Goals, Objectives, Strategies and Results

This goal focuses on enhancing British Columbia's business climate by developing strategies to improve the province's relative competitiveness in key areas.

We seek to increase venture capital.

Key strategies include: issuing venture capital tax credits to resident investors who invest in registered venture capital funds, increasing British Columbia's national share of venture capital holdings from five per cent to ten per cent by 2006, and promoting tax credits issued to resident investors under legislated programs that may lever up to $152 million of private capital for annual investment in a diversity of businesses by 2006.

Performance Measures:

Venture Capital Fund Registrations: To contribute to a strong and vibrant venture capital marketplace, there is a need to introduce competition by registering additional Labour-Sponsored Investment Funds ("LSIF") and Venture Capital Corporations ("VCC"). Last year, four VCC funds were registered under the ministry programs offering more choice for investors and small businesses seeking capital. The ministry will continue to register more funds using a prudent and measured approach.

Venture Capital holdings in British Columbia: The Premier made a commitment to triple the supply of venture capital in the province by the year 2006. In the past year, British Columbia's venture capital holdings increased to eight per cent of national venture capital holdings. It is essential that this trend continue without undue reliance on government incentives to ensure that innovative small businesses continue to have access to capital and to attract investment capital from outside of the province.

Government Strategic Goals		Ministry Mission The Ministry of Small Business and Economic Development promotes strategic leadership in government to create a strong, prosperous and diverse economy in all regions.
		Ministry Goals		Ministry Objectives		Performance Measures/Indicators
A strong and vibrant provincial economy.		1. Improving our competitive position in the national and international economy.		1. Improve British Columbia's economic performance and diversification.		Venture Capital Fund Registrations. Venture Capital Holdings in British Columbia. Private capital raised and businesses financed.
				2. Improve British Columbia's competitiveness as a place to live, invest and do business.		Competitiveness indicators. Tax proposals. Government-wide regulatory requirements. Impact of Smart regulation design and enforcement.
		2. Marketing British Columbia as a preferred place to live, visit, invest and do business.		1. Market British Columbia as a preferred location to visit, and for new and expanded trade and investment.		Total number of new inbound investment projects. Number of trade missions and key events promoting British Columbia. Sales and marketing initiatives for film and TV industry. North American ranking of film production expenditure. Number of customized information packages provided in response to qualified investor enquiries.
		3. Increasing economic development throughout British Columbia, particularly in the regions.		1. Facilitate economic growth throughout the province.		Employment in the Tourism Sector. Increase tourism activity: total conference delegate days. Implement BC Ports Strategy.
				2. Maximize federal/provincial funding for our regional economy.		Canada/British Columbia Infrastructure Program project funding. Western Economic Partnership Agreement project funding.
				3. Support small business development.		Number of walk-in, phone, e-mail and fax interactions and Website transactions by Small Business BC. Small business participation in Olympic business opportunities.
		4. The 2010 Olympics and Paralympic Winter Games are successful and leave a legacy for British Columbia.		1. The 2010 Olympics creates economic and social development opportunities before, during and after the games in an environmentally sustainable manner.		The 2010 Games are delivered on time and within approved budget. Procurement opportunities posted via a web based information system.
		5. British Columbians participate and excel in sport and culture.		1. British Columbians participate in physical activity and British Columbian athletes excel.		Number of communities designated "Active Communities". British Columbia's physical activity level increases to meet national 10% target by 2010. Team BC placement in Canada summer and winter games. Proportions of nationally-carded athletes training in the province.
				2. British Columbia's cultural sector contributes to quality of life and economic development of communities.		Olympic Arts Fund. Centre for Not-for-Profit Sustainability supported. BC Arts Council.

Private capital raised and business financed: Then key to our future economy rests largely on our ability to commercialize innovation developed by small business. British Columbia has recognized there is a financing gap between the amount of research and development expenditures each year in the province when compared to the amount of early stage capital needed to commercialize technology. In 2003, the ministry introduced legislation to help early stage small businesses raise capital directly from qualified investors. The changes have been a success leading to a six-fold increase in program registration and investment. The ministry will continue to promote the program and evaluate other capital models that will contribute to commercializing innovation.

