New Ventures BC Impact Study Reveals Major Economic Results for Tech Sector
Report shows that each dollar invested in programs delivers 5X back to province.
New Ventures BC | Media Release
November 22, 2017
New Ventures BC (NVBC), a not-for-profit organization that runs the annual BCIC-New Ventures Competition, is announcing today the results of its Direct Economic Impact study.
“The results of the study demonstrate that New Ventures BC is enabling significant impact in BC’s growing tech ecosystem. The competition’s mandate is to recognize startups but also to help them succeed,” comments Mike Volker, Chair, New Ventures BC.
“Over the last 17 years, past winners of the annual BCIC-New Ventures Competition have gone on to hire thousands of full time employees, raise millions of dollars, and create innovate technologies that help put BC on the map as a leader in technology.”
According to the impact study, New Ventures BC’s top placing startups in the 2010-2014 cohorts have generated:
$249 million in annual revenue
$149 million in provincial GDP
$80 million in payrolls
In addition, the ventures generate an estimated $18 million in annual employee income taxes, with the Province receiving $6 million of these funds.
The data shows that the return on investment for the province is significant: for every dollar of public funding spent to support New Ventures BC, the province of BC receives nearly five dollars back in tax revenue.
READ THE FULL MEDIA RELEASE HERE