Ottawa, July 31, 2012
2012-085

Archived - Minister of Finance Meets U.S. Financial Leaders to Build Support for Venture Capital Investment

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The Honourable Jim Flaherty, Minister of Finance, will travel to San Francisco, California and Boston, Massachusetts to hold discussions with U.S. financial leaders aimed at highlighting Canada’s growing reputation as an investment destination and encouraging more private sector investment in venture capital.

“Private sector risk capital plays a crucial role in helping innovative Canadian businesses to grow and succeed,” said Minister Flaherty. “California and Massachusetts are home to thriving venture capital markets, and these meetings will help in our Government’s ongoing efforts to develop a more supportive environment for this type of financing 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.

On June 22, the Government launched consultations on increasing the availability of venture capital for high-growth businesses in Canada.

Minister Flaherty will be accompanied at the U.S. meetings by Samuel L. Duboc, a successful entrepreneur and business investor who is serving as a special advisor on venture capital.

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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