The province said Monday it’s creating a new investment fund in partnership with the University of British Columbia.
Crown corporation InBC Investment Corp. and UBC will each provide $10 million for the new UBC Catalyst Ventures Fund, with the goal of raising an additional $20 million from private-sector investors.
The fund is intended to help grow companies that are based on UBC research.
“[This fund] ensures we can get on the ground, on the floor, to invest in companies that have huge growth potential, while providing the capital they need to expand and create good-paying jobs,” said Jobs and Economic Growth Minister Ravi Kahlon on Monday.
The province said initial investments will focus on life sciences and “deep tech,” a sector that includes areas like artificial intelligence (AI) and quantum computing.
B.C.’s “Look West” economic plan aims to double employment in those sectors over the next ten years.
Kahlon said the funding is not part of the province’s recent legislation that would create a $400 million fund to allow the B.C. government to directly invest in projects, and reap the benefits of their success through profit-sharing agreements and equity stakes.
He said InBC operates at “arm’s length” from the government.
