Applications now open for the 2023 New Ventures BC Competition

Photo of 2019 competition winner Lumen5
Participants stand to win over $250,000 in prizes.

New Ventures BC (NVBC) is taking applications for its 23rd annual tech startup competition presented by Innovate BC. Applications close on April 11.

Over the next six months, applicants will participate in multiple rounds of competition for over $250,000 worth of prizes. Competing startups will also get access to in-person events, mentorship opportunities, and NVBC’s educational seminar series.

Startups from past cohorts include Vonigo, Aspect Bioware and DarkVision.

The competition will begin on April 15, with the winner being crowned at an award ceremony later this year.

Eligibility for startups include British Columbia (BC) residents, teams, or businesses that are less than five years old, have raised less than $1 million of non-grant funding from any source, and have an innovative tech product or service.

The 2022 competition saw Vancouver-based smart business card provider Ovou win first place out of the over 200 applicants, securing $110,000. By tapping an Ovou card on a smartphone, users can instantly share a curated professional profile and contact information. That same year, the competition also introduced a $10,000 sustainability prize, which was taken home by cleantech startup Acel Power.

RELATED: Smart business card startup Ovou wins $110,000 at 22nd New Ventures BC competition

NVBC also awards four additional companies for their achievements across a range of categories. In 2022’s competition, biodegradable glow sticks manufacturer Nyoka won the Regional Startup Prize; Yield Exchange CEO Yvette Wu won the Woman-Led Venture Award; and biotech firm Immfinity won the Luminaries Diamond-in-the-Rough Award.

NVBC was launched in 2000 by venture capitalist Wal van Lierop to provide BC early-stage tech venture founders with business skills, industry contacts, networking opportunities and media recognition.

Innovate BC is a provincially-funded agency that funds entrepreneurial support programs in the province. Formed in 2004, it began working with NVBC’s startup competition to provide funding for the event.

A study NVBC conducted of 90 of its companies that reached the top 25 in past competitions has shown that 79 percent are still currently operating with over 930 full-time jobs created. Startups from past cohorts include Vonigo, Aspect Bioware and DarkVision.

Feature image courtesy NVBC.

Ryan O'Connor

Ryan O'Connor

Ryan O'Connor is a journalism student at Toronto Metropolitan University and an intern staff writer for BetaKit. Follow him on Twitter @oconss2.

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