New report: the 2024 B.C. blue economy ecosystem survey

This year, COAST undertook an expansive survey effort in collaboration with the University of Victoria’s Impact Investing Hub to understand the landscape of the blue economy in B.C. Which sectors are most prominent here in British Columbia? What sorts of challenges do these entrepreneurs face? What opportunities for leverage points do we have? How does ESG and impact factor into this?

The 2024 Blue Economy Ecosystem Survey included a section on environmental and social governance (ESG) understanding to assess the respondents’ sophistication and implementation of ESG principles in their strategy and operations. This information has been compiled by University of Victoria’s Impact Investing Hub and results specific to the ESG understanding of the blue economy ecosystem will soon be available at this link.

Key takeaways

Below, we share some highlights from the portion of this survey focused specifically on blue economy needs, sector profiles, demographic company information, funding priorities, hiring needs, and more. COAST will go on to activate these results through aligning our offerings to support our member companies in overcoming their key barriers to success. The data will also serve as a benchmark for future research, so we can monitor the evolution of sector needs and profile overall.

Company profiles

Sixty-three companies responded to this survey, which represents an estimated 7.5 percent of the B.C. ecosystem (based on estimates of the total number of entities involved in the blue economy in the province). Seventy-eight percent of the companies represented teams with one-to-50 people, and a significant portion identified themselves as innovators or new technology developers and supply chain or service providers. Forty-eight percent of respondents reported revenue of $250,000 or less, and 25 percent were pre-revenue.

Sector profiles: Focus on conservation innovation and marine bio-resources

Notably, companies were asked to identify their primary sector focus areas. The most notable trend among respondents is their focus on climate and conservation-related sectors, such as:

• Conservation and protection (43 percent)

• Marine bio-resources (40 percent)

• Ocean energy (33 percent)

Factors such as B.C.'s natural resource availability, abundant marine biodiversity, and growing clean technology industries may contribute to this unique blue economy sector breakdown in the province.

Barriers to growth: Financial capital, talent attraction, and more

Perhaps unsurprisingly, access to financial capital was the most commonly-identified barrier to growth for our respondents (49 percent). Additionally, one in three companies identified talent attraction and retention, access to markets, and access to facilities and equipment as key barriers to growth.

Notably, each of the listed barriers to growth proved to be an issue for at least 20 percent of our respondent companies. This indicates the need for targeted supports across each barrier, and deeper analysis illuminated how reports of facing these barriers were distributed across each stage of company.

The survey also highlights which barriers were prominent among which blue economy sectors in B.C., and yielded compelling results.

Targeted funding, and a focus on impact investing

Companies which are seeking funding in the next two to three years are overwhelmingly targeting government grants (four out of every five businesses). This is not surprising considering the current sources of funding and that typically government grants are non-dilutive, though it also demonstrates the importance of helping companies to access diversified pathways to funding, to avoid an over-reliance on government grants.

Notably, 54 percent of companies seeking equity capital are looking for impact investors, while 18 percent and 21 percent are considering corporate ventures and other sources of funding, respectively. This indicates a significant opportunity for investor engagement within the impact investing community, and for targeted skill-building around pitching, investor relations, and ESG broadly for companies within the blue economy sector.

Hiring on the horizon

An overwhelming majority of companies surveyed indicated that they were definitely or maybe planning on expanding their teams within the next two-to-three years. Some targeted skillsets that are currently in demand among hiring companies include engineering, business and accounting, trade skills, and marketing.

Jobseekers, take note: it’s a great time to invest in programs that support blue economy workforce development, like the Blue Pathways initiative. It’s also an important time for hiring teams to identify the core skillsets they may be looking for, to ensure there are sufficient pipelines for skilled talent in B.C. And if there are not, COAST will take this feedback, and work to curate learning opportunities that meet key forthcoming hiring needs, also through our Blue Pathways program.

And once new jobs are created, it's time for workspace. Nearly three in four companies indicated interest (yes or maybe) in co-locating at a shared innovation space. COAST's new Ocean Innovation Hub in Victoria, B.C, directly meets this need.

To learn more and stay tuned about future COAST updates and programs, join here.