“Improving the quality of venture capital policy will provide a win-win outcome for the wider public, government and the venture capital industry itself,” said Richard Rémillard, former executive director of Canada’s Venture Capital and Private Equity Association.
C.D. Howe Institute today released report by Rémillard, “Government Intervention in Venture Capital in Canada: Toward Greater Transparency and Accountability.”
“It’s crucial governments get venture capital policy right as it is a key ingredient to a successful innovation agenda,” concluded Rémillard.
Among the actionable recommendations from the study:
- Taking the steps necessary to improve accountability, transparency and reporting of government activities in the venture capital arena, including a mandated 10-year policy and programs review.
- Establishing a more robust analytical framework for understanding the dynamics of venture capital by forming a national public-private Venture Capital Research Institute.
- Ensuring a better handoff of investments by venture capital funds into the portfolios of private-equity or buyout funds.
- Improving the social contract with the venture capital industry by instituting measures to enhance professional development in the industry and by encouraging the industry to adopt international best practices standards for responsible investing.
- Developing a formal federal-provincial coordinating mechanism to ensure that governments across the country don’t act at cross-purposes to one another.
Full release and the report can be found here
photo credit: C.D. Howe Institute