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Federal investments help expand trade and growth opportunities for Alberta businesses

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Backgrounder

Western Economic Diversification Canada (WD)

• WD works in partnership with the provinces, industry associations and communities to stimulate and diversify Western Canada’s economy, as well as to represent the interests of the West in national economic policy.
• WD is announcing the following investments:
  • $5 million towards supporting the efforts of iNovia Capital Inc. (“iNovia Capital”) in investing an important share of its recently raised new $107 million Canadian seed and early stage venture capital fund in promising high-technology companies.  iNovia will invest a minimum of $25 million in Western Canada. 
  • $750,000 towards Calgary Economic Development to establish the $2 million Global Business Centre in Calgary; and
  • $140,000 towards the Banff Venture Forum.
• WD’s investment towards iNovia Capital Inc. is made through its Loan and Investment Program.  Through the program, WD helps fill the gap between traditional bank lending and the availability of venture capital for small business by working in partnership with western financial institutions, venture capitalists and not-for-profit organizations.
• WD’s investments towards Calgary Economic Development’s Global Business Centre and the Banff Venture Forum, made through its Western Diversification Program (WDP), support the department’s priorities of facilitating innovation, promoting a competitive and expanded business sector, and fostering community economic development.
• The underlying objective of the WDP is to create a stronger West in a stronger Canada. Several guiding principles are used to help assess how initiatives contribute to this objective, including:
  • increased economic diversification that improves the viability, prosperity, and standard of living for individuals and communities across Western Canada; and
  • increased economic research in the areas of innovation, entrepreneurship and community economic development to provide a sound base for economic diversification in areas of importance to Western Canada.

• Other elements that are considered when determining the relative merit of proposals include the measurable impact on the western Canadian economy, viability and sustainability, long-term benefits, and the participation of other stakeholders.

iNovia Capital Inc.

• iNovia Capital manages seed and early stage venture capital funds, including MSBi Investment Fund, L.P. (in the amount of $46M), iNovia Investment fund II, L.P. (in the amount of $107M) and MSBi Valorization (a university innovation-commercialization gap fund), with a focus on helping entrepreneurs and innovators build successful companies in the sectors of information technology, life sciences and cleantech.
• iNovia Capital's value-added approach to early stage investing provides portfolio companies with capital, unique access to intellectual property from its partner academic institutions and an extensive network of industry partners, advisors and sector-specific co-investors.
• iNovia Capital has secured ongoing access on a highly preferred basis to technological innovations through its close relationships with its partner academic institutions. It has established an extensive network of experienced entrepreneurs and skilled business operators who help iNovia evaluate deal flow and thereafter manage investee companies. iNovia Capital invests throughout the life cycle of its investments, and has developed close partnership with domestic and international investors which allow it to attract capital for its investee companies.
• Building on its unique relationships and partnerships across Canada and the US, iNovia II expects to invest in a broad range of companies over the course of the next 4 years. Initial investments tranches should vary between $500,000 and $2 million, and can go as high as $7 million over the life of a given company.

For more information see http://www.inoviacapital.com/

Calgary Economic Development

Calgary Economic Development (CED) is working to make Calgary the undisputed choice for people and business. As Calgary’s lead economic development agency, we work with businesses to facilitate growth, expedite local, national and international business investment and trade development opportunities and promote sustainable economic growth in the Calgary region. For more information on Calgary Economic Development, please visit our website at www.calgaryeconomicdevelopment.com.

• As the lead project manager for the Southern Alberta Global Business Centre, Calgary Economic Development, in partnership with TELUS, Lethbridge Economic Development, Southeast Alberta Economic Development, DFAIT (Foreign Affairs and International Trade Canada), Export Development Canada and many other service and corporate business partners, will work to make the Global Business Centre (GBC) a highly visible, easily accessible, one-stop point of reference designed to centralize and increase all international trade activity in southern Alberta.
• The GBC will promote the creation of more globally oriented companies, and support the development and expansion of those already engaged in international trade. Through market and industry diversification, the GBC will play a significant role in sustaining the vitality of Alberta’s economy.
• In addition to combining the strengths and services of the three levels of government, the GBC will also engage members of the consular corps, tourism agencies, post-secondary education and ethnic/international business associations.
• The GBC will promote the development of new markets amongst the southern Alberta business community, serve as a conduit for incoming and outgoing trade missions and be the leader in the development and facilitation of international business forums.

Banff Venture Forum

• The annual Banff Venture Forum is Canada’s premier technology commercialization forum for early and growth stage technology companies.  Banff Venture Forum 2008 is the 10th Anniversary of the forum and will be held on October 2nd and 3rd.  Hundreds of entrepreneurs, investors, and technology commercialization professionals will come together at the world renowned Banff Springs Hotel, in the heart of the Canadian Rockies.
• The 2008 forum will feature approximately 30 emerging and high growth potential companies presenting to venture capital and other private equity investors in three streams - Information Technology, Energy Technology and Life Sciences Technology. The 10th Anniversary of the forum also offers the inaugural year of the new Life Sciences Technology stream.  The Life Sciences stream will evolve to focus on emerging companies developing and marketing leading edge life sciences, biotechnology, medical devices, industrial life sciences and agricultural biotechnology products and services. 
• The BVF’s increasing national profile is further evidenced by the fact that Sir Terrance Matthews, Chairman and founder of Mitel, and Canada’s leading technology industry luminary, will provide the Banff Venture Forum 2008 keynote address on the evening of Friday, October 3rd.  Recent keynote speakers have included Jim Balsillie, founder and co-CEO of Research in Motion, Steve Jurvetson of renowned Silicon Valley venture capital firm Draper Fisher Jurvetson, Guy Kawasaki of Garage Technology Ventures, and the acclaimed technology commercialization author Geoffrey Moore.
• For more information on attending this essential event for technology entrepreneurs, investors, and technology commercialization service providers, go to http://www.banffventureforum.com/.

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