In 2000, the New Ventures BC Competition was initiated to support early stage startups across the province. 20 years later, the Competition continues to be a rite of passage for BC tech startups who want to become “ones to watch”.
This year we partnered with Rocket Builders to learn more about the impact the Competition has had on the BC’s economy and tech ecosystem over the past 10 years. Together we analyzed the Top 25 companies that participated in the Competition from 2009-2019. Data was collected through a company survey and secondary research
Here’s what we found out:
NVBC Top 25 competitors have an economic impact on BC.
Raising $806 million in financing.
Creating 5465 jobs.
The ventures generate raise more venture capital investment. 36% of competitors have raised venture capital. Typically fewer than 1% of startups receive VC funding.
Competitors have above average survival rates. 81% of startups are still operating. This is well above the 50% or less industry survival rate.
Over 75% of Top 25 companies reported Revenue Growth.
Data shows that being part of an accelerator program helped ventures achieve higher revenues and financing.
We are proud that our Competition has been part of the journey for many tech startups in BC over the years. We are looking forward to seeing what the next 20 years of tech innovation in BC holds.
Applications for the 2021 competition will open in early 2021.