B.C. – New Ventures BC (NVBC), a not-for-profit organization that runs the annual BCIC-New Ventures Competition, recently announced results of its Direct Economic Impact study.
According to the impact study, New Ventures B.C.’s top placing startups from the 2010-2014 cohorts have generated:
- $249 million in annual revenue
- $149 million in provincial GDP
- $80 million in payrolls
These results demonstrate how New Ventures B.C. generates a significant impact in growing B.C.’s tech ecosystem. The competition’s mandate is to recognize startups and then help them succeed.
“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,” says New Ventures B.C. Chair Mike Volker.
In addition to the benefits noted above, 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 B.C., the province receives nearly five dollars back in tax revenue.
