Nova Scotia and New Brunswick are shaking hands and investing $15 million each into a new venture capital fund. The fund will not launch until the early part of 2012, and is designed to invest in high-growth areas, such as IT, life sciences, and green technology.
Frank Corbett, Nova Scotia’s Deputy Premier, is excited by the initiative. “Knowledge-based companies create good jobs, expand exports and help grow the economy; they are vital to the future prosperity of Atlantic Canada. Nova Scotia is pleased to be working with New Brunswick and across the region to provide the support these companies need to be globally competitive.”
Currently the fund is being set up and managed by Innovacorp, a venture capital and commercialization company in Nova Scotia, while Wilson Executive search is responsible for recruiting someone to manage the fund.