B.C.’s newest crown corporation, InBC, has been given $500 million to invest in venture capital funds and growing companies.
The goal of InBC is to make investments in different sectors while turning a profit.
However, provincial officials said they are focusing on investing in funds or companies that demonstrate a measurable impact in driving climate action, innovating for the future, advancing reconciliation and elevating inclusive communities.
“Fostering innovative ideas and solutions is crucial to growing our economy, and creating more sustainable, inclusive and quality jobs and opportunities for British Columbians,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation in a release.
“InBC investments are about optimizing not just financial returns, but also generating social, economic and environmental returns for generations to come.”
According to the B.C. government, InBC will start investing in venture capital funds this fall and businesses in spring 2023.
–Files by Josiah Spyker, My East Kootenay Now