Case | HBS Case Collection | April 2011 (Revised April 2012)

Angels in British Columbia

by Josh Lerner, Thomas Hellmann and Ilkin Ilyaszade


The case study provides an overview of the angel investment practices and describes government policies towards angel and venture capital investing in British Columbia, Canada. It focuses in particular on the Equity Capital Program (BCECP henceforth), which provides tax credits to private equity investors that meet several eligibility criteria. The case study is written from the point of view of a policy maker, with a perspective on the entire ecosystem. It provides an overview of the existing structure of the tax credit program, its history, and the lessons learned to date. It discusses the current challenges faced by policy makers wanting to further improve the program.

Keywords: Venture Capital; Private Equity; Investment; Policy; Taxation; Performance Improvement; Programs; British Columbia;


Lerner, Josh, Thomas Hellmann, and Ilkin Ilyaszade. "Angels in British Columbia." Harvard Business School Case 811-100, April 2011. (Revised April 2012.)