Ontario Premier Dalton McGuinty says he’s going to invest $4 million to keep more new high-tech companies in the province.
The money will be made available to eight start-up companies that have been unable to get financing from banks or venture capitalists.
Eight companies will each get $500,000 to field test, patent and promote their ideas.
So basically all I have to do is come up with some “new technology” and instead of going through the proper channels, Dalton McGuinty will give me money? Sounds like a sweet deal! Now all I have to do is make the blueprints for my cyber-monkey-butler and it’ll be clear sailing to retirement.
All joking aside, this is so stupid. You don’t give money to people that banks or other venture capitalists won’t give money to. If the private sector won’t give you money, it usually means your idea is PURE CRAP. This better not be another waste of money. I suppose it could be worse. It could be $40 million. What if these companies go belly up? Do we as taxpayers get our money back? I wonder what companies like RIM think about this? Considering they recieve no governement funds, I’m sure they wouldn’t be too happy.
It’s funny that the companies being invested in haven’t been released to the public. I smell something fishy…