Remember how I said the NB government should develop a strong plan for economic development and then go ask the Feds to partner? I think that has to be the model. Take this new fund for Quebec. Various funding agencies in Quebec have partnered with the Feds through the BDC.
When Premier Graham announced a new program for SME funding, maybe it would have made sense to structure it like this program below and get lots of Federal dough:
New technology investment fund launched
The Montreal Gazette
Published: Friday, November 17, 2006
The Federal and Quebec governments Friday announced a new investment fund managed by the Business Development Bank of Canada to provide “pre-seed” finance for new high-tech businesses in such fields as information technology, life sciences and telecommunications.
The GO-Capital Fund has an initial $50 million to help start-ups and this rises to $100 million with BDC funds. Maxime Bernier, Federal Industry Minister, said talks are under way with Ontario and Alberta to set up similar funds and eventually the program will extend to all provinces.
“Universities produce legions of ideas from their research but the developers often lack the money and knowhow to create viable businesses,” said the BDC’s CEO Jean-Rene Halde. “We’re aiming to fill that gap and help Quebec’s technology firms grow and compete internationally.”
BDC is a big player in Canadian venture capital and will work with private-sector funds to bring such companies as far as initial public offerings, he said.
G0 Capital’s indirect contributors include the Caisse de depot et placement du Quebec, the union-backed Quebec Solidarity Fund and Fondaction, and the Mouvement Desjardins.