Using labour-sponsored funds to attract industry

I talked on occasion to labour-sponsored fund proponents that say the problem they have is finding investment-grade opportunities in Atlantic Canada. So, I say, go out and find ‘investment-grade’ opportunities in the wider world and attract them to here with equity investment (among other things).

We’re an insular bunch in Atl. Canada. We have ‘programs’ for local firms and ‘programs’ for attracting investment. I say why not have both?

If you have a program that provides early stage funding to stimulate great idea companies, why not make that available to any and all companies that want to invest in Atl. Canada?

NSBI – usually on the vanguard of such things – has done this.

Impath to move head office to Halifax
The Nova Scotia Business Journal

HALIFAX – Formerly Ottawa-based Impath Networks Canada Corp., a developer of video surveillance solutions, has decided to move its head office to Halifax. The province of Nova Scotia – through Nova Scotia Business Inc. (NSBI), a business development agency – will invest $2 million in the company, sources said, along with $1 million from the GrowthWorks Atlantic Venture Fund.

Some have told me that GrowthWorks is having a hard time finding enough projects in Atl. Canada. So, go to NSBI, BNB, PEI Biz Dev. and ask them to peddle the Fund to the broader audience.