News Release Article from  Innovation, Science and Economic Development Canada

Archived - Strengthening Canada's economy through new immigrant investor program

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Harper Government working with Canadian business leaders to support an entrepreneurial business culture in Canada

June 6, 2014 – Vancouver, British Columbia – Industry Canada

Industry Minister James Moore today hosted a round-table discussion with business leaders in Vancouver on key elements of a new Immigrant Investor Venture Capital (IIVC) pilot program. They discussed angel investors, seed-stage venture funds and business accelerators to determine where the real need is in the small business and entrepreneurial ecosystem and to ensure that the pilot program will truly drive entrepreneur success in Canada.

The Government of Canada is working with the IIVC pilot program expert panel to help build an entrepreneurial culture in Canada, complement public funds that support the development of early-stage companies and showcase Canada as an attractive destination for risk capital investment.

The expert panel members include Dr. Ajay Agrawal, Mr. Barry Gekiere, Mr. Grant J. Kook, Ms. Senia Rapisarda and Mr. John Stokes, who serves as chair.

This meeting concludes a series of consultations that were led by the expert panel and took place in cities across the country. The IIVC pilot program is led by the Minister of Industry in collaboration with the Minister of Citizenship and Immigration.

Quick facts

  • In Economic Action Plan 2014, the government announced that it will replace the ineffective Immigrant Investor Program and Federal Entrepreneur Program and eliminate their long-standing application backlogs in order to ensure that immigrant investors have opportunities to contribute to job creation and economic growth in Canada.
  • The new IIVC pilot program will test the feasibility of attracting immigrants who will contribute to Canada's growth and long-term prosperity by placing an at-risk investment in a new Canadian venture capital fund.
  • Canada has great benefits to offer investors: ambitious entrepreneurs, a skilled labour force, a strong economy and a sound banking system.
  • A key objective of the government is to ensure that capital is available to help finance the creation and growth of Canada's most promising enterprises.

Quotes

“One of Canada's greatest assets is our creative and hard-working entrepreneurs, and we want to make sure that they have the capital they need to build our nation's innovative enterprises. Leveraging investments from immigrant investors will help support the continued growth of the Canadian economy, a priority for our government.”

– James Moore, Minister of Industry

“Our government values the feedback received by Canadian business leaders who will provide insight on a new Immigrant Investor Venture Capital pilot program. Our government looks forward to the launch of the pilot program, which will attract real investments and will benefit the Canadian economy and labour market.”

– Chris Alexander, Minister of Citizenship and Immigration

Related product

Associated link

Follow us on Twitter: @industrycanada

Contacts

Jake Enwright
Press Secretary
Office of the Minister of Industry
613-995-9001

Media Relations
Industry Canada
613-943-2502
media-relations@ic.gc.ca

Alexis Pavlich
Minister's Office
Citizenship and Immigration Canada
613-954-1064

Media Relations
Citizenship and Immigration Canada
613-952-1650
CIC-Media-Relations@cic.gc.ca


Search for related information by keyword

Innovation, Science and Economic Development Canada Economics and Industry

Date modified: