Quebec gains ground as VC investment plunges

Quebec bucked the trend for venture capital investment in 2009, which hit a 13-year low nationally with just $1 billion in deal activity, down from $1.4 billion in 2008. Quebec attracted $431 million in 2009, up from $392 million the previous year. In contrast, activity in Ontario plunged from $575 million in 2008 to just $288 million last year, a drop of 50%. British Columbia didn't fare much better, experiencing a 46% year-over-year decline from $260 million to $141 million. In response to the devastating data, the Canadian Venture Capital and Private Equity Association called for the formation of a limited-life blue chip panel to develop a roadmap and comprehensive innovation strategy. The latest data were sponsored by the CVCA and compiled by Thompson Reuters….