In early 2015, a Metro Vancouver Regional Economy Task Force was formed to guide the development of the Regional Prosperity Initiative. Over the next few years, collaboration among stakeholders indicated strong support from member jurisdictions, businesses and their associations, and labour and academic institutions for a new multi-sectoral, public-private collaboration promoting the prosperity of the Metro Vancouver region. A Steering Committee of community leaders and key stakeholders, supported by an Advisory Group, provided direction in developing a business plan to define what the new collaboration would look like.

The business plan provides a first high-level perspective of what a regional economic prosperity service provided by Metro Vancouver entails: how it will be structured within Metro Vancouver, the scope of work, description of activities, resources required, and key performance indicators for measuring success.