BC to put $30 million into Integrated Marketplace program to help ignite tech sector

The government of British Columbia has announced an additional $30 million in spending to help ignite the province's tech sector.Funds will be injected into the Integrated Marketplace program, which showed promising results during its three-year pilot program."BC is home to a vibrant, accelerating technology sector, and Web Summit Vancouver is the perfect place to demonstrate what we have to offer investors, companies and talent looking for new opportunities," Jobs, Economic Development, and Innovation Minister Diana Gibson said at a press conference in Vancouver on Friday. "We want the world to know BC is open for business."She went on to explain that "by working with our partners across levels of government, industry and academia, we are continuing to strengthen and diversify our economy, and creating valuable career opportunities for people in BC.".Federal Housing and Infrastructure Minister Gregor Robertson, who is also responsible for Pacific Economic Development Canada, echoed her sentiments, saying in a statement that Ottawa will continue to support the province's goals."British Columbia's tech sector drives innovation and job creation across the province and across Canada," he noted. "PacifiCan is a proud founding partner of Integrated Marketplace, which serves as a powerful launchpad for local companies, accelerating their growth and expanding their reach, helping to build one strong Canadian economy."As of now, there are only four testbeds — YVR, the Prince Rupert Port Authority, the Vancouver Fraser Port Authority, and the Provincial Laboratory Medicine Services — though there is potential to expand in the coming years."These testbeds are places where BC innovation is able to scale their technology and get ready to jump into global markets," Gibson said, highlighting two companies that were founded in the BC by locals and still headquartered here..Both A&K Robotics and MarineLabs have used the province's strategic location to expand into other markets while staying true to their BC roots. Jessica Yip, who co-founded the former company, made it clear that while she loved her home, sentiment alone wasn't enough to make her stay. She said BC was moving in the right direction to ensure there's a sustainable business case to stay put and not seek greener pastures elsewhere in the world.The Integrated Marketplace is overseen by Innovate BC, a Crown agency.President and CEO Peter Cowan called the $30 million in new spending "a strong vote of confidence in BC's innovation ecosystem and the real-world impact of the Integrated Marketplace.""It confirms what we've seen first-hand," he added, "that when we give local companies a platform to prove their solutions, we not only create home- grown success stories, we drive job creation, export BC-made solutions and help industries become more competitive, sustainable and resilient."To date, the province has spent $11.5 million on the Integrated Marketplace program, while Ottawa has provided $9.9 million.