Innovate BC 2021 2022 Impact Report
Championing B.C.’s Innovation Economy 2021-2022 IMPACT REPORT
Table of Contents About Innovate BC .....................................................................................................................2 A Message from our Chair + CEO ...............................................................................................3 B.C.’s Innovation Ecosystem .......................................................................................................4 Executive Summary: Year in Review ...........................................................................................6 Deeper Impact ...........................................................................................................................8 Nurturing the Talent of Tomorrow ............................................................................................ 11 Accelerating Made-in-B.C. Solutions ........................................................................................ 13 Cultivating World-Class Companies ......................................................................................... 15 Community. Collaboration. Celebration ...................................................................................16
Innovate BC’s office is situated on the traditional ̓ and unceded territory of the xʷməθkʷəyəm (Musqueam), Sḵwx̱ wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) Nations. We are grateful to work with innovators from across the traditional and unceded territories covering all regions of British Columbia. Our mandate drives us to seek meaningful collaboration opportunities with local indigenous communities and ensure that British Columbians in all regions of the province can benefit from a thriving, sustainable, and inclusive innovation economy. A Crown Agency of British Columbia, Innovate BC funds and delivers programs that support the growth of the B.C. economy by helping companies start and scale, train talent that meets labour market needs, and encourage technology development, commercialization, and adoption.
A Message from our Chair + CEO F O Our recovery from the pandemic offers British Columbia an S T historic opportunity to mobilize this province’s strengths to build E R a more prosperous, sustainable, and inclusive economy. I N G Innovation is key to this effort. I N Through innovation, we can nurture the new Together, we are working to build a stronger N industries, ideas and economic opportunities B.C. for everyone. O we need to generate wealth and to address the V Sincerely, A challenges of our time, from climate change to T economic inequality. I As a provincial agency charged with delivering high- O impact programs that promote innovation across our N economy, Innovate BC is a catalyst for making B.C. I a global innovation leader. N In new, emerging and traditional industries, Innovate B BC is strengthening our innovative capacities, C forging connections, shaping forward-looking policies and celebrating our successes. We are extremely proud of the work of our Board ANDREW PETTER, C.M., O.B.C., Q.C. RAGHWA GOPAL and our staff. This report measuring Innovate BC’s Chair President + CEO outsized impact on our province is a testament to their commitment and to that of B.C.’s extraordinary innovation community. 2021–2022 IMPACT REPORT | 3
B.C.’s Innovation Ecosystem We represent the Environmental, Academic/ Social and Training government of Corporate Institutions Governance British Columbia (ESG) Partners and the people who make up our innovation ecosystem in every corner of our province. Public We are proud to work Agencies with our partners in Industry, Business B.C.’s thriving innovation Accelerators & Incubators (BAIs) & Non-Profits ecosystem—from academia, researchers and government to non-profits, innovators and entrepreneurs—to solve the world’s biggest challenges and build great companies. This map depicts partners with whom Innovate BC has collaborated on programs, events and other initiatives over the course of 2021–22 and does not include companies supported through Innovate BC programs.
