Evolving interest in investment and financing matters has seen extensive expression by British Columbia workers and unions. An example exists in a new group of financial institutions run by the holding company Working Enterprises, Ltd. The latter is owned equally by seven provincial labour organizations — the British Columbia Federation of Labour (BCFL), the British Columbia Government Employees Union, the Canadian Union of Public Employees, the Health Sciences Association, the International Longshoremen's and Warehousemen's Union, the Office and Technical Employees Union and the United Steelworkers of America. The BCFL, to which the others are affiliates, has a membership of 325,000.
Much of the above group's development occured as Working Enterprises also sought to establish a provincial labour-sponsored investment fund. Actually, this process began in 1987-89, when the Social Credit government crafted the Employee Investment Act. This was finished by the newly-elected New Democrats in 1991 in close consultation with the unions associated with Working Enterprises. In January, 1992, Working Opportunity Fund (EVCC or employee venture capital corporation), Ltd., was incorporated.
An impetus behind Working Opportunity's rise has been concern about the pace and nature of economic restructuring in British Columbia. Historically, the province's wealth has come from bountiful natural resources. This is evident in logging which alone constitutes 2 percent of GDP and in the sizeable wood products component of manufacturing.
It has become increasingly recognized that more effective capital supply is key to attempts to differentiate growth and job sources and add value to primary production. Contrary to traditional industrial activity, such as mining and oil and gas, which benefits from strong public trading, new growth sectors encounter insufficient financing, including venture financing.