Press Release
From: Innovation, Science and Economic Development Canada
September 16, 2024
Canada is home to some of the most innovative entrepreneurs in the world, and the federal government has their backs. Today at the Kauffman Fellows Summit in Montréal, the Honourable Rechie Valdez, Minister of Small Business, emphasized the positive impact that the Government of Canada’s venture capital (VC) investments have made on the Canadian VC ecosystem.
The federal government’s Venture Capital Catalyst Initiative (VCCI) has successfully enabled VC fund managers to leverage federal investments to raise private sector and other public investments and invest in innovative Canadian businesses. Since 2016, the federal government has invested over $820 million in the Canadian VC ecosystem to support Canadian founders and innovation, creating a monumental impact of $3.4 billion on the Canadian VC ecosystem. Consequentially, the VCCI has supported the creation of more than 20,000 jobs across Canada.
Building on this momentum, the government’s latest budget is devoting $200 million to renewing the VCCI, with a goal of supporting VC for entrepreneurs who are part of equity-deserving groups, and to investing in underserved communities and outside key metropolitan areas.
Through the VCCI, the federal government is helping ensure that more firms owned by women or members of Black, 2SLGBTQI+ and Indigenous communities in the small and medium-sized enterprise space have access to the capital they need to start up and scale up, strengthening Canada’s economy. This is key to growing and supporting startups with high growth potential.
The VCCI is more than a financial investment, it’s about reimaging Canada’s VC landscape in a way that empowers people from all backgrounds to pursue their entrepreneurial goals through increased investment and access to capital—a key priority of the federal government.
Quotes
“Our government believes that anyone who has a dream of launching a startup and bringing their innovative ideas to life should be able to do so, no matter who they are or where they come from. We’re helping make this a reality by making more capital available to VC firms, including those led by women and members of other equity-deserving groups. The VCCI is already jump-starting the development of a new generation of bright and diverse Canadian entrepreneurs and innovators, and it is creating thousands of new Canadian jobs on top of this. Supporting diverse and under-represented entrepreneurs in the VC sector is not only the right thing to do; it is the smart thing to do and is essential to boosting Canada’s economy to its full potential.”
– The Honourable Rechie Valdez, Minister of Small Business
Quick facts
Associated links
Contacts
Callie Franson
Communications Advisor
Office of the Minister of Small Business
callie.franson@ised-isde.gc.ca
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca
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