🏙️What Canada's Indo-Pacific strategy means for Vancouver tech

Plus, nine other stories you may have missed.

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Canada may share a border with the world’s largest economy — just last week I wrote about how local founders flock to the U.S. for investment — but the recent launch of the Canadian government’s inaugural Indo-Pacific strategy demonstrates a clear interest in marking national presence elsewhere.

This move comes as the region grows in importance, both economically and strategically. By 2040, the Indo-Pacific, comprised of 40 countries across Asia and Oceania, is expected to make up half of the global economy. By 2030, it’s projected to be home to two-thirds of the world’s middle class. Here’s what the government’s strategy document lays out for local tech.

Cleantech representation in the Indo-PacificCanada hopes to establish itself as a reliable supplier of clean energy for the region. The strategy aims to boost commercial demonstration of cleantech, and financial support for small and medium-sized businesses to break into the area.

What it means for Vancouver tech:For local hydrogen, mining, ocean, and agtech companies, this plan offers help to enter Indo-Pacific markets. Specifically outlined is an interest in strengthening critical minerals and clean energy sources to meet the growing demands of Japan and Korea, and embarking on trade missions to India.

Permanent physical presenceCanada will establish two key hubs in the Indo-Pacific, including the first agriculture and agri-food office in the region, and a Canadian Trade Gateway in Southeast Asia. This will be accompanied by Canadian trade missions, which invites private sector leaders and provincial governments to showcase their products and attract long-term investment.

What it means for Vancouver tech:Any tech company with solutions that meet the demands of the Indo-Pacific should expect a better ecosystem of support, including government-facilitated relationships with local investment networks.

Supply chain resilienceThe report names investments in the ports of Vancouver and Prince Rupert alongside upgrades to other transportation infrastructure. Canada is also negotiating free trade partnerships with ASEAN, including an agreement with Singapore and New Zealand to boost business in the digital economy.

What it means for Vancouver tech:Tech for exports such as natural resources and agriculture will benefit from better transportation into the Indo-Pacific market. Digital tech, such as ecommerce and Web3, can expect improved regulation and growth in the region.

P.S. A reminder: Last month, we happened across an interesting document from the BC Tech Association. In it, the organization detailed – and busted – several key myths about the local tech industry. Just for you, Vancouver Tech Journal will be releasing one myth – and the truth behind it – right here in your members’ exclusive email. Make sure to check your inbox every Tuesday through Friday for all eight, so you’re not caught out repeating any misconceptions!

Your sixth tech myth:

Myth: Multinational companies like Amazon, Microsoft, Mitsubishi, and more only have a negative impact on Vancouver’s ecosystem.

Truth: Multinationals bring talent, jobs, and scale-up experience to B.C. Employees and leaders often leave a multinational to join a local tech company or create a startup.

Now, onto your daily briefing.

Editor’s pick:

InBC announces first investments from $500 million fund

The government-financed organization must consider people, planet, and profit for each deal, says Chief Investment Officer Leah Nguyen. Start reading »

Get paid for your pad while you travel

The rise of work-from-anywhere has created more vacancies in homes while homeowners explore new areas. HostGenius is a solution for tech workers who are working remotely to get paid for their homes while they’re out of town. Their full-stack tech solution takes the hassle out of being a landlord while generating way more revenue than traditional rental options, while also keeping in line with strata bylaws and rules.

Learn more.

🤝 Funding and deals:

  • D-Wave Quantum, a leader in quantum computing, announced a collaboration with Switzerland’s UptownBasel to accelerate understanding and adoption of quantum technology. Learn more »

🗞️ In other news:

  • Foresight Canada’s winter acceleration cohorts are open for Canadian cleantech ventures. Applications are due as early as January 5. Learn more »

  • Verdi, a Vancouver-based agtech startup, won the pitch competition at the 2022 Irrigation Show in Las Vegas. Learn more »

  • Icicle, a Richmond-based SaaS venture for food manufacturers, was named as a 2022 Top Software and Technology Provider by a global food and logistics industry publication. Learn more »

  • The Innovation Economy Council launched a report detailing how genomics can both reduce emissions and drive economic growth in Canada. Start reading »

Please join our friends at Techstars Toronto on December 15 at noon online, as they reveal the latest 12 companies at their anticipated Demo Day.

The showcase on the Stonks platform will provide an inside look at businesses poised to disrupt industries.

Continuing with Techstars global investment approach, these firms range from Canada to Africa. Investors take note: these companies mean business. Their traction and team size are seldom seen at the accelerator stage, and their valuations are starting to soar, surpassing a combined $100M already.

💡 Ideas and insights:

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Until tomorrow!

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