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 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
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