Some of BC’s early-stage cleantech startups are about to enjoy some heavenly support at their time of need. The Vancouver Economic Commission (VEC) has launched Angels for Climate Solutions, a program to increase capital investment into BC-based, early-stage climate technology startups. The province’s cleantech scene is already seen as a leader here and abroad.
Program partners behind Angels for Climate Solutions point out that this seems to be a critical time to take action, recalling the “Decade of Action” outlined by the United Nations, which urges accelerated efforts to meet Sustainable Development Goals (SDGs) by 2030. As people are calling for quicker action on climate change, this program could provide a rising tide for the burgeoning sector.
“Angels for Climate Solutions is a result of the strategic imperative to ensure our innovation ecosystem has the support necessary to apply its ingenuity and agility to the climate emergency,” says VEC CEO Eleena Marley. “Technology-based solutions will form the backbone of climate action in many cities around the world – especially so in Vancouver, given our city’s climate-oriented character and robust tech industry.”
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“Moreover, the success of our early-stage startups and angel investors alike plays a significant part in future-proofing Vancouver and ensuring a strong, stable and inclusive economy,” she added.
Funding for the program will come through Innovate BC, a crown agency with a mandate to promote BC’s tech sector. Program partners including Spring Activator, Volition and Foresight Canada will offer a cohort-based approach to education and training with two intersecting streams. Startups can benefit from one stream geared towards angel investors looking to make early-stage investments into climate technologies. The other education and training stream is designed for climate-focused startups looking to fundraise.
Startups have until October 27 to apply to either cohort. The education and training will be interspersed with a series of pitch events. At the end of that process, the angel cohort will award one startup an investment of up to $100,000.
“Collaboration with our partners within the tech ecosystem is so critical to driving progress with innovation and economic development in BC. Innovate BC is proud to support Vancouver Economic Commission and their industry delivery partners on Angels for Climate Solution to catalyze the growth of our cleantech services ecosystem,” says Innovate BC President and CEO Raghwa Gopal.