Supporting Canadian innovators through venture capital is essential to innovating for a better Canada
OTTAWA, June 2, 2017 /CNW/ - Budget 2017 made important commitments that will help small and medium-sized enterprises bring their products to market, scale up, create jobs and export to the world.
To support this commitment, the Government of Canada today announced that it is launching a public consultation on the design and implementation of the Venture Capital Catalyst Initiative. Part of the Innovation and Skills Plan set out in Budget 2017, this $400-million initiative will provide more late-stage venture capital to Canadian firms looking to grow and expand.
On behalf of the Minister of Innovation, Science and Economic Development and the Minister of Small Business and Tourism, officials from Innovation, Science and Economic Development Canada and the Business Development Bank of Canada will consult with private sector experts to get their input on the initiative. In addition to the stakeholder consultations, Canadians are invited to review the Designing the Venture Capital Catalyst Initiative discussion paper and provide their comments online. The discussion paper provides information on the consultation process and how to participate. The consultation will run until July 17, 2017.
"To make Canada a global leader in innovation, we must think big, aim high and act boldly to drive economic growth through innovation. Our government knows that venture capital is an essential source of financing for innovative, growth-oriented firms. These consultations are an important step in ensuring that the Venture Capital Catalyst Initiative is designed to provide Canadian entrepreneurs with the resources they need to grow and compete globally."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"Access to capital is vital to growing Canada's high-potential start-ups. As Minister of Small Business and Tourism, I am committed to helping Canadian businesses, especially high-growth SMEs, create good middle-class jobs. I look forward to hearing what Canadians have to say about how the Venture Capital Catalyst Initiative can best provide innovative companies with the capital they need to scale up and compete internationally."
– The Honourable Bardish Chagger, Leader of the Government in the House of Commons and Minister of Small Business and Tourism
"Canadian policy-makers and other stakeholders have made strengthening the venture capital sector a top priority. Recent trends indicate solid progress has been made in this effort. We look forward to working with stakeholders to help shape this new initiative and sustain the ecosystem's positive momentum."
– Jérôme Nycz, Executive Vice President, BDC Capital
- The Venture Capital Catalyst Initiative will be administered by the Business Development Bank of Canada.
- This initiative builds on the success of the Venture Capital Action Plan (VCAP) launched in 2013, which has made $803 million in commitments to 22 Canadian funds.
- Over 197 innovative, high-potential Canadian start-up companies have received capital from funds supported by VCAP.
- Venture capital investment in Canada increased in 2016, the seventh straight year of growth and the most capital invested since 2001. According to the Canadian Venture Capital and Private Equity Association, these high investment numbers are a positive reflection of VCAP's impact and the Government's support for venture capital.
Follow Minister Bains on Twitter: @MinisterISED
SOURCE Innovation, Science and Economic Development Canada
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Shawn Salewski, Director External Communications, Business Development Bank of Canada, firstname.lastname@example.org, 1-844-625-8321; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, email@example.com