The performance measure "Ministry Regulatory Requirements" indicated in the ministry's 2004/05–2006/07 Service Plan has been removed. Progress on deregulation and regulatory reform is shown through the two government-wide measures identified in Objective 2: Improve British Columbia's competitiveness as a place to live, invest and do business.

This objective focuses on improving the province's business competitiveness.

Key strategies include: securities reform and analyzing and developing strategies and options to improve British Columbia's investment growth and tax competitiveness. Ministries and agencies are expected to control the regulatory burden by maintaining the June 2004 regulatory count with a target of a net zero increase over the next three years. Ministries will also continue to improve regulatory quality by developing regulations that are accountable, results-based and transparent.

Performance Measures:

Competitiveness indicators: The attractiveness of a jurisdiction's investment climate is important in generating economic development. Therefore it is fundamental to assess British Columbia's competitiveness against other jurisdictions. This is because more investment will flow to those jurisdictions where policies are more favourable in terms of taxation, regulations, skills and infrastructure.

Tax Proposals: British Columbia's tax policies are a fundamental influence on the competitiveness of its investment climate compared to other jurisdictions. By continually reviewing the current tax climate and proposing appropriate changes to the tax regime, the competitiveness of the province as a place to do business and create jobs can be better maintained.

Government-wide regulatory requirements: British Columbia's deregulation achievements have reduced the regulatory burden and created a more streamlined regulatory environment, one that creates new investment opportunities, stimulates economic development and encourages innovation and opportunity. Improving the regulatory climate is a key requirement for attracting new investment and building a more competitive economy.

Impact of "Smart" regulation design and enforcement: Government's regulatory reform policy improves the quality of the regulatory regime in British Columbia by ensuring that all regulations are developed according to ten specific criteria that use a results-based regulatory design. This enables increased efficiencies, flexibility and innovation in compliance and enforcement.

This goal focuses on strategic marketing and promotion to distinguish British Columbia from its competitors and to communicate the province's advantages and opportunities to potential visitors and investors alike.

This objective is aimed at marketing and promoting the province's advantages and opportunities in order to increase trade and investment. One of the ministry's key clients is the billion-dollar film and television industry. In addition, the ministry will organize the Premier's and Ministers' trade and investment missions abroad, as well as in-coming trade delegations visiting British Columbia. The ministry will also focus on facilitating capital investment projects, particularly in the regions.

Key strategies include: facilitating inbound investment into high-growth, high-opportunity sectors, arranging trade missions and provincial participation in key international events, organizing trade efforts to promote the province as a competitive film and TV production location, and developing marketing and promotional strategies to promote awareness of competitive advantages and opportunities throughout the province.

Performance Measures:

Total number of new inbound investment projects: Inbound investment projects contribute to job creation, capital investment, productivity growth, and innovation, which in turn support economic growth. On evaluating this measure, the ministry has determined that it is not meaningful to attach investment and employment values to the number of new inbound investment projects. For example, in 2003/04 the ministry was involved in attracting a $15 million call centre creating 600 jobs (capital investment per job: $25,000), and a $10 million food-processing plant creating 100 jobs (capital investment per job: $100,000).

Number of trade missions and key events promoting British Columbia: Outbound business missions are designed to promote British Columbia capabilities and opportunities in targeted international markets. The focus of international missions is the business community. The Premier and/or Minister(s) will lead these initiatives as appropriate to the specific mission.

Sales and marketing initiatives for film and TV industry: Development of British Columbia's service industry depends on targeted sales visits to high yield clients. The number of sales and marketing initiatives is an indicator of the appropriate level of outreach to these clients.

North American ranking of film production expenditure: Ranking third behind Los Angeles and New York indicates British Columbia's competitiveness in the area of servicing foreign production since Los Angeles and New York service locally generated production.

Number of customized information packages provided in response to qualified investor enquiries: These packages document the specific competitive advantages for locating qualified potential investment projects in British Columbia.

This goal focuses on fostering economic growth and diversification in all regions and sectors of the province.

This objective focuses on increasing the number of businesses in British Columbia and the number of people employed in those businesses. The ministry will focus on growing specific sectors, including: tourism, all-seasons resorts, convention centres and ports, and providing assistance to local governments for infrastructure development to support the growth of local businesses. The ministry will also pilot regional alliances with local governments and the private sector to support growth and diversification within the provincial economy.

