"The lack of angel-level, seed-level funding is a major problem in this city and I believe we have a mandate to help solve that problem," says Bruce Lazenby, who was officially introduced as OCRI's new president and CEO Friday.
He says there are already solid institutions in place, such as OCRI's Entrepreneurship Centre, that help early-stage companies grow.
"The problem is that when we get to the point where they are investment-ready, there are no investors," says Mr. Lazenby.
He says he envisions a fund of between $25 million and $30 million, deploying individual investments of between $50,000 and $400,000.
Mr. Lazenby spent 20 years in the military before serving in several senior executive positions with technology companies, including six years as CEO of Ottawa software firm FreeBalance. More recently, he was the Canadian vice-president for Corum Group Ltd., a global software mergers-and-acquisitions advisory firm, and chair of the Ottawa Software Cluster.
Mr. Lazenby replaces Claude Haw, who led OCRI for two years before departing earlier this year.
In an interview with OBJ, Mr. Lazenby says OCRI's focus extends beyond the technology sector and into broader knowledge-based industries. He defines such companies as those using intellectual property to create products, including those in emerging local sectors such as film, gaming and digital media.
He says OCRI should focus on assisting companies in areas where Ottawa already has expertise. For example, OCRI can offer only limited assistance to a startup with a new plan for managing nuclear waste, but could connect a company working on heart monitoring devices with officials at the University of Ottawa's Heart Institute.
"Part of the mandate is to work with companies that have ideas and potential in areas where we already have some expertise, where we can wrap them with support, advice and guidance," says Mr. Lazenby.
He also offered insights into the evolving relationship between OCRI and Ottawa's municipal government.
Over the last year or so, city officials have appeared to be pressing for more control over OCRI, which is an independent agency and receives funding from multiple sources.
OCRI's board will be expanded to become more "inclusive" and will be co-chaired by the mayor.
The board will oversee the new Invest Ottawa agency, which will absorb the global marketing activities currently executed at OCRI and will work to increase investment levels as well as support and retain existing businesses in the city.
The expanded OCRI board will also oversee another new agency, Innovate Ottawa, which is slated to create a new business incubation centre that incorporates OCRI's existing Entrepreneurship Centre and Regional Innovation Centre.
The senior officials at Invest Ottawa and Innovate Ottawa will both report to Mr. Lazenby.
