The Honourable Jim Flaherty, Minister of Finance, today launched consultations on increasing the availability of venture capital for high-growth businesses in Canada.
In Economic Action Plan 2012, the Harper Government announced that it would make available $400 million to help increase private sector investments in early-stage risk capital and to support the creation of large-scale venture capital funds led by the private sector. The Government is seeking to increase the capital and expertise available for growing, innovative firms while focusing resources on companies most likely to become global leaders.
“Our Government recognizes the crucial role played by private sector risk capital in driving business growth and innovation,” said Minister Flaherty. “These new resources will make it easier for entrepreneurs to access needed venture capital investments, helping high-growth firms develop and succeed.”
The Government has engaged Samuel L. Duboc, a successful entrepreneur and business investor, to serve as a special advisor on venture capital.
The consultations will seek input on the financing needs of high-growth firms in Canada, the factors that influence private sector participation in venture capital, and the role that governments can play in developing an environment that supports a sustainable private-sector-led venture capital market. Additional information can be found in the attached discussion paper.
Stakeholders who wish to provide input are invited to submit their comments to the following address or by e-mail to ConsultationsVentureCapital-CapitaldeRisque@fin.gc.ca. The closing date for comments is July 27, 2012.
