B.C. is on the cusp of becoming a global innovation leader. Despite recent economic challenges, the province is home to some of the fastest-growing sectors in Canada, including life sciences and technology. With major innovation conferences such as the Web Summit making its debut on the West Coast, and government initiatives such as the B.C. Life Sciences and Biomanufacturing Strategy fueling sector growth, this momentum is poised to continue.
We must seize these opportunities, supporting local industries and ensuring a thriving, resilient economic future for British Columbians, which isn’t overly reliant on foreign investment.
This means enabling local companies to scale, becoming anchor firms in the province and global leaders. But, they need support during every stage of their growth. While various startup funding is available, access to growth capital has been scarcer. Ensuring investment remains local helps keep companies, innovations, wealth and jobs in B.C.
Clarius Mobile Health, a medtech company producing AI-enhanced wireless handheld ultrasound scanners, prioritized Canadian investors for these reasons. With headquarters in B.C., Clarius committed to ensuring the wealth it created benefitted its local community. When Clarius was ready to scale, InBC Investment Corp., the province’s arms-length investment fund, provided it with the necessary investment. Today, the company is selling in over 90 countries, helping to position the province on the world stage as a leader of innovation, while keeping its intellectual property, R&D and recently opened 22,000-square-foot manufacturing facility in the province.
“We have tremendous potential here in B.C. with a growing and vibrant startup ecosystem,” said Ohad Arazi, CEO of Clarius Mobile Health.
Ensuring all B.C. companies have the necessary support to grow requires an increased investment pool in the province. This includes attracting more investment, supporting up-and-coming investors, increasing the capacity of existing funds and enhancing collaboration in the investment community. In highly specialized sectors, investors with deep expertise provide strategic guidance needed to scale globally.
To address this, InBC invested in Amplitude Ventures, which has expertise in life sciences and biotechnology funding and growth. Over a decade of experience investing in the province, Amplitude is now witnessing the sector boom. The pandemic highlighted the province’s life sciences potential, and government initiatives such as the B.C. Life Sciences and Biomanufacturing Strategy and InBC’s investments are enabling local innovations to compete on a national and global scale.
“Our mission is to bring innovation to improve lives,” said Nancy Harrison, venture partner at Amplitude. “To accomplish this, we work with innovators to build great companies right here in Canada, and scale those companies to be world-class leaders.”
A strong innovation ecosystem thrives on collaboration between public and private sectors, accelerators and investors. The B.C. Centre for Innovation and Clean Energy (CICE) exemplifies how strategic partnerships accelerate commercialization.
CICE invested in Vancouver-based Arca Climate Technologies during its early days, helping the company to advance its technology. Later, InBC provided scale-up investment, allowing it to compete globally. Arca is now operating on three continents, removing carbon-dioxide from the atmosphere while decarbonizing the mining industry. This is just one example of how collaborating to support a company along every stage of its journey can accelerate its growth.
“We’re scaling B.C.’s most transformative solutions to global markets, creating jobs and cutting climate pollution,” said Sarah Goodman, CEO of CICE. “Together, we’re building an innovation ecosystem that drives both economic growth and economic impact.”
At a time of global economic and geopolitical uncertainty, regions that focus on their competitive advantages will emerge stronger. By expanding B.C.’s investment landscape and strengthening collaboration, we can help businesses scale, compete globally and drive sustainable growth.
The result? A thriving innovation ecosystem that attracts top talent, fuels economic resilience and cements B.C.’s status as a global leader.
Jill Earthy is CEO of InBC Investment Corp.
