Tripling The Number Of Successful Start-up Companies

Supporting Job Creation Through Increased Private Investment

TORONTO, Sept. 21, 2011 /CNW/ - Ontario Liberals will triple the amount of successful start-up companies in the province through incentives that will increase private investment and drive innovation.

Today's innovative industries, like biotech and the entertainment and creative cluster, are creating jobs in exciting new fields. Our Innovation Agenda has helped start-ups in these sectors create a new and strong pillar of our economy, and now we'll take the next steps to ensure that these companies have the capital they need to grow.

We'll help young Ontario entrepreneurs as they move their companies forward from start-ups, to successful, growing companies — ones that form the backbone of our 21st century economy. Tripling the number of successful start-ups will increase capital investment in Ontario, adding stability to our innovation industries, and attracting new talent and investment to Ontario.

ONTARIO INNOVATION AGENDA

Start-ups often need help with risk capital — the financing that comes in between informal financing from family, friends and research grants and formal financing from banks and public markets. In 2008 we launched a plan for innovation here in Ontario - it's called the Ontario Innovation Agenda. It's a strategy that coordinates our investments in and support for start-ups.

Forward. Together., the next chapter in our Ontario Liberal Plan, calls for enhancing the Ontario Innovation Agenda, to make innovation the driving force of the economy and create more good jobs for Ontarians.

ANGEL INVESTORS AND VENTURE CAPITAL

Angel investors provide funds to take companies from their early, seed financing to the stage where they are of interest to larger investors such as venture capital (VC) firms. VC firms are specialized private equity firms that focus on financing high-growth potential firms — like innovative start-ups — using funds of pooled capital from investors.

Ontario Liberals will bring in a tax credit for individual angel investors, and incentives for setting up Ontario-based venture capital funds.

The reasons for these tax credits and incentives are clear —they're part of the next chapter in our Ontario Liberal Plan which has rebuilt the foundation of our economy by investing.

We have invested in education and infrastructure. We reformed our tax system, invested in new sectors (green/clean, water, energy, health, financial services) and our plan is working. Ontario has landed major investments such as Samsung and Toyota, and through measures like tripling the number of successful start-ups, we're working to ensure that our best minds that are starting our best businesses have the capital they need to ensure their companies can grow in Ontario.

The Hudak PCs have a $14 billion in unfunded giveaways and tax cuts that would mean deep cuts to hospitals and schools. The Horwath NDP would introduce a crushing $9 billion in job-killing taxes. Both would take us off track at the worst time.

Only the Ontario Liberals have a plan to build our innovation economy and support successful start-ups.

SOURCE Ontario Liberal Party

For further information:

Ontario Liberal Party Media Office:
416 961-3800 ext. 328

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