Investment Capital BranchMinistry of Economic Development

The Process of Re-engineering BC’s Venture Capital Programs

Presentation Overview Introductions BC’s Venture Capital Programs Overview Rationale for Re-engineering Project Process Mapping – Present to Future State The Team - Building Relationships and

Capacity Impacts – For Government Impacts – What Clients Are Saying Conclusion

Investment Capital Branch Mandate

To stimulate economic growth by providing tax credit incentives to lever venture capital into small businesses throughout British Columbia with the goal of accelerating investment, innovation & opportunity.

BC’s Venture Capital Programs

Why Program Re-design?

Inconsistent, cumbersome and paper intensive processes

Business processes in place based on compliance driven government priorities

Reduction in personnel resources for non-value added functions

Need to re-align staff with strategic service plan objectives

Citizen-centred Regulatory Reform

The hook… Citizen-centred regulatory reform

focuses on reducing the number of steps and time spent by citizens/clients/customers to access government programs and services or to comply with government requirements

Process Mapping Workshops

Business Process Mapping What is it?

a process to develop a high-level workflow diagram

For what purpose? to bring forth a clearer understanding of a process

or series of parallel processes

So what? to understand the processes we currently use and

ask what is expected of us

So what? to decide what we should be doing to provide

better customer focus and satisfaction

Our Regulatory Reform Goal

We want small businesses and industry to spend less time dealing with the administration of the venture capital programs and more time on what’s really important – making their business successful and contributing to the economic prosperity of all British Columbians.

Guiding Principles

Challenge everything…why, why, why? Stay within the legislative and regulatory

framework Eliminate duplication Reduce the number of steps Respect and teamwork Success

Present State Map #1

Future State Map #1

Present State Map #2

Future State Map #2

Quick Wins

Identified several process improvements that could be instituted right away One review per deal Ongoing registration Multiple checks eliminated

Created momentum to challenge other processes

Resulted in a conceptual re-design

What did we get out of the business mapping process?

Put the spotlight on duplication and waste

Streamlined our work processStandardized processes between

programsA team approach to breaking down

cultural barriers and program “silos”

The Results…

Impact on employees Impact on Ministry Impact on government Impact on citizens, clients and

customers

Time Savings and Regulatory Reductions

Total estimated time commitment savings for portfolio managers resulting from re-design of the reviewed processes 3395 hours

Eliminated 8 forms

Eliminated numerous complex, irrelevant and obsolete practices and procedures

What are our clients saying?

I applaud the Ministry's effort to streamline the administration of the Small Business Venture Capital Act. The changes to the investment approval process alone will save us from preparing and submitting hundreds of pages of documents each year. I anticipate that these changes will allow us to spend less time dealing with administration and paperwork and more time adding value to the promising innovative companies in our portfolio. Dave Barr, CFO, Pender Financial Group Corporation

From a high level, my initial comment is that we are very pleased with the changes and commend you and your team on reaching the decisions you did. Again, we are looking forward to the new, streamlined processes. Tanner Philp, CFO & Partner, Lions Capital Corp.

I have only worked on the Annual Report and I am extremely delighted that we are no longer required to submit the Part 2 of the VCC Annual Return (Small Business Information). This translates into a saving of 40+ hours, if not more, of requesting, collecting, tracking, monitoring and submitting information to ICB. Ambrose Hong, Controller, Lions Capital Corp.

Conclusion

Business process mapping is an effective tool to facilitate the process of re-thinking how government business gets done

But…its not easy…because that’s the way it has always been done

It needs senior level commitment and it needs a team

And…it’s also a process of continuous improvement – so celebrate your successes!

Questions? Contact us....

Sylvia SeligDirector, Information and Research PolicyOffice of the Chief Information Officer 356-1124

Alan Thomson AdministratorInvestment Capital Branch 952-0620

Carolyn Maxwell AdjudicatorOffice of the Superintendent of Motor Vehicles 387-0885