BC has the potential to become one of the top technology ecosystems globally. BC Tech's Association's 4-Point Plan outlines 16 key actions across four pillars that will accelerate the future growth of BC's tech sector, yielding more successful tech companies, create more high-paying jobs, and boosting BC’s global competitiveness and economic prosperity.
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TALENT: INVEST IN DEVELOPING AND ATTRACTING WORLD-CLASS TALENT
Canada needs to create a more conducive environment to encourage, develop and attract the best talent. To win the war on talent, we need to streamline immigration and invest in expanding and improving the education system to nurture a homegrown tech talent pool in the province.
1. Invest an incremental $100MM in post-secondary to expand graduates of tech programs
2. Enhance the curriculum and experiential learning in post-secondary
3. Invest in K-12 programs to teach coding and technology in the curriculum
4. Improve the immigration system for highly skilled and experienced talent
SCALE UP: ENCOURAGE COMPANIES TO GROW AND ACHIEVE GLOBAL COMPETITIVENESS
Successful ecosystems have significantly larger cohorts of medium and large sized companies. To compete globally and scale-up BC's tech ecosystem, we must employ a strategy that encourages the growth of small companies to become medium and large anchor companies by improving and supporting competitive tax structures.
1. Streamline the multitude of tax programs to encourage companies to grow and invest in jobs
2. Consolidate provincial tax programs into a single R&D Labour Tax Credit
3. Establish a BC Technology Commercialization Tax Credit
4. Simplify and extend the federal SR&ED program
MARKETS: EXPAND ACCESS TO PROCUREMENT AND GLOBAL MARKETS
Small companies typically lack the scale and capability to successfully access markets and customers abroad. Successfully growing BC tech companies requires a deliberate focus by government to foster home team advantage, demonstrate support as customers and support expanded access to new markets.
1. Expand the Build in Canada Innovation Program to BC
2. Introduce a pilot program for Set-Asides in government procurements
3. Improve access to existing government procurement programs
4. Invest in market development programs that expand export activity
CAPITAL: EXPAND ACCESS TO GLOBAL CAPITAL TO GROW COMPANIES
Access to capital is critical in fuelling the growth of tech companies. To address the funding challenge at all stages of growth, we need a long-term view that builds on a strong foundation and positions BC to attract global capital in greater numbers.
1. Invest in building strong programs to attract global capital
2. Enhance and expand the Angel Tax Credit program
3. Continue to support existing venture capital programs
4. Expand debt and lending options
To download the 4-Point Plan, click here.
To download the detailed 4-Point Plan, click here.