Investing In Emerging Technologies
McGuinty Government Creates New Fund To Support Green Tech Companies and Jobs
Ministry of Research and Innovation
Ontario is creating a new fund to drive start-up investment in green technology companies and other high-tech businesses.
The move is a response to the challenges emerging technology companies are experiencing in raising venture capital due to tightening credit markets. The long-term goal of the fund is to create a dynamic, vibrant venture capital community that will help Ontario companies grow and compete globally.
Starting in July, the Emerging Technologies Fund would invest $250 million dollars over five years together with qualified venture capital funds and private sector investors.
The fund would match small to medium private sector investments and receive an interest in companies it supports.
Note: Program details are being developed and full guidelines will be posted on the MRI web site before the end of June 2009.
Quick Facts
- The fund is targeted at companies working in clean technology, life sciences, digital media and information communication technology.
- Eligible companies must have a significant corporate footprint in Ontario.
- The goal is for the fund to be self-sustaining through return on investment.
Quotes
The Emerging Technologies Fund supports the kind of investment that drives innovation, secures jobs today, and creates jobs tomorrow. We’re committed to supporting clean tech and other emerging technology companies in Ontario. Ontarians are looking to us to support investment in new technology, especially in this challenging global credit environment."
John Wilkinson