Unlocking Growth Opportunities for Canada’s Innovation Economy
Investor-led roundtable to recommend solutions to Canada's growth capital gap
TORONTO, August 24, 2016 – TMX Group today announced that it is funding an independent working group, the Advancing Innovation Roundtable, which will examine ways to increase access to growth capital for companies in Canada's innovation economy. Launching in September 2016, the Roundtable will focus on the scalability issues of Canadian technology and innovation firms caused by insufficient growth funding beyond the initial seed and start-up stages. The Roundtable will deliver a set of actionable recommendations in early 2017 on how to successfully scale globally competitive enterprises in a variety of sectors including technology, clean technology, life sciences and advanced manufacturing.
Roundtable members will include senior leaders from the Canadian investment community, including pension plan groups, banks, endowments, venture capital firms and private equity funds. The Roundtable will be chaired by Salil Munjal, General Partner at Yaletown Partners, a leading private investment firm focused on financing growth-stage technology companies. Earlier in his career, Mr. Munjal was President & COO of Leitch Technology Corporation, a TSX-listed company that he helped grow to over a thousand employees in six offices globally.
"TMX is focused on powering the development of an innovation economy in Canada," said Lou Eccleston, Chief Executive Officer, TMX Group. "Canadian capital markets are vital to helping entrepreneurs through the crucial start-up phase, but also later in the financing chain as their companies scale up to become market leaders. The Roundtable recommendations will help accelerate the growth of Canadian businesses and better position Canada's economy for high-quality economic development and job creation. Salil's experience in both the private and public markets as a leading investor and successful business leader positions him well to help guide the Roundtable."
Before delivering its recommendations, the Advancing Innovation Roundtable will consult with industry stakeholders, investors and financial leaders who are key partners in building Canada into a competitive innovation country.
"Where Canada lags behind our global peers is in the development of market-leading technology companies with significant scale," said Mr. Munjal. "The Roundtable will explore new strategies to increase the supply of growth capital to develop large, next generation companies in Canada. TMX plays a vital role in Canadian capital formation and has a demonstrated history of leadership in driving change, such as the Mining Standards Task Force that gave rise to National Instrument 43-101 and mandated majority voting to help improve corporate governance standards in Canada. I look forward to collaborating with TMX and leading experts in the Canadian investment community to realize the full potential of Canada's innovation economy companies."
About TMX Group (TSX: X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, AgriClear and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing, Singapore and Sydney. For more information about TMX Group, visit our website at http://www.tmx.com. Follow TMX Group on Twitter: @TMXGroup.
About Salil Munjal
Salil Munjal is experienced in Canada's private and public markets as an investor and executive who has helped to grow numerous successful technology companies. Salil is General Partner at Yaletown Partners, a private firm investing in Canadian technology companies, which consistently ranks as one of Canada's most active independent venture capital firms. Earlier in his career, Salil was President & COO of Leitch Technology where he helped to grow the Canadian public company to more than a thousand employees with six global offices. Salil began his career as a corporate finance lawyer at Torys LLP in Toronto and New York.
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