Innovation Asset Collective (IAC) is thrilled to work in partnership with Innovate BC to provide B.C. businesses with access to intellectual property education and resources to support their growth. Working together, IAC and Innovate BC are helping companies in the cleantech and data driven sector positively impact their ability to generate revenue and scale. To date, IAC and Innovate BC have jointly hosted three virtual events with registration numbers of upwards of 500 people and 23 B.C.-based companies are now members of IAC. This is a testament to the strength of our partnership and shared vision of supporting innovation in B.C.’s cleantech sector. —Lori DeGraw, VP Partnerships and Member Engagement 2021–2022 IMPACT REPORT | 5
E A Year in Review X E Over the past year, British Columbians navigated new waves of the pandemic; C U it was also a year that amplified the importance of innovation to addressing T I challenges and driving solutions here in B.C. and around the world. V E At Innovate BC, we played a critical role over the (NRC IRAP), Innovate BC also administered the S last year supporting British Columbia’s recovery and BC Fast Pilot, which funded B.C. based SMEs to U helping to grow a more sustainable, inclusive, and design, build and operate a pilot plant or small M prosperous economy. We worked to increase B.C.’s demonstration site for their technology in real-world M innovation capacities, foster connections within our conditions. A innovation ecosystem, and inform government policy. Businesses across industries are challenged by R Our high impact programs helped thousands of Y a skills shortage and an increasingly competitive businesses, entrepreneurs, and innovators tackle some landscape for talent. A skilled labour force is of the biggest challenges faced by British Columbians, required to meet the growing need for technology- from talent development to climate action. related jobs, within and beyond the tech sector. Innovate BC plays a central role in bringing partners Innovate BC administered the expanded Innovator together to expand investment in B.C. innovation Skills Initiative, which helps underrepresented initiatives. When we invest in B.C. innovators, people get their first job in B.C.’s tech sector and our partners join us. So much so, we were able to supports companies facing skills shortages. extend the reach of our $6 million core funding, In addition, Innovate BC delivered Digital Skills for leveraging an additional $54 million in innovation Youth, which provided funding to companies who funding last year. hire those who are underemployed between the Small- and medium-sized enterprises (SMEs) in ages of 15 to 30. B.C. have limited access to capital. To address this, Innovate BC delivered 11 virtual events in 2021/22 to Innovate BC delivered Ignite, funding innovation connect, celebrate and educate B.C. entrepreneurs projects by B.C.-based technology companies and innovators. Highlights include the BC Aquaculture in the natural resources and applied sciences. In Innovation Awards, A Conversation with 2021’s partnership with the National Research Council of Top Startups, and From Waste to Wealth: How B.C. Canada Industrial Research Assistance Program Cleantech Companies are Repurposing Resources.
Our Story by the Numbers 2021/22 $23M >1.5x $60M >3x Invested by Leveraged Funds Innovation Funding Demand Innovate BC for every $1 Invested Deployed for Programs 3,297 ~3,700 $112M $558M Companies Jobs Revenue Generated Investment Generated Supported Supported by Innovate BC-funded by Innovate BC-funded Companies Companies (1) Revenue and investment data only accounts for programs that track these metrics: Venture Acceleration Program (VAP). ScaleUp, New Ventures BC Competition (NVBC), Ignite, BC Fast and Innovation Marketplace. Most companies supported by Innovate BC are pre-revenue. (2) Jobs reported on may be accounted for more than once due to entrepreneurs and interns accessing multiple Innovate BC programs. ScaleUp and Venture Acceleration Program do not collect data on job retention. 2021–2022 IMPACT REPORT | 7
A Deeper Impact C SECTOR BREAKDOWN OF PROGRAM PARTICIPANTS L O Statistics below are based on data self-reported by companies on program applications. In Retail Products or S certain cases, program participants did not report a sector, or reported “other” as their sector. Services 11.30% E R Software & Comuter L Sstems 10.7% O O K Kootenays ‘i†ital licatios €.€ & ’Cƒ 12.27% Okanagan Valley Professioal Services 7.43% ‚. Lower Mainland ife Scieces & dvaced North Central & Fraser Valley ealth .€% & Northern B.C. . .€ ‚ducatio .21% dvaced ˆaterials & dvaced ˆaufacturi† Vancouver .0% Island ƒourism„ Culture„ Sorts & ‚tertaimet .17% . …ood Services or Productio 4.2% †riculture„ Clea ƒech„ REGIONAL BREAKDOWN …orestr 4.04% OF PROGRAM PARTICIPANTS Cosumer Retail 2.74% Œholesale Commercial 1.‡% Statistics below are based on data self-reported by companies Products or ‰oŠrofit .‡7% on program applications. The breakdown of companies Services .73% supported by region is in alignment with the proportion of ˆii†„ Oil ƒrasortatio .32% technology companies and their region in the province. & Žas .24% Social ‚terrise .1% Costructio Other 20.74% .0€%
