Program offers $13.5 million for start-up funding
Canada’s federal government has earmarked $13.5 million in funding to help entrepreneurs and start-up technology firms access resources and expertise to develop their business plan, seek follow-on financing and cultivate new international markets for products and services.
The funding will be distributed by the Canada Accelerator and Incubator Program (CAIP) over a five-year span.
Ryerson University, in partnership with Simon Fraser University and the University of Ontario Institute of Technology, will receive up to $10.7 million. Another $2.7 million will be handed out by The Next 36, a national accelerator and incubator program for young entrepreneurs. This funding will enable these organizations to provide mentoring and coaching to early stage companies.
Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP is intended to provide support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
Ryerson University is leading a partnership with Simon Fraser University and the University of Ontario Institute of Technology to establish a national research-driven incubator network – called the Zones of Incubation and Innovation (ZI²) – to amplify the universities’ existing research and incubator facilities and to create an expansive ecosystem which will drive technology-enabled innovation, productivity and job creation.
“The funding announced today will help ensure our best and brightest entrepreneurs and innovators get their start-up businesses off the ground, leading to more jobs and increased economic growth across the country,” said Finance Minister Joe Oliver in a statement. “Canada’s small and medium-sized enterprises are the engine that drives the national economy and with the assistance of our accelerator and incubator program, I look forward to seeing these new ventures compete with the world and succeed.”