This is exactly what I am talking about:
Garage Technology Ventures Canada (“Garage Canada”) today announced the launch of its new venture capital fund-Garage Technology Ventures Canada, LP (the “Fund”). Following a first closing of $50 million, with plans to secure $100 million by 2007, the Fund will provide capital to seed and early stage technology companies.
A cornerstone of the Fund’s business model is to actively leverage operational and economic ties with Silicon Valley through and with its partners at Garage Technology Ventures in Palo Alto, California (“Garage USA”).
Garage USA is a renowned seed-stage and early-stage venture capital fund, with investors that include Thomas Weisel Partners and CalPERS (the California Public Employees Retirement System), among others. Garage USA will offer its networks and wealth of experience to Garage Canada’s management and portfolio companies across all project stages – from due diligence through to customer acquisition, follow-on financing and exit strategy development.
Garage Canada’s initial investors include the Solidarity Fund QFL, the Caisse de depot et placement du Quebec and FIER Partners, LP, as well as the General Partners of the Fund. Garage Canada will be located in Montreal.
Remember how I said that New Brunswick’s piddly Innovation Foundation should be solely focused on leveraging external investment and networks? This is exactly what I am talking about.
Using government funds -the Solidarity Fund QFL and the Caisse de depot et placement du Quebec – to leverage “operational and economic ties with Silicon Valley”.
Amen to Quebec’s approach.
Ahem to New Brunswick’s current approach.