OUR REACH: UNDERREPRESENTED COMMUNITIES Diversity, Equity and Inclusion (DEI) data is self-reported by program participants. Companies that did not report DEI data are not included in these statistics. Participants in multiple programs that have reported DEI data in different programs (or that have reported multiple categories) may fall under multiple underrepresented categories and may have been counted multiple times in the total. This graph serves only as a depiction of the breakdown of underrepresented individuals who identified as such, accessing Innovate BC programs. 1060 Women 702 People of Colour 393 Youth 316 Other 93 Indigenous Ignite 8 COMPANIES SUPPORTED Innovation Marketplace 10 BY PROGRAM This graph shows a breakdown of companies supported through BC Fast 14 Innovate BC programs. The Innovator Innovator Skills Initiative is the program with Skills the most funding available. Initiative 2,058 New Ventures BC Competition 25 Digital Economy: Rapid Response + Resiliency ScaleUp 64 Program 502 Venture Digital Skills for Youth 188 Acceleration Program 420 2021–2022 IMPACT REPORT | 9
BC Fast funding has been instrumental in bringing our Oxypressor™ technology to market. The support allowed our company to stretch our internal R&D budgets in 2021, fast-tracking the commercialization process by about a year. With our technology we have been able to reduce capital and operating costs, greatly reduce carbon emissions, and improve oxygen transfer efficiencies. —Dr. Heather Clarke, CFO, Poseidon Ocean Systems Photo: Poseidon Ocean Systems team
Tech Development + Adoption A C Innovate BC facilitates the development and adoption of technology that is C E addressing challenges faced by British Columbians and around the world. L E Ignite provides up to $300,000 to teams from Industrial Research Assistance Program, SMEs can get R A academia and industry conducting research up to $200,000 to design, build, and operate pilot T and development projects to accelerate the sites of their technology to demonstrate impact in I commercialization of their innovations in the real-world conditions and drive customer adoption. N natural resources and applied sciences sectors. In 2021/22, Innovate BC jointly hosted the first- G Through Ignite, Innovate BC has funded the most ever Aquaculture Innovation Awards with the B.C. M promising innovations — from water treatment and Government. This initiative encouraged sustainable A clean energy to decarbonization, reforestation and growth, competitiveness, and adaptability of the D more — to help tackle broad industry problems. aquaculture sector in B.C. by funding innovations E that solve challenges in the industry. Through the BC Fast Pilot, delivered in partnership I with the National Research Council of Canada N B C S O L U T I 300 145 1:1.7 O N Jobs created/maintained Customers adopted Matching of funds invested S Innovate BC-funded in Innovate BC Tech sustainability-driven solutions Adoption programs 2021–2022 IMPACT REPORT | 11
D Hiring Grants + Skills Development E V There’s a skill shortage in B.C. Innovate BC is helping to bridge the gap through E L various talent development programs. These programs target three specific O P groups: underrepresented people (skills aquisition), young professionals I N (skills development), and established professionals (upskilling, reskilling). G T These programs are making a difference here in B.C. This past year, 188 youth participated in Digital Skills H Innovate BC’s hiring grants enable B.C. tech for Youth (DS4Y), a program that aims to increase E employers to hire entry-level talent, freeing up employability of underemployed youth through experienced team members to focus on revenue- employment opportunities with SMEs and digital T generating projects. skill training. A Innovate BC delivered the Innovator Skills Initiative Innovate BC also funded the Palette Skills initiative L in B.C. with a goal to rapidly train and upskill 60 British E in 2021/22 to help underrepresented people obtain N their first job in the tech sector and to support Columbians for careers in growing industries and T companies facing skills shortages to grow. connecting them with companies that are hiring now. O F T O M O R R 75% 78% 96% 98% O W of companies found employment of employees plan of participants identified reporting talent in tech sector after to stay in B.C. after as underrepresented shortages program the program (DS4Y & Innovator Skills Initiative)
The hiring grants from Innovate BC came to the rescue and supported us in hiring developers and designers, which allowed us to take a few more risks and grow our team. —Sam Mod, FreshWorks Co-Founder + CEO 2021–2022 IMPACT REPORT | 13
