BC’s tech economy has received an ‘A’ grade in KPMG’s British Columbia Technology Report Card. The report rates the tech sector’s performance in the provincial and global economies, as well as its potential to grow.
While the BC tech sector has received an ‘A’ grade since 2014 when compared to other BC industries, this year’s report marks the first time it has earned an ‘A’ grade when compared to other provinces’ tech economies as well.
“The opportunity is here, and it is our collective responsibility to come together to realize it and take our rapidly growing tech sector to the next level.”
“I’m proud to see BC’s tech sector get a third straight A on economic outputs,” said Jill Tipping, the president and CEO of BC Tech. “What an outstanding achievement for our industry and our community. To realize our full potential, let’s now turn that energy to growing our talent pool and supporting more BC tech companies to achieve scale-up success. Strong anchor tech companies at the heart of our ecosystem are extremely important to enrich the talent pool, create spinoffs, and provide proven pathways to scale.”
BC’s tech sector is responsible for seven percent of the province’s economy and is ranked first amongst the province’s various industries in terms of growth. The last two years have seen the BC tech sector’s revenue increase by 11.9 percent. The number of medium to large-sized companies based in BC has also grown over the last two years.
Additional challenges for the BC tech sector were noted in the KPMG report card, including the need to identify solutions to challenges through collaboration with public policy leaders and educational institutions. Access to talent was also a concern, as growth of talent through math, computer, and information science is stagnant; the report noted that the provicne produced 1,083 degree holders in these areas 2015, 60 more than in 2013.
“This strong A-grade shows that tech companies continue to create good jobs throughout our province,” said Bruce Ralston, Minister of Jobs, Trade and Technology. “A strong economy needs thriving industries, and our government is committed to the tech sector’s continued success in all areas, particularly the natural resource sector. This includes increasing talent development so that we have a well-educated and diverse workforce that can support the province’s innovation and growth.”
“From our discussions with senior leaders at the helm of BC-based technology firms, there is a clear need for even more anchor technology companies that call BC home. Companies that will form the backbone of a vibrant tech community,” said Jameel Ahamed, partner of consulting and BC lead of digital transformation and innovation at KPMG. “The opportunity is here, and it is our collective responsibility to come together to realize it and take our rapidly growing tech sector to the next level.”
Access the full report here.
