Bill Tam

Date: February 10, 2015

Name: Board of Change – The future of BC’s tech sector

Presenters: Michael Delage, Amielle Lake, Bill Tam, and Ray Walia

Board of Change is an organization that focuses on value of social and environmental in British Columbia. In addition, the organization evolves around the three pillars: education, transformation and celebration. Sonny Wong, the Chair of Board of Change, invites the panelists to discuss the future trend in technology sector in BC. The panelists include Michael Delage, the Vince President of Technology of General Fusion, Amielle Lake, the CRO and Founder of Tagga, Bill Tam, the CEO of BCTIA, and Ray Walia, the Founder of Launch Academy. With the moderator, Linda Solomon Wood, the Founder of The Vancouver Observer, the panelists will share their experience in the technology sector that will impact leaders in BC.

The most recent research from Conversations for Responsible Economic Development (CRED) shows BC has a potential trend of social responsibility. The BC private sector is made out of over 98% of small businesses. The innovation is the drive of BC sectors and the growth thrives from technology, corner stone, higher multiplier and investment. Even though there is growth in technology, but BC is still underperforming compare with United States. Therefore, BC will encounter a lack of skill staffs and government will need to robust their programs.

Delage mentions it is important to have a clean technology in BC. Based on history, many BC companies are benefit from tech companies. Until now, many BC tech companies are looking for ways to solve economy problems, such as reducing CO².

Lake illustrates the startup funds for tech companies are available more in BC than before. There are many organizations that will help startup companies with the exchange of equity. The capital is there and there are some programs that do not take too much of equity.

Tam emphasizes the technology sector has outgrown the economic resources. The future will face more intercompany transactions with technology industry. The technology sector is development quickly and it is a good time for investment in technology.

The challenge in technology startups in BC is the talent. Walia believes there are many positions available in technology sector, but there are not enough talent skilled candidates. Moreover, in this current age of technology, Walia indicates “coding” is the new language that new generation needs to know. Coding will be viral around the world and it will be mandatory in technology industry. Companies need to fertilize BC’s growth opportunities by including coding course in students’ education. Baby boomers will transition out in technology industry and millennial need to prepare themselves for the transition phase.

Tam agrees with Walia about the issue. The issue is to find the right people in technology companies. Companies are facing difficult choices to pick the right direction to grow. Nevertheless, they need to seek out to be a part of technology trend.

Schools are now offering more technology courses, but Lake believes it is not enough. The curriculum is still far behind from economic standard, and school system is falling behind. Walia believes technology in education needs to catchup by teaching the right skill set to retain the potential workers in technology sector. B2B is potential, but BC is not seeing that in technology sector.

Delage believes technology is not constrained from resources. BC is good at getting the technology sector prepared, but BC still needs additional support to push the sector forward. Talent and financing are important factors in technology sector and BC needs to put these two pieces together to grow.

Businesses are driven by investors and opportunities are there in technology sector. Delage believes money comes from efficient solutions in technology sector. BC needs invest the opportunities in energy for a stronger social change. Lake also mentions the opportunities come from young entrepreneurs. Young entrepreneurs care about community and they will have the mindset to give back to the community. Young people are driven by social change and it will help people to create more talent. Moreover, talent drives profit.

Tam shows technology sector a platform for people to perform. It is a promise of tomorrow. The issue is how to apply the current knowledge into technology sector for better use. Lake indicates the research industry took a strong hit a couple of years ago. The investment from research industry is sitting at the sideline and waiting for comeback. Investors are willing to diverse the research investment to technology sector, and there will be a comeback in technology sector.

Comparing with the rest of the world, BC is falling behind in technology. Tam responses that because the technology industry in Canada started late in 2012. Therefore, Canadian government does not invest too much research in the technology industry. Tam indicates the gap comes from Canada is too conservative since they are not good at growing the new market. Canada needs to support the talents to create more opportunities for catchup. Walia responses people do not like to invest things they do not understand. BC needs to find ways to educate investors the benefit of technology sector.

Delage understands there are more global companies that are partnering with technology companies. Instead of global companies invest in R&D, they are creating a culture shift to partner with technology sector. Global companies are using venture capital to benefit the technology sector. Moreover, Canada is still developing this phase. Tam believes adaption is a challenge for BC, so BC starts a “collusion day” to encourage companies to partner with technology sector.

BC technology companies usually do not go public because technology companies could not sustain the requirement from public. Technology companies are fast growing with inconsistent growth. If technology companies go public, they will lose the aggressive drive that will break their limitation.

Tam emphasizes patents are not good at private sector. They need support from big companies. BC technology sector is not affected by the rise of real estate market. Walia indicates space will be available for future startup companies in BC.

It is important to plant seeds to educate young generation. High schools are not offering enough technology courses and they are not getting enough support from the ministry.