Province Boosts Tech in BC with $30M Investment into Integrated Marketplace

British Columbia has decided to invest another $30 million into the Integrated Marketplace program.

The decision follows a three-year pilot that started in 2022 with provincial capital and then expanded in 2023 with a $10M federal investment.

The new $30M investment, to be injected over another thee years, fuels further expansion for the Integrated Marketplace program, which was created to help local companies grow and to support the adoption of B.C.-made solutions globally.

The federal government, which poured $2M earlier this month into the B.C. program, “is a proud founding partner of Integrated Marketplace, which serves as a powerful launchpad for local companies, accelerating their growth and expanding their reach, helping to build one strong Canadian economy,” stated minister Gregor Robertson.

One of the main features of the marketplace is the program’s “testbeds,” which are physical or conceptual locations where the Marketplace runs projects that use commercially ready products in real-world settings to confirm benefits and efficacy.

To date, four Marketplace testbeds have been announced: YVR, the Prince Rupert Port Authority, the Vancouver Fraser Port Authority, and the provincial health testbed hosted by Provincial Laboratory Medicine Services.

“This additional $30-million investment from the Province is a strong vote of confidence in B.C.’s innovation ecosystem and the real-world impact of the Integrated Marketplace,” says Peter Cowan, CEO of Innovate BC, which powers Integrated Marketplace.

“This funding will allow us to continue expanding that impact across the province, addressing pressing challenges in productivity, emissions reduction and health and safety, while fuelling long-term economic prosperity,” he added.

The announcement was made at this year’s inaugural Web Submit Vancouver (check out our coverage of the event).

“B.C. is home to a vibrant, accelerating technology sector, and Web Summit Vancouver is the perfect place to demonstrate what we have to offer investors, companies and talent looking for new opportunities,” remarked Diana Gibson, Minister of Jobs, Economic Development and Innovation.

“The Integrated Marketplace program has shown great results and potential for much more,” she believes.

British Columbia’s tech sector currently has 2,000 companies employing more than 182,000 skilled workers.