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Ottawa has a plan to build 10 tech companies worth over $1 billion in 10 years

Canada can create 10 technology companies worth over $1 billion in the next 10 years, but only if significant changes are made to nearly every aspect of innovation policy, according to a report commissioned by the government.

The document, obtained by The Logic through an access-to-information request, envisions the launch of a national scale-up strategy that would alter the way the government allocates innovation funding, how key institutions like the Business Development Bank of Canada (BDC) operate and how venture capitalists and banks fund tech companies.

If all goes as planned the result would be the creation of 25 companies with over $100 million in annual revenue and $7 billion deployed per year of venture capital in Canada within a decade, in addition to the targeted 10 companies worth over $1 billion.

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