Applications now open for the 2020 New Ventures BC Competition, presented by Innovate BC
20th anniversary of competition
The 2020 New Ventures Competition, presented by Innovate BC, is officially underway. Applications are now open for early-stage tech ventures from across the province who are looking to establish themselves as one of B.C.’s fastest growing startups
2020 marks the 20th anniversary of the province’s largest and longest running startup competition. Over the last two decades, companies like Augurex, Meta Optima, and Lumen5 have used the competition as a springboard to scale their ventures and become global leaders in their field.
“For 20 years, we’ve directly supported some of the province’s most promising tech companies,” says Angie Schick, Executive Director at New Ventures BC. “And now when you look at past finalists like Ecoation, Saltworks, and AbCellera, not only have they emerged as some of the province’s top companies, but they’re changing the world with homegrown, B.C. innovation.”
Over $250,000 in cash and prizes
Over the next six months, more than 150 companies will compete to get their share of $250,000 in cash and prizes. This year’s prizes include:
$112,000 Innovate BC first-prize package
$65,000 Innovate BC second-prize package
$37,000 Innovate BC third-prize package
$20,000 Innovate BC Top Regional Start-up Prize
$10,000 People’s Choice Award
$6,000 BC Tech Association Growth Programs Prize Package
“My favourite part about this competition is how it supports startups all over the province,” says Raghwa Gopal, President + CEO at Innovate BC. “Early-stage ventures need a little bit of everything – mentorship, education, funding – and this competition provides startups with all of that, and more. If you’re serious about growing your business and putting your company on the map, then this is the competition for you.”
This year’s competition takes place against the backdrop of a rapidly growing provincial tech sector. B.C. tech companies are raising more money than ever before and some of the world’s biggest tech firms – including Amazon, Apple, and Shopify – are racing to set up shop in Vancouver. Already in 2020, multiple competition finalists, including Aspect Biosystems (2014), Certn (2017), and Cuboh (2019), have secured funding rounds to accelerate hiring, R&D, and commercialization efforts.
New Ventures BC (NVBC) is a non-profit organization that helps early stage tech companies grow their businesses. Each year, it runs the annual New Ventures BC Competition, presented by Innovate BC, that awards $250,000 in cash and prizes to BC’s top new startups. NVBC also administers a mentored, online Venture Acceleration Program to companies across BC and the ISI grant program to help companies grow their teams by hiring post-secondary students. New Ventures BC receives funding from both government and corporate sponsors.