Mr. Speaker, our government must be committed to assisting innovative small and medium sized enterprises. An industry which may help us to meet our objectives is the venture capital industry which searches out businesses that are young, innovative and operating in a growth market.
The FBDB recently concluded a baseline survey of 259 companies which secured venture capital financing. Despite the effects of the recent recession these venture backed companies still increased the number of people they employed at an annual compounded rate of 40 per cent.
The global economy is becoming increasingly specialized. High tech firms once considered the wave of the future are here today. In order that Canada not be left behind it is essential that the government assist in creating a positive environment for the venture capital industry to support small and medium sized businesses which will have a positive impact on our economy as a whole. The venture capital investment industry is an important
means by which we can support young companies while ensuring that Canada remains competitive in the global market.
Clearly the venture capital industry provides a great potential. As our government is committed to rejuvenating the economy this is one vehicle that should lead the way.