Innovate BC

Innovate BC is a crown agency, not a for-profit fund manager. Its mandate is to drive economic development and innovation in British Columbia through grants, training, and co-investments, rather than maximizing financial returns. The agency does not charge management fees or carry, and its capital comes from provincial appropriations, not from limited partners.

Innovate BC supports early-stage technology companies that are headquartered or have significant operations in British Columbia. Its programs fund companies in clean technology, digital health, agritech, and enterprise software, among others. The agency typically co-invests alongside private investors, providing non-dilutive grants or matching equity contributions.

Many Innovate BC programs are non-dilutive, meaning they provide grants without requiring equity. However, some programs, such as the BC Tech Fund co-investments, do involve equity participation. The specific structure depends on the program—grants, loans, and equity co-investments are all used by the agency.

Innovate BC administers the BC Tech Fund, a $100 million venture capital fund launched in 2017. While the fund operates under Innovate BC's umbrella, it is structured as a separate investment vehicle with its own investment committee. The fund makes equity investments in BC technology companies, typically co-investing alongside other venture capital firms.

Innovate BC is a crown agency of the Government of British Columbia, meaning its board is appointed by the provincial cabinet. The CEO, Peter Cowan, reports to the board, and the agency's activities are subject to British Columbia's public-sector accountability framework. This includes annual reporting to the legislature and oversight by the Ministry of Jobs, Economic Development and Innovation.