Retail Venture Funds Association encouraged by policies to build
foundations for a truly 21st Century economyTORONTO, March 27 /CNW/ - The McGuinty government has made encouraging
policy initiatives that help bring innovative high-tech applications to market
more efficiently, according to the group representing retail venture capital
industry.
The Ontario Budget released today contained far-reaching initiatives that
will help the province's entrepreneurs, scientists and researchers develop and
market new technology here instead of other jurisdictions.
These include the proposed investment of $715 million in investments to
support innovation, encouraging the development of new products and services,
and recognizing the important role innovation plays in Ontario's economic
prosperity.
The Budget was well-received by the Retail Venture Funds Association, the
industry association that represents the retail venture capital industry in
Ontario.
"This past year has been tough on Ontario workers, but it's also been
tough on venture capital investors and the start-up firms that rely on them,"
said RVFA board member John Varghese, Managing Partner of VentureLink Funds.
"The result has been that many early-stage technology companies have not been
able to gain access to capital pools at a critical time in their development.
The Budget measures will help instil confidence in our tech sector and
motivate venture capital investors to start investing in innovative Ontario
companies again."
The RVFA is hopeful that the Ontario government will build on today's
Budget measures and allow investors in its Labour-Sponsored Investment Funds
to continue to claim a partial tax credit on their investment.
"Retail venture capital funds are the fuel that will power the Ontario
government's innovation and commercialization agenda outlined in Finance
Minister Dwight Duncan's speech. Venture capital is critical in creating
high-paying engineering, research and technology jobs, and will help establish
a 21st-Century economy based on knowledge, advanced skills and innovation,"
Mr. Varghese said.
For further information: Derek Raymaker, Daisy Consulting Group, (647)
504-0107
