12/08/2015 03:49 EST | Updated 12/08/2015 03:59 EST

Christy Clark, B.C. Premier, Announces $100-Million Fund To Boost Tech Sector

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Christy Clark, premier of British Columbia, smiles during an interview in New York, U.S., on Wednesday, Dec. 10, 2014. Canada's ambition to become a top LNG exporter is on track even with oil's plunge as investment decisions on two mega-projects are set to come next year, Clark said. Photographer: Scott Eells/Bloomberg via Getty Images

VANCOUVER — Budding technology entrepreneurs are getting access to cash to fuel their startup companies as British Columbia launches a strategy aimed at creating jobs.

Premier Christy Clark has announced a $100-million venture capital fund in an effort to bolster the technology industry and diversify the economy.

Clark says the fund adds to the province's already well-developed community of so-called angel investors, who provide private funding.

Igor Faletski, CEO of Vancouver-based Mobify, says the government fund will help B.C. startups compete with those in Silicon Valley, where access to capital is unlimited.

Greg Caws, president of the BC Innovation Council, says the money will help struggling young companies grow into profitable medium and large firms.

The province says its tech sector directly employs more than 86,000 people, who are paid 60 per cent higher wages than B.C.'s industrial average.

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