- Vancouver Tech Journal
- 2023 recap: The stories that mattered
2023 recap: The stories that mattered
We’ve picked one article from each month to remind you of the year-that-was for Vancouver's tech ecosystem
2023 was never going to be an easy year. Inflation and rising interest rates have been the key story, which — like the tail-end of 2022 — have resulted in layoffs, layoffs, and more layoffs. The fundraising environment, we heard time and again, has been the toughest for tech than it’s been in years, which meant fewer financial opportunities for local businesses (unless, apparently, your company is in life sciences, cleantech, or AI, which have taken the lion’s share of the major deals.)
But it wasn’t all doom and gloom. Huge investments from PacifiCan and the B.C. government buoyed a raft of programs and direct funding for businesses, including over a billion dollars into battery tech in Maple Ridge and more than $700 million to build biotech infrastructure. Local quantum technologies — a specialty of Vancouver’s — got a big boost thanks to a new federal program, and General Fusion announced that it’ll be building its new reactor in Richmond after it received a big cash injection.
On top of that, the local ecosystem underwent some seismic shifts. The long-standing Vancouver Economic Commission was shuttered, ending nearly 30 years of service for the city. Tech industry stalwart Raghwa Gopal announced his retirement from his position of CEO and President of Crown corporation Innovate BC. Several of the province’s most influential industry organizations banded together to make the BC Technology Ecosystems Network, which have allied to help scale up local companies.
In short, 2023 has been a series of ups and downs for the local tech ecosystem — a characteristic that’s made it hard to keep track of the biggest stories. To help, we’ve picked one article from each month that we think captures the spirit of our Vancouver community. Read on for your year in review.
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