Government of Canada Supports Innovation in British Columbia

WD funding will support up to 1,000 good, local jobs in communities across the province

July 28, 2020 – Vancouver, BC – Western Economic Diversification Canada

Small- and medium-sized businesses in British Columbia’s technology sector have never experienced an economic crisis like the one brought on by COVID-19. Even seasoned entrepreneurs are struggling with uncertainty as they reassess budgets, redesign marketing strategies and prepare cash-flow projections. Over the past months, the Government of Canada has taken strong action to help these businesses keep employees, pay rent and get access to capital to cover costs. As our economy reopens, the federal government continues to make important investments to support BC’s technology sector.

Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada (WD), announced $2,950,000 in federal support to help businesses in BC's technology sector address the impact of COVID-19. This funding will benefit up to 2,500 innovative companies and support as many as 1,000 jobs. Up to half of these businesses are either owned or operated by women, youth or Indigenous people. This funding flows from the $304 million Regional Relief and Recovery Fund for Western businesses, announced by Minister Joly on May 13, 2020.

Federal support to help BC technology sector expand and support economic growth across the province

As BC’s technology companies assess and address the impact of COVID-19, this funding will help support them through the new BC Technology Sector Resiliency Program, developed and delivered by Innovate BC in partnership with the BC Acceleration Network (BCAN,) its provincial network of business accelerators and incubators. This program will expand existing advisory services and resources across BC to support tech entrepreneurs starting and scaling up their businesses, with a focus on training, advice and resources dedicated to helping them recover from the impact of COVID-19.

Innovate BC will also work with BCAN and other organizations to expand the innovative ''Digital Economic Response'' (DER3) program across the province. Originally piloted by Nanaimo’s Innovation Island Technology Association, DER3 provides one-to-one business and technical expertise for companies hoping to improve their digital capacity. The WD funding will help build an integrated network to provide training, tools, and customized advice to over 900 businesses. This crucial support will help them transition into the digital economy or expand their digital footprint, giving them the tools they need to respond to physical restrictions and expand to new markets. WD provided $100,000 to Innovation Island Technology Association earlier this year to develop the DER3 program.