Canada’s capacity to compete in international markets depends on its ability to innovate. Access to capital is critical to early-stage technology companies because the funding enables them to survive and grow.
These fast developing firms represent just 5% of the companies in Canada but they account for 45% of new job creation. The technology they develop allows Canadian companies to export their knowledge and establish international partnerships.
Yet, Canada’s venture capital sector remains small and, for many entrepreneurs, difficult to access.
In our election platform A Canada That Wins, the Canadian Chamber has identified “Access to Capital” as one of the four main pillars of economic competitiveness that have to be improved by the next federal government.
This is the message we sent to the federal political parties during a press conference held this morning in partnership with the Fédération des chambres de commerce du Québec and the Board of Trade of Metropolitan Montreal at Notman House, a business incubator located in downtown Montréal.
Today, we are also launching a new report. Stimulating Canadian Innovation: How to Boost Canada’s Venture Capital Industry explores the challenges many entrepreneurs face in obtaining the capital they need to grow and develop their business. It also draws a clear picture of the current Venture Capital sector here in Canada, and offers new solutions and recommendations to government on how to improve access to capital.
The next federal government needs to support Canadian entrepreneurs as they pave the way to a new, fluid and innovative economy and for that, they need capital.
So, what plan does each of the federal parties have to stimulate business growth and improve access to capital?