Editorial

BDC Venture Capital Performance in Fiscal Year 2023: An Ocean of Red Ink

Richard Rémillard

BDC reported net loss $637.9M in FY 2023 for the VC program, compared to net income of $988M in FY 2022. One can look beyond BDC's own numbers for clues about the performance of Canadian venture capital.

Employee Ownership Trusts

Mark Borkowski

Mark Borkowski: Seemingly to be a great idea, current structure of Employee Ownership is a smoke screen.

A Venture Capital Nightmare

Richard Rémillard

Why every venture capital industry stakeholder in Canada should care about the performance of BDC venture capital program - apathy and usual ritual of burying head in sands will not do.

2023: Annus Horribilis for Venture Capital

Richard Rémillard

The collapse of SVB is sending shockwaves in the US, the UK, Israel and Canada, from hero to zero at the speed of light. The implications for the Canadian tech and venture ecosystem may be severe.

Capital inflow – securities regulators sleeping at the wheel?

Ted Liu

Will Canadian securities regulators continue to ignore dubious foreign money flow into Canada?

Canada Growth Fund (CGF)

Richard Rémillard

Many questions about Canada Growth Fund (CGF) which will likely to further exacerbate existing government dominance by SDTC (Sustainable Development Technology Canada) and BDC, be short of it being able to attract a robust cohort of private sector investors to invest alongside it.

Unverified data pollutes, distorts and dangerous

Ted Liu

Canadian venture capital stakeholders should be aware - unverified data distorts true Canadian venture capital results with dangerous policy consequences.

The Ocean Supercluster and Venture Capital and Private Equity Funds

Richard Rémillard

The five Superclusters came in for a fair amount of criticism for being long on promise and short on delivery: The Ocean Supercluster (OS) clearly failed to engage with capital providers, particularly in the VC industry.

The great North Securities Commission (NSC), we can do better

Ted Liu

A great North Securities Commission (NSC) requires actions not just words - a simplified and standardized set of prospectus exemption types is a starter.

The State of Venture Capital in Canada

Richard Rémillard

Possible options to increase Canadian own VC supply and reduce reliance on foreign VC investments: removal of gate keeper, privatization of government owned VC entities, Canadian version of Business Development Company (BDC).

Canadian Venture Capital (VC) 102

Ted Liu

To better understand Canadian VC dynamics, one needs to know complete matrices: where did the VC money go, where did the VC money come from, and how much did Canadian VC firm raise.

VC 101 for Canadian VC “professionals”

Ted Liu

VC investments must be company centric and be measured on how much risk equity/quasi-equity capital the companies received from their investors. Secondary exit part of the overall funding round should never be included.

Private Capital Journal passes 10,000 LinkedIn followers

Ted Liu

Private Capital Journal officially passed 10,000 in LinkedIn followers. Thank you, our LinkeIn followers, loyal readers and newsletter subscribers!

Canada’s Venture Capital Catalyst Initiative – Version 2.0: Needed or Not?

Richard Rémillard

Richard Rémillard: Venture Capital Catalyst Initiative – Version 2.0: Needed or Not? VCCI-2 assumes that it is a needed program despite the world having undergone a 180-degree turn since 2013 (VCAP). Capital is likely to continue rushing into the venture space and a VCCI-2 may simply be redundant.

Impact of COVID-19 on fundraising

Ted Liu

COVID-19 impact on one issuer is particularly devastating

Multi-talented or just plain egotistic goofing around

Ted Liu

Entrepreneur-venture capitalists - are they good for the company, the venture capital investors, or themselves?

Transparency at the expense of ‘looking good’?

Ted Liu

Integrity and truthfulness do pay; manufactured "looking good" does not help

Open Banking: what’s really at stake

Richard Rémillard

"Can Canada build such a national project when it is having such difficulty getting national projects for the 20th century economy off the ground, out of the ground and out to market?"

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