UBC is partnering with the provincial government to invest in innovative companies that “extend” the impact of UBC research and discoveries through the creation of UBC Catalyst Venture Fund. The fund will support the province's goals of boosting economic development and creating more jobs.
The provincial government — through InBC Investment, a Crown corporation — and UBC are each committing $10 million and looking to raise up to $20 million in private capital. Initial investments will focus on businesses in the life sciences and deep tech sectors — a range of technologies that aim to significantly advance science and engineering, such as AI and quantum computing. These sectors have been identified as “growing targeted sectors” by the province in its Look West Strategy. UBC is considered a global leader of research in those fields.
B.C. Minister of Jobs and Economic Growth Ravi Kahlon said in a press statement Monday that the public-private partnership will work in parallel with Look West in order to support a “stronger, more resilient and diverse economy that everyone in B.C. will benefit from,” and represents one of the largest government investments of its kind in Canada.
Look West is designed to strengthen B.C. and Canada’s economic sovereignty by delivering major projects, creating jobs, diversifying markets and growing targeted sectors.
The fund’s mandate also aligns with InBC’s goal to “attract more capital to B.C. and scale more businesses, anchoring them here to generate economic and jobs growth in the province,” Thomas Park, InBC’s chief investment officer said. The corporation was created by the province in 2020 to invest in the growth of B.C. businesses and operates at arm’s length from the government.
The fund will be a separate legal entity and a managing partner is currently being recruited to lead the fund and attract private-sector investors, according to J.P. Heale, managing director of Innovation UBC, in a statement to The Ubyssey. They also said investments will be managed by experienced financial investment professionals, and activity will begin “once the necessary steps in launching the fund have been completed.”
It will invest in businesses “created from licensed UBC research discoveries and other eligible companies established by UBC faculty, staff, students and recent alumni,” according to the press statement, with a primary focus on early-stage companies.
According to UBC, discoveries by university researchers have supported the creation of over 280 spinoff companies, and licensed research has translated into over $13 billion in revenue from those goods and services.
“This partnership will enable companies to scale in B.C. and extend the impact of UBC’s research and innovation,” President Benoit-Antoine Bacon said in a UBC press release. “It is a perfect example of what we can do by working together.”
