Oh, Canada.
If you’re a struggling, everyday, ol’ millionaire and are tired of trying to raise capital for your brilliant startup against other equally struggling millionaires in the red-white-and-blue shark tank, why not take the big fish in a little pond approach and head up North?
At least, that’s what the Canadian government is telling U.S. startup entrepreneurs. But they don’t want just any U.S. citizen. You gotta be a millionaire first, according to CBC News.
It’s all part of an initiative to grow business and innovation in the Great White North. They are looking for 50 millionaire investors for the new Immigrant Investor Venture Capital pilot program and will begin accepting applications by late January. To qualify, each investor has to make a “non-guaranteed investment of $2 million over 15 years and have a net worth of $10 million.”
(Let’s make sure some of the Canadian-born entrepreneurs in Seattle like Darrell Cavens of Zulily and Darryl Rawlings of Trupanion stick around here!)
This new program comes on the heels of a couple failed programs the government killed earlier this year, the entrepreneur program and immigrant investor program, the latter of which the government said “had been riddled with fraud.”
Need another reason to consider Canada? You certainly won’t have to worry about providing health insurance to your employees. Oh, and Tim Horton’s.
