Vancouver’s booming economy has always been attributed to foresting, fishing, construction, and real estate; however, of recent years Vancouver’s tech industry has been acknowledged as a world player. This recognition is primarily due to two major contributing factors:
1) 2015 BC Government Funding:In 2015, the BC Government announced they would be providing $100 million dollars for the venture capital fund targeting startups.
2) Vancouver’s Tech Unicorns: Vancouver is the home to three “tech unicorns” (companies valued at over 1 Billion dollars) all which were created in the last 15 years: Hootsuite, Slack, and Avigilon.
The success of these corporations combined with BC Government’s funding has influenced the increasing amount of start-up tech companies in recent years. In 2016, Vancouver Tech companies generated more than 23 billion in revenue and a 2.9% boost in employment.
With the recent election and change of leadership of our Southern friends, things have been looking great for Vancouver’s tech ecosystem. The new rein of executive orders targeting immigrants massively impacts the US tech industry considering immigrants founded a large majority of the start-ups in the Silicon Valley. This has made BC (#1 startup ecosystem in Canada) whole lot more attractive.
On June 12th, the Government of Canada launched the “Global Skills Strategy” which will fast-track the application process and will allow employers to hire talented tech foreign workers.
Vancouver’s tech industry is going to see an unbelievable change in the next coming years and we for one, are very excited.