I'll double down on Professor Charlebois' comment around having the capacity to incubate company start-ups here in Canada. EIO is a great example.
By the way, MP MacGregor, it was wonderful to have you in Guelph. It's great to see you again.
If we take a look at the investment opportunities in start-ups in Canada, even during COVID we saw an increase in venture capital going into start-up companies across the country, and we also saw significant federal investments in that regard. I know that Sheryl Groeneweg has already talked to this particular committee. She spoke explicitly to the investments that ISED has made under the SIF, the strategic innovation fund, as but one example. Similarly, the regional development offices, such as FedDev here in Ontario, have been making investments in those companies to mobilize them. As Professor Charlebois said and I would reiterate, the challenge is making sure that those investments are in companies that are relevant to this particular sector, the agri-food sector, and more specifically to food processing. I think there are clearly opportunities there.
It seems to be the case that, as I often describe it, everybody and their grandmother has a recipe that's lived in their family for years and years and they want to start a company on the basis of that. The challenge is pulling that together into a venture that will actually gain mileage, gain traction and have a long life. Professor Charlebois mentioned having the supports in place. One of those four components that you describe as necessary is the guidance for those companies. I would say that actually does exist across the country—maybe not specifically for agri-food, but we have some great examples there, with Bioenterprise as but one example here in Ontario. You'll be hearing from Bill Greuel later today. I think PIC is wanting to be very active in this space as well.
Other international players are looking at opportunities in Canada for investment. We ourselves just partnered with SVG Thrive, a major investor out of Silicon Valley that's looking at Canada as an opportunity to grow companies.