Promoting a vibrant venture capital ecosystem in Canada
The Government of Canada will examine opportunities to promote a vibrant and diverse venture capital ecosystem.
- The availability of venture capital financing is just one driver of a successful, sustainable, private sector-led venture capital sector. Factors such as effective technology transfer offices; well-established angel networks; linkages to investment pools in other countries; availability of mentors for inexperienced venture capital firms and a deep pool of advisors and lawyers; and incubators/accelerators have been influential in growing vibrant knowledge economies such as Silicon Valley, Boston and New York. These supporting elements help entrepreneurs and young firms to develop their innovative ideas into strong business plans that open new markets and attract customers.
- The Government of Canada has provided significant resources in recent budgets to enhance the ecosystem that drives knowledge-based company growth and job creation, including:
- $110 million per year starting in 2012-13 to the National Research Council to double support for companies through the Industrial Research Assistance Program, and to expand the services provided to businesses through the program's Industrial Technology Advisors;
- $80 million over three years starting in 2011-12 to launch the Digital Technology Adoption Pilot Program under the Industrial Research Assistance Program to help small- and medium-sized businesses accelerate their adoption of key information and communications technologies through collaborative projects with post-secondary institutions;
- $12 million per year starting in 2012-13 to make the Business-Led Networks of Centres of Excellence program permanent;
- $12 million over five years starting in 2011-12 to the Natural Sciences and Engineering Research Council to support joint college-university research and development projects with promising commercialization potential;
- $95 million over three years, starting in 2013-14, and $40 million per year thereafter to make the Canadian Innovation Commercialization Program permanent and to add a military procurement component; and
- Launching the Canadian Technology Accelerator initiatives in California and New York, which help Canadian entrepreneurs access venture capital, customers and partners in key markets in the United States to catalyze their growth.
- The Government of Canada will examine opportunities to build on the successes in these and other areas to support the networks and culture that contribute to a sustainable and vibrant ecosystem.
The Government of Canada will continue to explore options to promote a vibrant and diverse venture capital ecosystem rooted in a strong entrepreneurial culture and well-established networks that link investors to innovative companies. More information will be made available in the coming months.