce a highly educated workforce. We have a location that guarantees smooth co-ordination with partners and customers on the West Coast.
These strengths, our promotion of tech-sector growth, and our success stories are multiplying and attracting large multinational companies like Amazon, Sony Pictures Imageworks, Microsoft, Electronic Arts, and Animal Logic to set up in the province.
We’re committed to building on this progress. Government has a role to play in expediting growth and seeding success stories, while supporting entrepreneurs who have the vision, ambition, and passion to build technology, commercialize it, and reach every market in need of solutions.
Tech companies told us that B.C. needs more talent. We’re creating avenues for more skilled and talented people to work in the tech sector.
Entrepreneurs said they need capital.
We’re investing $100 million in a venture capital initiative.
Industry stated they need less friction to sell to government. We’ve revamped the process.
As the tech sector continues to emerge, it keeps the province’s economy diverse, strong, and growing. B.C. needs more homegrown tech companies to grow from small operations with viable products to growth stage companies exporting around the world, employing some of the province’s most educated, creative, and skilled people, with British Columbians at the helm.
We’re positioning the province for the future. We’re building the venture capital needed for growth. We’re preparing today’s students for prosperity.
In the #BCTECH Strategy, we’re doing this through actions in three pillars:
Read the #BCTECH Strategy for more information including a full list of #BCTECH Strategy actions and #BCTECH success stories.
1 BC Stats, Profile of the British Columbia High Technology Sector, 2014 Edition (June 2015), pg. 4
2 BC Stats, Profile of the British Columbia High Technology Sector, 2014 Edition (June 2015), pg. 58
3 BC Stats, Profile of the British Columbia High Technology Sector, 2014 Edition (June 2015), pg. 4
4 BC Stats, Profile of the British Columbia High Technology Sector, 2014 Edition (June 2015), pg. 4