Innovation in Canada will be seriously compromised unless domestic venture capitalists start throwing big bucks into Canadian firms, suggests a new report. Big funding is one of the secrets of success of US firms, whether in Silicon Valley, or in other technology hubs in the rest of the US. In contrast, it is a challenge to get large funding tranches from Canadian VCs.
Person: Veronica Silva Cusi
Polytechnics and colleges are once again making the case for what they say is a fair share of funding for applied research. In their pre-Budget submissions to the House of Commons Standing Committee on Finance, Polytechnics Canada, and Colleges and Institutes Canada (CICan) are asking to double the funding made available to applied research in previous Budgets.
A long-standing grievance that has plagued the Networks of Centres of Excellence (NCE) since its creation 28 years ago is finally being addressed in the tri-agency’s latest funding competition. For the first time ever, the NCE is allowing former networks to compete alongside new networks for funding. Up for grabs is $75 million for over five years with the option to renew.
A report from the University of Toronto’s Impact Centre is calling for a data-driven approach to maximizing the government’s investments in Canadian firms and growing them to be world-class. The report — Government Venture Capital: Can the Public Sector Pick and Nurture World Class Companies? — says that the strategy for venture capital investments of the Canadian government is not to simply copy what venture capitalists in Silicon Valley are doing.