Victoria, located in the province of British Columbia, is known variously as a political or tourist hub. However, major advancements are taking place in technology and startups. Entrepreneurs now see Victoria as an alternative location to Vancouver or Toronto for scalable startups. This paper will discuss the infrastructure, skill base, and access to investment necessary for Victoria to become a serious startup hub within the Canadian economy.
Overview of Victoria’s Startup and Innovation Landscape
New entrepreneurs find Victoria to be a pretty attractive location for a start. Instead of moving to bigger markets, graduates from the University of Victoria are starting their ventures in their local vicinity. In doing so, knowledge spillovers occur, favoring new startups.
The composition of technology industry in Victoria is very different from that of Vancouver. The industry has diversified and now comprises marine technology, defense contractors, life sciences, and software businesses. It has enabled a stable economic performance, as a sector that had been performing well may face a recession at a certain point of time in a more diversified economy of a particular city.
Supporting Infrastructure and Community Organizations
Victoria Innovation, Advanced Technology, and Entrepreneurship Council (VIATEC) is the major ecosystem facilitator. Key support organizations and their functions include:
- VIATEC offering acceleration programmes and community events.
- Alacrity Foundation, running venture creation programmes for recent graduates.
- Coast Capital Innovation Centre providing incubator space at UVic.
- Accelerate Okanagan extending programmes into Victoria market.
- Women in Tech initiatives addressing gender gaps in founding teams.
Networking density: Start-up scenes require good networking density. In the case of Victoria’s start-up scene, being close and being compact ensure that start-up founders, investors, and other professionals are easily accessed by each other. Meetings in coffee shops and other networking activities become feasible in a compact area like the city of Victoria.
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Sector Strengths and Strategic Opportunities
Greater Victoria is home to more than 1,000 technology companies, with about 18,000 employees. The BC Tech Association says the local tech sector brings in $4.2 billion every year, well beyond the dependence on government and hospitality industries.
Victoria possesses distinct competitive advantages, positioning certain venture types for success. Geographic and institutional factors create opportunities unavailable elsewhere in Canada. The following table summarizes Victoria’s primary sector strengths:
| Sector | Key Assets | Growth Drivers |
| Marine Technology | Ocean Networks Canada, naval presence | Blue economy investment, climate monitoring |
| Life Sciences | UVic research, biotech firms | Aging population, health innovation funding |
| Software/SaaS | Remote work culture, talent pool | Digital transformation demand |
| Clean Technology | Environmental focus, research capacity | Climate policy, sustainability mandates |
| Defence Tech | Military base proximity, security clearances | Government procurement, allied partnerships |
Pacific Northwest proximity provides market access advantages. Seattle’s technology economy sits four hours away by car and ferry. Cross-border relationships enable Victoria startups to access American customers and investment without relocating. The Ocean Startup Project accelerates marine technology ventures specifically. This specialization creates competitive moats difficult for generalist ecosystems to replicate.
Access to Funding and Government Support
The life term of a startup is affected by the ability to raise funds significantly. Victoria entrepreneurs access multiple capital sources, spanning government programmes and private investment.
Available funding channels include:
- National Research Council IRAP grants supporting R&D activities.
- Western Economic Diversification Canada regional programmes.
- Angel investor networks operating through VIATEC connections.
Government support lowers the requirements for founders seeking early-stage capital so that founders are able to achieve revenues prior to committing to seek investment from the venture capital community at large. This is especially important within markets where there is a lack of local venture capital.
Challenges and Areas for Growth
Even such startup-attractive regions as Victoria suffer from particular problems. Acknowledging these challenges honestly enables targeted improvement efforts.
Persistent barriers include:
- Venture capital availability lagging Vancouver and Toronto significantly.
- Talent competition, with higher-paying markets drawing experienced workers.
- Commercial real estate costs rising faster than revenue growth.
- Limited later-stage funding requiring relocation for scaling companies.
- Small local market, necessitating export orientation from inception.
According to CVCA data, British Columbia attracted $3.1 billion in venture investment during 2024, with Vancouver capturing over 90% of provincial totals. Victoria receives minimal institutional VC attention despite producing fundable companies. The way ahead involves a combination of leveraging strengths and working to overcome capital and talent deficiencies. Victoria cannot do what Toronto or Vancouver can do; however, Victoria can differentiate itself within specific industries where strengths related to location are realized.
