PacifiCan — Regional Economic Growth through Innovation — Regional Innovation Ecosystems

The Regional Innovation Ecosystems (RIE) program in British Columbia aims to foster a robust and inclusive regional innovation environment by making strategic investments in not-for-profit organizations. This initiative supports business scale-up, technology commercialization, and productivity improvement in priority sectors while promoting inclusivity for under-represented groups like women, Indigenous peoples, and young entrepreneurs.

The **Regional Innovation Ecosystems (RIE)** program, delivered by **PacifiCan**, is a key component of Canada's national strategy to promote economic growth through innovation. This initiative is primarily focused on creating, nurturing, and expanding inclusive regional ecosystems that cater to business needs across the innovation spectrum. By fostering an entrepreneurial environment, RIE aims to empower organizations, businesses, and start-ups to innovate, grow, and compete on a global scale. Here’s a detailed exploration of how the RIE program operates in British Columbia, its objectives, eligibility criteria, priority sectors, and application process.

The RIE program in British Columbia, managed by PacifiCan, takes a targeted investment approach to support not-for-profit organizations that assist businesses in key priority sectors. The objective is to establish strategic clusters that can help businesses commercialize products, technologies, and services while scaling their operations. The program also emphasizes inclusive growth by supporting women, Indigenous peoples, and young entrepreneurs to actively participate in the innovation economy. By leveraging federal funds to enhance regional innovation ecosystems, PacifiCan aligns with the federal government's **Innovation and Skills Plan**. This alignment ensures that British Columbia's economy continues to grow and prosper, contributing to Canada's long-term economic success.

The RIE program has several key objectives aimed at strengthening regional innovation ecosystems: 1. **Supporting Strategic Clusters**: The program encourages the development and growth of strategic clusters that leverage regional strengths. These clusters facilitate businesses in commercializing products, technologies, and services and aid in scaling up operations. 2. **Enhancing Business Accelerators and Incubators**: By enhancing the development and reach of business accelerators and incubators, the RIE program supports entrepreneurs, start-ups, and companies with high-growth potential. This includes providing critical resources such as mentorship, office space, and specialized equipment. 3. **Promoting Business Productivity and Competitiveness**: Through innovation-oriented projects, the program aims to increase business productivity and global competitiveness. This involves attracting investment and talent to the region. 4. **Fostering Inclusivity**: The program enhances the capacity of ecosystems to support underrepresented groups, particularly women, Indigenous peoples, and young entrepreneurs, thereby promoting inclusive growth within the innovation economy.

The RIE program is open to a range of not-for-profit organizations that support businesses, innovators, and entrepreneurs in their various stages of growth. Eligible applicants include: - Post-secondary educational institutions - Business accelerators and incubators - Angel networks - Indigenous organizations, including Indigenous-led not-for-profit organizations and Indigenous-owned businesses - Social enterprises - Industry associations or consortia - Municipalities and other municipal-type organizations All applicants must be legal entities capable of entering into legally binding agreements.

The RIE program funds activities that enhance regional innovation ecosystems in response to specific challenges, opportunities, or market needs. Emphasis is placed on activities related to business scale-up and productivity, including: 1. **Technology Commercialization**: Enhancing business innovation efforts and establishing specialized facilities. This includes technology showcasing, demonstration, and late-stage product development. 2. **Business Scale-Up**: Including entrepreneurship development, market development, export, and investment attraction. This may also involve opportunity analyses to identify changes in global demand or requirements in a given sector. 3. **Productivity Improvement**: Supports technology transfer, training, and implementation of new technologies and technological adoption for new industrial applications or market entries. 4. **Ecosystem Capacity Building**: Involves developing strategic business alliances within a sector or cluster, identifying barriers to scale-up and productivity enhancement, and developing strategies to address these barriers. 5. **Business Acceleration and Incubation**: Providing support for entrepreneurs to create and grow start-ups, including guidance on business planning, marketing strategy, employee hiring, and other business setup aspects. Support may also include office space, expert mentors, or specialized equipment.

RIE applications must support one of the following two priority areas: 1. **Cluster Growth in Priority Sectors**: - Clean technology - Clean resources - Life sciences - Value-added agriculture - Advanced manufacturing - Digital technology 2. **Inclusiveness for Under-Represented Groups**: - Indigenous Peoples - Women - Youth ***Cluster Definition:*** Clusters are defined as dense areas of business activity containing a mix of large and small companies, post-secondary and research institutions, and other innovation actors. Geographical proximity within clusters facilitates supply-chain benefits, encourages knowledge sharing and collaboration, drives competition and business specialization, and attracts "anchor" companies globally.

To submit an application for the RIE program, interested organizations should contact one of PacifiCan’s local offices. Key steps in the application process include: 1. **Alignment with Priorities**: Applicants must clearly demonstrate how their projects align with one or more of PacifiCan’s priorities. 2. **Market Demand**: The project must address a significant gap in the market or demonstrate strong industry demand. 3. **Economic Benefits**: Applicants need to show measurable economic benefits for British Columbia. 4. **Governance and Management**: Effective governance measures and a competent management team must be in place to execute the project. 5. **Financial Viability**: Financial statements should demonstrate that the organization is financially self-sustaining. 6. **Leveraged Funding**: Projects should secure leveraged funding from provincial governments, the private sector, and other non-government sources, typically 50% or more of the total project cost. 7. **Non-PacifiCan Funding Proof**: Written proof of non-PacifiCan funding is required, which could include bank statements, funding agreements, or letters of intent from third parties.

If approved, RIE funding is typically provided as periodic reimbursements based on the submission of claims for reimbursement of eligible project costs incurred and paid. Successful applicants sign a standard Contribution Agreement with PacifiCan outlining the obligations of both parties. This includes periodic progress reports, submitted at least twice a year.

Projects funded through the RIE program can vary in duration, ranging from a few months to three years. It is crucial for potential funding recipients to plan their project timelines and cash flows accordingly.

Typically, contributions towards commercial projects with not-for-profit organizations or any projects with for-profit organizations are repayable, depending on how the project risk is shared between the government and the project proponent. For additional information about the RIE program, interested parties can contact PacifiCan directly through their local offices or by calling 1-888-338-9378. The RIE initiative is part of the national **Regional Economic Growth through Innovation** program and has been instrumental in driving economic growth and innovation in British Columbia. By supporting strategic clusters, enhancing business accelerators and incubators, promoting productivity improvement, and fostering inclusivity, the RIE program plays a pivotal role in ensuring the region's sustained growth and global competitiveness.