InBC Investment is working with the University of British Columbia to launch a new fund which will aim to “create new high-quality jobs” by accelerating the growth of companies built on local research.
The UBC Catalyst Ventures Fund, supported by $10M from InBC and $10M from UBC plus up to $20M in private funding, will invest in spinoff companies created from licensed UBC research discoveries and other eligible companies established by UBC faculty, staff, students, and recent alumni.
“Some of the most impactful businesses in North America have begun at UBC,” explains Ravi Kahlon, Minister of Jobs and Economic Growth.
At the same time, “Access to capital is as competitive as ever,” the minister noted, “and it’s vital that we find new ways to support these innovative companies to grow, create jobs, and stay right here at home in BC.”
The move is part of a broader “Look West” goal to boost employment within the region’s technology sectors, including doubling life sciences employment to 40,000 and doubling the province’s total tech workforce to 400,000.
UBC and InBC’s initiative, “representing one of the largest government investments of its kind in Canada, works in parallel with our Look West strategy, supporting a stronger, more resilient and more diverse economy that everyone in B.C. will benefit from,” Kahlon stated.
British Columbia is “home to world-class research and development,” according to the chief investment officer of InBC, Thomas Park.
“This fund will accelerate the growth of university-related innovations,” posits Park. “This partnership aligns with our goal to attract more capital to B.C. and scale more businesses, anchoring them here to generate economic and jobs growth in the province.”
BC and InBC “are working together toward this unique academic public-private partnership to anchor and grow companies in B.C. and further the impact of UBC’s research and innovation in the province, across Canada and beyond,” commented Benoit-Antoine Bacon, president and vice-chancellor of UBC.
Discoveries by UBC researchers have formed the basis of more than 280 spinoff companies, including biotech innovator AbCellera, neuroscience pioneer Xenon Pharmaceuticals, and regenerative medicine upstart Aspect Biosystems.
The government did not disclose how many jobs it expects the $40M investment to create.
