B.C. companies encourage ‘reverse brain drain’ at Web Summit tech conference

One of the biggest tech conferences in the world is now underway in Vancouver with local companies looking to take advantage in their own backyard.

The first full day of the Web Summit tech conference has B.C. companies aggressively pursuing inquiries, deals, and investments in downtown Vancouver—with their sights set on becoming the go-to alternative for investors avoiding the United States.

The premier was centre stage at the Vancouver Convention Centre to tell attendees he wants to double the number of people working in the sector, while non-profit investors and government agencies talked up their companies and saw months of hard work come to the fore.

“We’ve been working for eight or nine months with many companies to get ready,” said Innovate BC president and CEO, Peter Cowan. “It’s really an experience for companies to be able to come meet investors, meet the international media, showcase to the world what we have and continue to grow their company.”

He pointed out that face-to-face discussions and negotiations “take time to gestate” but insists that the event has been profitable for B.C. companies.

Conference is critical mass for more connections

Web Summit’s CEO often says that “night summit,” the after parties and networking events happening outside the event’s convention centres—which take place on four continents annually—are where many of the relationships are solidified and even more connections are made.

NorthX Climate Tech, a non-profit investor in green energy largely funded by government, took advantage of the fact so many companies would be in Vancouver for the event that they held the first Canadian Climate Capital Summit with investors from across the globe.

“Web Summit is the anchor event that people can build on,” said president and CEO, Sarah Goodman. “The technology is built in the labs and on the shop floors, but companies are built when you get out and you connect with people, connect with investors, connect with customers.”

A chance for the little guy to shine

Canadian companies of all sizes are eager to make the most of so many investors and collaborators in one place, but it’s B.C. companies that have the true home field advantage.

Sumreen Rattan, a co-founder and the COO of Moment Energy, has been looking forward to making those connections to grow their company.

“Moment energy repurposes electric vehicle batteries into battery energy storage systems to stabilize the grid,” she said. “We can actually extend the lifetime of the same battery in secondary applications for another decade”

Gluxkind, which makes AI-powered robotic strollers that can follow parents around, wants to secure the investments needed to go from producing 140 units a month to 450 a month. There’s currently a wait list for the $2,200 devices.

“We are one of the only stroller manufacturers who actually can make a stroller that’s made in North America,” said co-founder Kevin Huang. “It’s not there to replace parents…it’s to give parents an extra set of eyes and hands on a daily basis.”

All that innovation, expertise, and creativity has contributors enthusiastic about B.C.’s prospects for the future.

“The reverse brain drain is happening,” said Goodman. “We’re really building momentum in our space.”