British Columbia has released a new Technology Strategy that recognizes the key role technology and innovation play in all major sectors of the provincial economy. The strategy’s holistic approach combined with the launch of a review of past S&T expenditures is decidedly utilitarian when compared to the strategy now under development in Quebec, which encompasses the social sciences and humanities (R$, July 5/12).
As a working document, however, the BC strategy should serve its intended purpose. The provincial tech sector may be small compared to Ontario or Quebec, but its growth rate is twice that of the provincial economy as a whole and its wage rates are far higher. By emphasizing the horizontal nature of technology and the need to extend its impact throughout the province, the strategy — if properly promoted — could provide a valuable role in aligning the key players and enabling greater commercialization.
The strategy also acknowledges that BC’s plethora of small firms need an environment that’s more conducive to expand and penetrate global markets without the necessity of selling to the highest bidder. The tech sector in Canada is under siege with low valuations and the lack of follow-on venture financing. It’s resulting in dozens of firms selling to foreign buyers every year.
This is unsustainable. In the absence of federal policies to mitigate the situation, provinces like BC and Quebec are wise to craft their own strategies and enact policies and legislation that allow homegrown talent to flourish. The future of the knowledge-based economy depends on it.
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