Key strategies include: pursuing economic development initiatives, assisting local governments with infrastructure development, piloting regional alliances with local government and the private sector, ensuring government policy, regulations and service delivery frameworks support small business success, developing and administering the Olympic/Paralympic Live Sites Program, and implementing strategies to promote British Columbia and achieve increases in areas such as tourism revenues, all-seasons resorts development, convention centres and ports.

Performance Measures:

Employment in the Tourism Sector: An increase in the number of tourism jobs is an indication of the sector's returning vitality and a reflection of the ministry's investments in tourism infrastructure, support to industry associations, and work to remove barriers to growth.

Increase Tourism Activity — Total Conference Delegate Days: Tourism is an approximately $10 billion industry in British Columbia. Government's economic development strategies contribute to growth in the tourism sector. Tourism activity, such as total conference delegate days, provides an indicator of the health in the industry and growth in key tourism sectors.

Implement BC Ports Strategy: British Columbia's ports are gateways for economic growth and development. Ports underpin British Columbia's and Canada's export-driven economy, support major industries such as agriculture, forestry, mining, manufacturing and tourism, and create approximately 40,000 direct jobs in the province. The BC Ports Strategy provides a long-term plan for addressing several fundamental challenges that the province, together with key partners, can pursue to facilitate the development and growth of the ports system. The ministry works closely with other ministries, such as the Ministry of Transportation, where areas may overlap in the implementation of this plan.

This objective focuses on maximizing British Columbia's share of federal funding under the Canada/British Columbia Infrastructure Program and the Western Economic Partnership Agreement and efficiently distributing contributions to support business and infrastructure development, particularly in regional communities.

Key strategies include: funding infrastructure projects through the Canada/British Columbia Infrastructure Program, negotiating a Municipal Rural Infrastructure Fund agreement with the federal government and municipalities and funding economic development initiatives that recognize sectoral regional needs through the Western Economic Partnership Agreement.

Performance Measures:

Canada/British Columbia Infrastructure Program project funding: Provides funding to local governments and non-governmental organizations for local infrastructure programs.

Western Economic Partnership Agreement project funding: This measure reflects the ministry's continuing efforts to fund initiatives that further develop British Columbia's small and medium-sized business sector and support economic and technological innovation for a more competitive business environment.

The performance measure for "Funding for Regional Science and Technology Councils" indicated in the ministry's 2004/05–2006/07 Service Plan has been removed. This is because the ministry transferred this activity to another government organization that it is funding called the British Columbia Innovation Council (BCIC).  The BCIC is a merger of the Advanced System Institute of British Columbia and the Science Council of British Columbia and centralizes the government's technology development and commercial programs in a one-stop point of access and support for stakeholders, including regional science and technology councils. The BCIC will liaise with the Crown Agencies Secretariat and complete its own service plan, which will include performance measures.

Small businesses comprise approximately 98 per cent of British Columbia's businesses and are the primary source of job creation in the province. Consequently, economic growth within the small business sector is vital to the province's economic performance.

Key strategies include: developing and providing one-stop access to business information and tools for small business startup and expansion through the Small Business BC (formerly the Canada/British Columbia Business Services Society) and ensuring small businesses are informed of opportunities leading up to the Vancouver 2010 Olympic and Paralympic Winter Games.

Performance Measures:

Number of walk-in, phone, e-mail and fax interactions and website transactions by Small Business BC: Small Business BC is funded by the provincial and federal governments and provides business development resources to small businesses. The number of transactions reflects the level of outreach to small business clients. In 2004/05, walk-in, phone, e-mail and fax interactions declined as Website visits increased. The trend away from walk-in, phone, e-mail and fax interactions and toward Website transactions is expected to continue.

Small business participation in Olympic business opportunities: The ministry is developing a 2010 Commerce Centre where British Columbian and Canadian businesses will be able to register and receive directed information on business opportunities arising as a result of the Vancouver 2010 Olympic and Paralympic Winter Games.

This goal focuses on maximizing the economic and social benefits to British Columbia while minimizing potential risks of hosting the Vancouver 2010 Olympic and Paralympic Winter Games.

The Secretariat's primary role is to provide the strategic leadership, coordination and oversight to ensure the province meets its financial, infrastructure and service commitments for the 2010 Games. The Secretariat also has a key role in ensuring that the social, economic and environmental opportunities associated with hosting an Olympic event are identified early and realized before, during and after the 2010 Games and evolves into enduring legacies for communities and businesses around the province.

