TORONTO – The federal government must develop a national technology strategy in light of “the uncertainties” surrounding the sale of Nortel’s assets, says Canada’s Venture Capital and Private Equity Association (CVCA).
The group said in a statement on Thursday that the government should establish “a blue chip, limited-life panel” of company executives, university presidents and venture capitalists to “devise a road map for Canada’s technology industries”.
"To start with, the federal government must satisfy itself that the process of transferring Nortel assets to new ownership is fair, open and transparent," said CVCA president Gregory Smith, in the statement. “It must then act to ensure that the maximum net benefit accrues to Canada when the ownership of Nortel and its intellectual property assets are ultimately transferred. A key consideration in determining net benefit would be commitments to high levels of research and development.”
Calling large enterprises like Nortel “vital components of the innovation ecosystem in Canada", Smith noted that firms of Nortel’s magnitude help to increase Canada’s talent pool, assist in the creation of new companies, and provide smaller firms with strong partners and markets.
