CVCA – Canada’s Venture Capital and Private Equity Association today congratulated the federal government for its support of the innovation ecosystem in its 2012 budget.
“In particular, we were pleased to see that the federal government has taken decisive action to address the acute shortage of venture capital by committing $500 million to the industry.” said Gregory Smith, President of the CVCA and Managing Partner of Brookfield Financial, “We look forward to working with the federal government in determining how best to structure its support in the months ahead.” added Mr. Smith.
In a broader sense, the CVCA also noted other aspects of the budget that will help grow the leading-edge technology sectors of the economy, including:
- The Western Innovation Program
- The Canadian Innovation Commercialization Program
- The Forest Innovation Program
- The doubling of IRAP’s allocated capital
- The College-Industry Innovation Fund.
Finally, the CVCA noted with deep interest the proposed changes to the SR & ED tax credit program. “We are pleased that the federal government has opted to keep the structure of the SR & ED program largely intact. We do support making the program more effective and will be examining the proposed modifications closely.” said Mr. Smith.
Gregory Smith, President of the CVCA and Managing Partner, Brookfield Financial