• performance in creating and preserving durable, high value-added employment and other socio-economic benefits;
• a focus on the specific investment needs of regions and communities;
• encouragement of the capital market participation of average working people;
• provision of long-term returns to shareholders;
• facilitation of increased firm-level participation, skills formation, and financial ownership among employees; and,
• a role in promoting co-operation between business and lab

— form the essential basis by which the funds can, and should, be regarded.

Empirical evidence and supplementary data gathered and discussed at some length in this paper suggest that the funds have responded affirmatively to many of these criteria, though results will vary from one fund to next, depending on individual institutional objectives and records. Given that much of this evidence pertains to the Fonds de solidarité and the early life of the other leading funds (i.e., Working Ventures, Working Opportunity, and the Crocus Fund), it will be conceded that a good deal of the story of labour-sponsored funds, taken as a group, has yet to be written. This must await the growth of most from interesting financial concepts to well-established, practicing financial entities.

Consequently, they bear continued close observation. Furthermore, when government finally turns to review tax subsidization of labour-sponsored funds, it is important that this is done in the context of looking at the relative efficacy of all direct and indirect incentive measures and mechanisms that affect the supply and disbursement of risk equity capital in Canada (indeed, this recommendation was made by the CLMPC`s Task Force on Access to Capital in its November, 1995 report).

To guarantee public understanding and accountability of labour-sponsored funds in the future, certain research priorities should be taken up. These include:

• a measure of multivarious effects of the funds on venture investment trends, the cost and supply of venture capital, and national market organization in the long-term;
• further research into those methods utilized by the funds to remove barriers to underfinanced enterprises and sectors;
• further research into the relative success of funds to channel domestic savings to investment in community and regional economic development;