The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Tag Archives: McGuinty

Ontario’s $250 million Emerging Technology Fund Launches!

Ontario Emerging Technologies Fund RFP: Excerpts from MRI Presentation

A couple of weeks ago, Ontario’s Ministry of Research and Innovation put out an RFP for the new $250 million Emerging Technologies Fund, looking for a third party to evaluate co-investor and investment applications, and to administer and monitor investments for the fund.

Last Friday, they held a briefing for interested parties where they presented an overview of the ETF and of the RFP.  Here are the interesting bits:

Also, note that the deadline for addenda was extended. MRI can now publish addenda until June 18th, but bids are still due the 24th.

In order for your bid not to be disqualified, you have to get the RFP and apply through the tender system, MERX. It’s a ton of fun, plus you get access to the whole RFP and further updates, and can check out who’s been checking it out, too.

MRI RFP ISO for Emerging Technology Fun(d)

Ontario LogoOntario’s Ministry of Research and Innovation has put out an RFP for the new $250 million Emerging Technologies Fund.

They are looking for someone to evaluate co-investor and investment applications, and to administer and monitor investments for the fund.

Here’s the blurb from the RFP Abstract:

The OETF is a new $250 million program announced as part of Ontario’s 2009 Budget that would invest $250 million dollars over five years together with qualified venture capital funds and other private sector investors. This initiative is designed to help Ontario respond to the challenges emerging technology companies are experiencing in raising venture capital and other private equity. The Fund will focus on clean technologies, health and life sciences, and information and communication technologies, including digital media. The goal of the fund is to co-invest in high growth, innovative Ontario technology companies, with OETF as a co-investor. The RFP will enable MRI to retain the necessary external experts to support MRI in evaluating co-investors and co-investments, and in administering and monitoring these investments.

The final date for receiving written questions is June 10, 2009, 4:00 p.m.

Final Addenda will be issued by June 16, 2009, 4:00 p.m.

Optional Proponents Briefing will be held on June 12, 2009, 10:00 a.m.

Proposals must be received before 2:00 p.m. on June 24, 2009.

Read the full RFP at MERX.

BIO 2009: Ontario Premier’s Breakfast

BIO 2009The speeches (s-peach-es?) just finished this morning at the Ontario Premier’s breakfast.

Minister of Research and Innovation John Wilkinson announced that Ontario has recently completed 2 new BIP investments:

Ontario’s Premier — Dalton McGuinty, winner of BIO’s second annual International Leadership Award — spoke next, highlighting the Ontario Innovation Agenda, including BIP, business tax reductions and recent funding in the Emerging Technologies Fund and the new $100 million for genomics research.

Dr. Nagy also spoke, emphasizing the $100 million of new funding and the value of a peer group of 95 P.I.’s in Ontario working on stem cells and regenerative medicine. Current work focuses on cell type switching without regression to pluripotency.

On to the omelet…

P.S.  First time here at the Cross-Border Biotech Blog?  Welcome! Check out who we are, check out our Trends in 2009 series, or hit the search and navigation tools on your right and see if you see anything interesting.

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$250 million Ontario Emerging Technologies Fund Seen, Raised by $825 million Quebec Venture Capital Fund

Ontario announced the $250 million Emerging Technologies Fund yesterday … pretty much exactly what Monday’s letter to McGuinty from the CVCA requested. That has got to be, by the way, either:

  1. the world’s first psychic government relations campaign, or
  2. the world’s fastest government stimulus.

Not to be out-done, the Québec budget today included an $825 million venture capital fund.  The government is teaming up with the Fonds de solidarité FTQ (english), the investing arm of the province’s labour federation, and the Caisse de dépôt et placement du Québec (english).

It will be interesting to see whether VC funds who receive OVCF money will also be eligible for the ETF matching.  The Ministry says that full guidelines will be posted on the MRI web site before the end of June 2009.

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