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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.
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
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!
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