A lost generation of technology?
From The Globe and Mail
OTTAWA — The ability of Canada to develop the new technologies of the future is in jeopardy because entrepreneurs can't get financing to see them through the recession, the Business Development Bank of Canada warns.
The Crown corporation which helps finance Canadian businesses says the disappearance of venture capital in the country will snuff out hundreds of innovative small companies in infancy and their technology with them.
“It breaks my heart because if we let go of these technology companies, once this recession is over you will have lost all this [new] technology, you will have lost a decade,” Edmee Metivier, the development bank's executive vice-president of financing, told a House of Commons subcommittee Tuesday.
As a former business reporter I find this notion exceptionally frightening, particularly for New Brunswick.
Let's face it - its not good enough to be a supplier of raw, unprocessed natural resources. And we aren't going to be a manufacturing powerhouse - period. So if we're not inventing cool new technologies, we're dead in the water. (Don't even get me started on the service industry as driver of jobs - i.e. what came first the mill or the pizza shop).
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