Good news may be in offing for Ontario's Innovation Economy

This just in from one of our eagle-eyed sources:

The Ontario government is set to announce a plan worth more than $200 million today to drive investment into emerging technology companies amid a credit market crunch that has made it tough to raise venture capital.

A government spokeswoman said the initiative will target companies in the clean technology, life sciences, and digital media and communications technology sectors. An official announcement is expected Wednesday afternoon.

We are excited to hear the details (see prior representative posts from the past few years “CVCA’s budget pitch to Ont. Premier McGuinty” March 17-09 and “Ontario politicians asked to address deteriorating VC climate part 2” October 26-07). Let’s hope they are designed to help the start-up and venture sectors out of their well-known crisis.

MRM