The official launch of the Venture Capital Markets Association was announced today in Vancouver, BC.
The Association, whose mandate is to be a strong and responsible voice for Canada’s venture capital companies, comes about from a growing concern that the rules governing access to venture capital, and the ever rising compliance costs, are harming venture cap companies and their significant contribution to jobs and growth in Canada.
The VCMA’s roots grew from the Venture Capital Crisis Committee, a grass roots group that was formed in June 2013 with the support of hundreds of individuals and companies concerned about the lack of meaningful consultation on regulatory changes that are increasingly choking access to capital.
“Our sector has created tens of thousands of well paying Canadian jobs and hundreds of millions in economic benefits in resource communities across Canada over the years,” said Joe Martin, Chairman of Cambridge House International Inc., and founding Chairman of the Association. Martin added, “Governments and regulators need to understand that the avalanche of new and costly regulations is having a very damaging impact to the venture capital sector at the very time that Canada desperately needs to recover from the current recession.”
“The venture market used to be called a public market but it has now become elitist with only 2.1% of the Canadian public deemed to be ‘qualified investors’, by the many regulatory bodies,” said Don Mosher, President of B&D Capital Inc., and founding President of the VCMA.
The VCMA invites all individuals and companies involved in venture capital markets in Canada, and in countries that rely on Canadian expertise for projects financed and initiated through Canadian entrepreneurs, to join the organization to assist in bringing the problems to the attention of politicians and regulatory bodies at all levels in Canada.
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We acknowledge the [financial] support of the Government of Canada.