Ottawa, June 22, 2012
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.
Consultations on Support for Venture Capital
Economic Development and Corporate Finance
Department of Finance Canada
12th Floor, East Tower
140 O’Connor Street
Ottawa, Canada K1A 0G5
For further information, media may contact:
Mary Ann Dewey-Plante
Office of the Minister of Finance
Department of Finance
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Samuel L. Duboc
Mr. Samuel L. Duboc is a partner in the private equity firm EdgeStone Capital Partners, a company he founded in 1999. Prior to founding EdgeStone, he served as Managing Director and member of the Deals Review Committee at CIBC Capital Partners, the merchant banking division of CIBC. From 1991 to 1994, he co-founded and developed the Loyalty Group Inc. (Air Miles Reward Program), where he served as Chief Operating Officer. He is a former director of Alliance Films, BFI Canada, Richards Packaging, Trimaster Manufacturing and Solace Systems.
Mr. Samuel L. Duboc holds a Bachelor of Science degree in Chemical Engineering from Tufts University and an M.B.A. from Harvard Business School. In 2000, he was recognized as one of Canada's Top 40 Under 40 and named one of the “Most Influential” alumni of the program in 2005. He was nominated for the Ernst & Young Entrepreneur Of The Year Award in 2006 and 2007.
Mr. Samuel L. Duboc is Chairman of the Board of Pathways to Education Canada and a member of the Toronto City Summit Alliance Steering Committee.