Harper Announces a $400M Plan to Boost Canada’s VC Investment
On January 14th, Prime Minister Harper announced a plan to strengthen the venture capital investment in Canada. The Venture Capital Action Plan will seek to deploy $400M over the next seven to 10 years to strengthen Canada’s competiveness in the knowledge-based economy.
The Plan will make $250 million available to establish new funds led by the private sector and up to $100 million will be used to recapitalize existing large private-sector funds. Additionally, there will also be a $50-million investment in three to five existing high performing Canadian venture capital funds.
The prime minister says the key to Canada’s global competitiveness depends on Canada’s venture capital industry having the resources to be sustainable.