As part of their innovation agenda, the Government of Ontario announced yesterday that it is creating a new fund to drive start-up investment in green technology companies and other high-tech businesses. The move is a response to the challenges emerging technology companies are experiencing in raising venture capital due to tightening credit markets. The long-term goal of the fund is to create a dynamic, vibrant venture capital community that will help Ontario companies grow and compete globally.
Starting in July, the Emerging Technologies Fund would invest $250 million dollars over five years together with qualified venture capital funds and private sector investors. The fund would match small to medium private sector investments and receive an interest in companies it supports.
“The Emerging Technologies Fund supports the kind of investment that drives innovation, secures jobs today, and creates jobs tomorrow. We’re committed to supporting clean tech and other emerging technology companies in Ontario. Ontarians are looking to us to support investment in new technology, especially in this challenging global credit environment.”– Minister of Research and Innovation John Wilkinson.