Canadian Prime Minister Stephen Harper has announced to support private businesses, setting aside C$400 million to grow venture capital investment in the country during the course of next seven to 10 years.
The PM is of the view that many companies in the country could not grow as per their potential during the last few years as they were hit by the global financial crunch. The financial crisis left many in awe in the entire world, and many start-ups were left without funds that resulted in shutting down of their projects.
The C$400 million will be used in three different ways. A major chunk of the fund will be dedicated to establish new funds while promoting public-private partnership. The government will also use the funds to support existing funds, while a small portion of the decided fund will be served to support the already better performing venture capital funds.
According to Global News, Harper said:
“Our government firmly believes strong action is required to bolster the available risk capital in Canada. It is vital for Canada’s economic future and indeed for the long-term prosperity of all Canadians.”
The authorities are of the view that this fund will help youngsters realise their dreams and contribute meaningfully to the development of the country. Finance Minister Jim Flaherty said:
“The primary focus here is on young entrepreneurs and the fact that we’re losing young entrepreneurs and their businesses to American enterprises, larger enterprises.”
Meanwhile, the plan has also received some criticism. The critics believe that the fund is insufficient to meet the country’s need and that it will not have a significant effect on the businesses in Canada.
Source: GlobalNews
Photo: VancouverSun
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