What is the technology sector in Vancouver?
In every field, and every facet of the economy, the technology sector has been responsible for developing goods and services that streamline processes, reduce costs, increase competitive advantages, and improve communication and data management. Moreover, tech has emerged as an essential factor of economic growth and international competitiveness for cities. The digital economy has also played an increasingly large role in social, societal, environmental, and cultural contexts.
The industry includes information and communications technology (ICT), software development and engineering services, along with their applications in fields like new mobility, education, and smart cities.
British Columbia has the fastest-growing tech workforce in Canada, with more than 194,000 tech workers across all industries. Provincial tech employment growth was more than double the Canadian average during the past five years, with tech sector jobs paying 79.4% more than the B.C. provincial average.
Why is Vancouver’s tech sector important?
Technology is a critical pillar of BC’s economy and has supported Vancouver’s maturation into a global hub for cleantech, life sciences and digital entertainment, including animation, visual effects, games development, and virtual, augmented and extended reality.
Global companies choose Vancouver
Unparalleled technology talent, geographic advantages, and among the lowest operating costs and taxes of major North American cities have driven a strong roster of the world’s leading companies to Vancouver. In addition to global brands such as Microsoft, Amazon, Mastercard, Electronic Arts, Fujitsu, Intel, Samsung, and SAP.
Vancouver’s bustling tech ecosystem – home to thousands of homegrown startups and global technology companies – has captured the attention of tech talent from around the world. Couple that with Vancouver’s reputation as one of the world’s most livable and diverse cities and favourable immigration policies, and it’s no wonder that tech workers view Vancouver as an unparalleled place to transform their careers.
Research and development powerhouse
Canada is renowned for diverse R&D funding supports by government and academia, and our companies and universities have a high output of quality intellectual property (IP). When successfully commercialized and scaled, these ventures in turn mature into Vancouver and BC-based based anchor companies that generate jobs and revenue, and whose decisions are made and rooted in the local context.
The creation and retention of high-value intellectual property (IP) is a significant component of building a resilient and prosperous economy – owning IP means having the right to commercialize and otherwise monetize it. When successfully scaled, these ventures may in turn mature into Vancouver and BC-based based anchor companies that generate jobs and revenue, and whose decisions are made and rooted in the local context. Related: Venture capital firms in the Vancouver.
What are the opportunities for tech businesses?
Digital transformation is the process of using digital tech to create or modify existing business processes, culture and client experiences to meet changing market and business requirements. Businesses who successfully navigate this process could tap into a wealth of benefits across numerous applications, including point of sale and e-commerce, fleet management, and accounting automation.
The term “climate technologies” may apply to highly scalable tech startups with solutions designed and developed in service of reducing GHG emissions or addressing the impacts of climate change. With all orders of government committed to a net-zero emissions transition, this is a huge market and business opportunity.
Web 3.0 refers to the emerging iteration of a decentralized internet built on blockchain technology, reinforced by token-based currencies and systems, and aided by artificial intelligence and machine learning. All the tech and concepts underlying Web 3.0 have promising enterprise, smart city and net-zero economy applications.