Canada's push to develop cutting edge companies got a boost from the country's largest stock market operator Wednesday, as TMX Group announced plan to launch the "Advancing Innovation Roundtable," a group that will search for ways to increase access to growth capital for companies.
The TMX will recruit Roundtable members from capital providers such as pension plan groups, banks, endowments, venture capital firms and private equity funds. The group will be chaired by Salil Munjal, general partner at Yaletown Partners, an investment firm focused on technology companies and former president of Leitch Technology Corp.
"Where Canada lags behind our global peers is in the development of market-leading technology companies with significant scale," said Mr. Munjal in a press release. "The Roundtable will explore new strategies to increase the supply of growth capital to develop large, next generation companies in Canada.
The project will be formally launched in September, 2016, and its initial mandate will be to recommend strategies that help Canadian technology firms scale up their operations and access capital beyond the initial seed and start-up stages. The focus will be on sectors such technology, clean tech, life sciences and advanced manufacturing.
Lou Eccleston, CEO of TMX Group, said in a press release: "Canadian capital markets are vital to helping entrepreneurs through the crucial start-up phase, but also later in the financing chain as their companies scale up to become market leaders. The Roundtable recommendations will help accelerate the growth of Canadian businesses and better position Canada's economy for high-quality economic development and job creation."
Canadian governments of all stripes have also made economic growth through innovation a priority.