The Venture Accelerator Program has helped Moment Energy by providing mentorship in sales and marketing and by facilitating introductions to industry stakeholders to further strategic business relationships. With the support of Innovate BC, Moment Energy was able to join SFU VentureLabs, and has benefitted from their mentorship, networking events, and office space in downtown Vancouver. —Sumreen Rattan, Co-Founder + COO, Moment Energy Photo (L to R): Moment Energy Co-Founders, Gabriel Soares, Edward Chiang, Sumreen Rattan and Gurmesh Sidhu at SFU’s Surrey campus. (Photo: sfu.ca)
From Startup to Scaleup C U Innovate BC supports entrepreneurs in all parts of the province through L T mentorship and business coaching. I V Market validation training for early-stage companies supported businesses, 70% were female-led and A T is offered through the Venture Acceleration Program 8% were Indigenous-led. This program was possible I (VAP). The program is delivered by a network of through the hard work of our BCAN partners. N accelerators (the BC Acceleration Network or BCAN) We continued to be the title sponsor of the New G and Executives-in- Residence, which Innovate BC Ventures BC Competition, which awards education, W funds and oversees. Through BCAN, Innovate BC mentorship, and prizes to B.C.’s top new start-ups. O provides high-potential companies with tailored For more than 20 years, this initiative has helped R input and assistance as to how they can best prepare shape some of B.C.’s most successful companies L and position their companies to capitalize on growth that are creating innovative tech solutions all D and industry opportunities. around the province. C In 2020, Innovate BC shifted its focus to recovery and We also formed an exciting new partnership with L resiliency, adding complementary support for B.C. the Province and Innovation Asset Collective last A businesses to get online. The Digital Economy Rapid fiscal year. Business owners and entrepreneurs in S Response + Resiliency Program (DER3) continued B.C. will have better access to intellectual property S running into 2021 to ensure maximum impact and (IP) resources to protect and develop their ideas C benefits for struggling B.C. businesses. Of the through this partnership. O M P A N I E 1,169 100M 415M 84% 1,088 S Jobs supported Revenue generated Investment generated Companies that Entrepreneurs (VAP, ScaleUp) by companies by companies indicated they trained (VAP, supported supported acquired new digital ScaleUp) skills (DER3) 2021–2022 IMPACT REPORT | 15
C Community. Collaboration. Celebration. O M A wide array of Innovate BC supported events and initiatives took place last M U year, helping to foster innovation, connections, and new opportunities. N I Through our sponsorship program, we supported Business Development Association; CANDO; T Y and promoted over 25 conferences, competitions, Jelly Marketing; Black Business Association of B.C.; events, and initiatives that provided valuable Science World’s Girl and STEAM; and Social C educational and networking opportunities, as well Venture Institute. O as celebrated B.C.’s innovators. Through a unique partnership with the TAP N N We prioritized partnerships with organizations Network, we provided B.C. tech companies access E serving underrepresented communities to expand to the Diversity and Inclusion Resource HUB, a C the awareness and reach of our programs, to guide to help employers understand and implement T learn about the unique needs of their members inclusive hiring practices. I and/or to sponsor a diverse range of events and O We also hosted events that introduced industry N initiatives. These organizations include: the Society to made-in-B.C. technologies and innovations, for Canadian Women in Science and Technology; and connected local innovators to real market First Nations Technology Council; Canadian Council opportunities, with a focus on regional and on Rehabilitation and Work; MOSAIC; Aboriginal underrepresented groups. Financial Officers’ Association of B.C.; First Nations
Cando is delighted to have partnered with Innovate BC to deliver the Innovate BC Webinar Series, which provided weekly training and skill development opportunities to Cando members (Economic Development Officers and Indigenous community leaders) located in B.C. First Nations communities. Most Cando members in B.C. do not have access to economic development or business development training and networking opportunities in the remote and isolated communities in which they live and work. Without Innovate BC partnering with Cando, these sessions would not have been delivered and the skill development, training and motivation that resulted would not have been possible. This would have been an additional burden on Indigenous communities during the pandemic. —Ray Wanuch, Executive Director, Cando 2021–2022 IMPACT REPORT | 17
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