Key strategies include: maximizing the potential economic benefits of hosting the Vancouver 2010 Olympic and Paralympic Winter Games and maximizing participation, equity, inclusiveness and accessibility for all British Columbians before, during and after the Olympics.

Performance Measures:

The Vancouver 2010 Olympic and Paralympic Winter Games are delivered on time and within approved budget: Operating within standard provincial accounting and financial management practices, the BC Olympic Games Secretariat is the primary provincial organization responsible to ensure British Columbia's investment in the Vancouver 2010 Olympic and Paralympic Winter Games results in an event that is on time and within the approved budget.

Procurement opportunities posted via a web based information system: This measure reflects the ministry's contributions to business and sport development by ensuring that businesses have access to the information required to take advantage of procurement opportunities from the Vancouver 2010 Olympic and Paralympic Winter Games.

Winning the Olympic bid has placed a new profile on the province's sport and physical activity endeavours. There will be renewed appetite for achieving excellence and participation in sport in British Columbia. In addition, the arts and cultural sector is a rapidly growing component of the provincial economy. This goal focuses on increasing participation in sports, and the development of arts and culture.

Physical activity is a key component of health and quality of life for British Columbia's citizens. Increased participation in physical activity and excellence in sport are encouraged through a number of strategies, most of which are undertaken in cooperation with a number of other agencies.

In 2004, the ministry's Sport Branch transferred its programming and funding responsibilities to the 2010 LegaciesNow Society. This new structure will help promote innovative leveraging of government funding with the private sector. The Sport Branch will support the sector by providing policy and strategic planning, identifying and monitoring trends and research, and developing and maintaining inter- and intra-government partnerships to promote sport and physical activity.

Key strategies include: transferring funding and program responsibilities to a third-party agency (2010 LegaciesNow Society) in order to promote innovative revenue-generation for the sector, developing policy and strategies to contribute to public priorities (e.g., education, health, economic and social objectives), and maintaining and developing partnerships with other ministries and governments in order to bring more resources to sport and physical activity.

Performance Measures:

Number of communities designated "Active Communities": Communities that participate in healthy and active programs such as Fort St. John's Walk to Whistler will receive formal designation as "Active Communities". This designation will allow communities to benefit from future programs.

In partnership with LegaciesNow, British Columbia's physical activity level increases to meet the national 10 per cent increase target by 2010: The Federal Provincial-Territorial Sport Ministers have set a target to increase Canada's physical activity levels by 10 per cent by 2010. The biannual Canadian Community Health Survey monitors these levels. The ministry's partnerships with other ministries and levels of government will help develop strategies to promote physical activity in various settings (e.g., community, schools, organized sport).

In partnership with LegaciesNow, British Columbia's athletes excel, demonstrated by Team BC placement in Canada summer and winter games: The performance of provincial-level athletes at Canada Games is an indicator of the health of high performance sport in this province. National success will contribute to a provincial goal of putting more British Columbians on the Vancouver 2010 Olympic and Paralympic Winter Games podium.

In partnership with LegaciesNow, British Columbia has high quality sport infrastructure as measured by the proportions of nationally-carded athletes training in the province: The number of national athletes training in British Columbia is an indicator of the strength of British Columbia's sport development system. The more athletes living and training in British Columbia then the greater likelihood of British Columbia podium performances at future Olympic and Paralympic Games.

Cultural activity is one of the key pillars of a healthy community. The ministry works to support the realization of social and economic benefits through arts and cultural development, a thriving cultural sector, and an effective and efficient BC Arts Council.

Key strategies include: providing policy, program and administrative support for the BC Arts Council, managing the Olympic Arts Fund, supporting the Centre for Not-for-Profit Sustainability, and undertaking cultural industry initiatives such as the review of the sound recording industry.

Performance Measures:

Olympic Arts Fund: This measure supports arts and cultural organizations to realize creative projects that contribute to the development of arts and culture in British Columbia.

Centre for Not-for-Profit Sustainability: This measure is used to show progress in encouraging the development of a sustainable arts and culture sector across the province.

BC Arts Council: The provision of policy, program and administrative support for the BC Arts Council contributes to the effectiveness of the Council in meeting its objectives.