Creating jobs and building an economy for Manitoba’s next generations got a kick-start on October 24 with the appointment of the inaugural board of the province’s Venture Capital Fund (VCF).
The individuals appointed to the VCF board are:
- chair – Mike Pyle, CEO, Exchange Income Corporation (appointed by the Business Council of Manitoba);
- Marshall Ring, CEO, Manitoba Technology Accelerator (appointed by the Manitoba Technology Accelerator);
- Ray Bouchard, CEO, Enns Brothers (appointed by the Manitoba government); and
- Barb Gamey, chancellor, University of Winnipeg (appointed by the Manitoba government); and
- Steve Kroft, president, Falcon Capital Corporation (appointed by the Business Council of Manitoba).
The VCF will be an independent, professionally managed fund that will be instrumental in helping Manitoba-focused businesses grow and thrive. The VCF was established with a $50-million government investment, as part of Budget 2022’s focus on building the economy, and will partner with private-sector capital to substantially expand the breadth of capital available for Manitoba-focused businesses. This initial $50-million injection of capital into the fund is slated to grow to $150 million over the next several years, creating even more opportunities for business owners with big ambitions.
In February 2021, after a review of successful venture capital programs in other provinces, the Economic Development Board recommended the creation of an independent, professionally managed fund. The VCF will partner with private investment capital to invest government’s seed capital in Manitoba-focused investment funds. The fund will invest in several independently managed funds that will lever the government capital with private sector capital, increasing the amounts available to be invested in Manitoba companies.
Additionally, the Small Business Venture Capital Tax Credit, which was scheduled to expire later this year, is being made permanent. This tax credit provides non-refundable Manitoba tax credit of up to 45 per cent to individuals and corporations who acquire equity capital in eligible Manitoba enterprises.