the ability of Canada to develop the new technologies of the future is in jeopardy because entrepreneurs can’t get financing to see them through the recession.
The Crown corp says the disappearance of venture capital in the country will snuff out hundreds of innovative small companies in infancy and their technology with them. “It breaks my heart because if we let go of these technology companies, once this recession is over you will have lost all this (new) technology, you will have lost a decade,” Edmee Metivier, the BDC’s Executive Vice President of Financing, told a House of Commons subcommittee earlier this week.
Canada’s Venture Capital & Private Equity Association (CVCA) is holding their annual conference next month in Calgary and while their “Embrace our Energy” theme was likely conceived 9-12 months ago, there is most definitely an underlying message this year. Colony Capital Chairman and CEO Thomas J. Barack Jr. will be presenting a luncheon keynote titled “The Current Crisis”.
Of course Barack’s presentation is the day after the optional Golf Day and will be followed up later in the day with a Scotch Tasting event so maybe not that much has changed.