A pilot program to help foreign\u00a0talent launch startups in Canada is now becoming permanent.<\/p>\n
At the Ryerson DMZ, Immigration Minister Ahmed Hussen announced the\u00a0Startup Visa program will be added to\u00a0Canada’s immigration policy next year. The Visa grants permanent residency to\u00a0entrepreneurs if a Canadian venture capital fund or angel investor group invests in their business, or if they are accepted into a business incubator.<\/p>\n
\u201cEvery company launched in\u00a0Canada<\/span>\u00a0with the help of the Startup Visa Program has the potential to be a big win for Canadians,” said Hussen\u00a0in a statement<\/a>. He called both\u00a0entrepreneurship and the growth of startups vital to the country’s economy.<\/p>\n Since the program kicked off in April 2013,\u00a0117\u00a0applicants were approved for permanent residency, launching 68 startups\u00a0with a combined $3.7 million in investment capital.<\/p>\n \u201cCanadians benefit through the jobs that are created when entrepreneurs come from all corners of the globe to start businesses in this country,” said Navdeep Bains, minister of Innovation, Science and Economic Development.<\/p>\n Minister Bains said the program will help attract more innovative entrepreneurs, creating\u00a0new business opportunities and jobs.<\/p>\n The program has faced ongoing criticism for failing to live up to its initial goal of attracting the world\u2019s best and brightest entrepreneurs. While the program offers up 2,750 Visas every year, only 117 have been granted in the past four years\u2014far from a\u00a0success.<\/p>\n