Vancouver Tech Companies: What’s Next?

  • By: mvadmin
  • Date: October 22, 2019
  • Time to read: 3 min.

Vancouver and Vancouver tech companies are consistently named as one of the top five worldwide cities for liveability, quality of life and innovation. The city has also been ranked among the top-ten of the world’s most well-living cities for five consecutive years.

It is no surprise then that the city is now seen as a city with a lot for potential in the tech scene. Vancouver’s tech companies and the atmosphere has changed in the last couple of months with start-ups propping up and changing the dynamic of the city.

The city is poised to become a tech hub, according to experts.

Vancouver’s tech ecosystem has, for the last ten years been a place of persistent change. Vancouver is surging forward to become a global leader in blockchain, health and life sciences, AR and VR, cleantech, and gaming. Recently-ranked number 15 ecosystem in the world by Startup Genome, the city has seen the number of skilled tech workers in British Columbia grow by 27 per cent over the last decade, according to an article on Crunchbase.

Apart from easy access to the US and Chinese market, its proximity to Seattle and San Francisco make it an ideal location for tech start-ups.

Vancouver’s strategic location has given it the 7th position in market reach. Start-up entrepreneurs also realise it is a great place to launch a tech company. It has also been called the ‘cheapest place in North America to launch a tech company’.

Vancouver has other attributes that make it ideal for tech companies. The vast pool of tech talent, the consistent government support and the way expertise and capital often come back to local ventures rather than head elsewhere.

After a decade of stunning transformation, there is the talk of potential brain-drain facing Vancouver tech companies. High real estate costs and wages relatively low for a global tech hub could slow progress, some say. But those that have witnessed the remarkable evolution of Vancouver’s tech scene aren’t too deterred. Policymakers are tackling housing costs, and there is hope that wages will rise in stride with the city’s rapidly growing reputation, a blog on Crunchbase said.

Government aid in Vancouver also fuels tech growth, experts have said.

“Not only does it cost less than half the amount to start a business in Vancouver as it does in San Francisco, but the city’s entrepreneurs have also benefited from a host of federal and local initiatives to foster growth in tech.”

There are various funding options available for start-ups, including two Industrial Research Assistance Program (IRAP) funds.

The abundant talent resources available to Vancouver tech companies are top class. People are ready to move to the city in spite of receiving lower pay compared with other cities.

“Vancouver’s tech scene has continually drawn strength from an abundance of homegrown and immigrating tech talent. This is in spite of the fact that wages have remained relatively low when compared to global tech centres. In addition to the gravitational pull of a burgeoning tech scene, Vancouver has kept and drawn tech professionals for its smart infrastructure, an emphasis on work-life balance, and vibrant cultural scene,” Experts said.