Pierre Brunet chaired the working group on the Quйbec government's role in venture capital at the behest of the minister of economic and regional development, Mr. Michel Audet. At a press conference to announce the working group’s findings he said: "Major change is necessary. The Quйbec government must completely revise its approach to venture capital, notably with regard to the SGF, Investissement Quйbec, and the Innovatech corporations. The existing structures are too numerous, and must be simplified. The state must make more room for the private sector, particularly in high technology, and leave more control in the hands of local business communities in the regions”
Mr. Brunet noted the public sector's dominance of venture capital in Quйbec, stating that in 2002, some 70% of all such capital invested in the province was public in nature. In Ontario, the situation is the exact reverse, with only about 30% of public funds.
