Early-stage companies often face a daunting challenge at the start of the journey: how to get the cash to prove an idea. Last week, the Province of British Columbia announced new funding to help those companies bridge that gap.
Crown corporation Innovate BC announced Nov. 28 that it has launched an early-stage demonstration call that will cover as much as 40 percent of the costs, up to $500,000, for eligible small and medium-sized businesses to build pilot-scale demonstrations of a made-in-BC technology.
“Do I think the federal government should be focusing more on BC companies? Yes, absolutely.”
BC AI minister Rick Glumac
Innovate BC has set aside $2.5 million for the first round of applications, which will close on Dec. 21. Another round of applications will open next year, but the value of that round has not yet been set. The tests will be run through Innovate BC’s Integrated Marketplace, which pairs companies with organizations like the Vancouver International Airport and provincial health services, so they can test their projects in real-world scenarios to help them become commercially viable.
BC AI minister Rick Glumac told BetaKit on Tuesday that Integrated Marketplace has been a huge success in helping companies prove their tech and showcase it globally. This program will advance it by connecting with companies at an even earlier stage, giving them an opportunity to pilot their technology, and get that tech to a place where it’s commercially ready.
BC has more than 12,000 tech companies employing more than 200,000 people, and the majority of those companies are in an early stage of development, Glumac said.
“We recognize that there’s an incredible amount of innovation that’s happening,” Glumac said in an interview. “So recognizing that there’s so much potential in a lot of companies … if we can help some of the more promising early-stage companies grow, it’s going to create an even stronger ecosystem.”
He pointed to A&K Robotics, which makes small, autonomous vehicles that help travellers with mobility issues navigate airports. Integrated Marketplace connected A&K Robotics with Vancouver’s airport; last month, A&K announced that its tech will be piloted at Madrid-Barajas, Europe’s second-largest airport.
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Glumac became the head of the province’s newly created artificial intelligence (AI) ministry in July. He says that since he’s taken over the portfolio, he’s had a few opportunities to connect with federal AI minister Evan Solomon, and that he hopes to maintain an ongoing dialogue between BC and Ottawa.
Solomon has faced questions from critics in recent weeks over federal funding of foreign multinationals with a presence in Canada; some business leaders like Shopify’s Tobi Lütke have suggested that he should direct that money to local companies, instead.
“Do I think the federal government should be focusing more on BC companies? Yes, absolutely,” Glumac told BetaKit when asked about the criticism directed toward Solomon. He added that as the United States has cracked down on immigration, he has started to see growth opportunities for the Vancouver tech scene. “Anything we can do to support Canadian, and in particular BC companies, now is the moment to do it.”
The pilot projects are expected to run for one year and show that they can deliver outcomes such as improving productivity and other benefits that will grow BC’s economy.
Interested businesses can apply through Innovate BC’s website.
Feature image courtesy Innovate BC.