Funding will help Canadian SMEs grow, prosper and create jobs
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 21, 2014) - Industry Canada
The Honourable James Moore, Minister of Industry and Minister Responsible for British Columbia, today announced a major investment in four British Columbia incubator and accelerator organizations that will help innovative small and medium-sized B.C. enterprises grow, prosper and create jobs.
The funds, distributed under the Canada Accelerator and Incubator Program, will ensure Canadian entrepreneurs have access to the resources and expertise needed to develop their business plans, seek follow-on financing and explore new international markets for products and services.
Quick facts
Quotes
"By investing in British Columbia's incubator and accelerator organizations, we are ensuring local promising start-up businesses have the resources they need to grow, innovate and create jobs. Our government is pleased to be supporting private sector-led initiatives that will further strengthen our venture capital market."
- James Moore, Minister of Industry
"Vancouver is the place to start and grow a technology company. We are a gateway to world markets, we've got access to fantastic talent and our entrepreneurial spirit is globally recognized. Through the support of the Government of Canada and the industry, the BCTIA Innovation Hub has moved from a dream to a reality. The Hub is an open, collaborative place where entrepreneurs and business leaders will make connections, grow companies and create jobs for British Columbia and Canada."
- Bill Tam, President and CEO, BC Technology Industry Association
"We are thrilled about receiving CAIP support to further expand services to our portfolio companies that are headquartered here with the ambition to grow into global category leaders. In particular, we will be able to provide new specialized programs that will not only accelerate our start-ups to product-market fit but also shine a national spotlight on top program grads to further help them secure institutional follow-on capital."
- Marcus Daniels, Co-Founder and CEO, HIGHLINE
"It is crucial for Canada's R&D ecosystem to be adequately resourced. As an enterprise committed to bridging the commercialization gap between early-stage academic research and industry, CDRD/CVI acknowledges and appreciates its partnership with the federal government-one that has been essential in enabling the significant milestones and outcomes we have realized to date."
- Karimah Es Sabar, President and CEO, Centre for Drug Research and Development
"Recognized as Canada's Accelerator of the Year in 2014, Wavefront is committed to accelerating the growth and success of wireless companies in Canada. Our programs connect promising technology innovators with critical resources, partners and opportunities. Funding from CAIP will support expansion across Canada of Wavefront's successful regional programs, helping more Canadian companies gain traction, create jobs and succeed in global wireless and Internet of Things markets."
- James Maynard, President and CEO, Wavefront Wireless Commercialization Centre Society
Related product
Associated links
- Prime Minister Stephen Harper helps Canadian start-up companies to grow and prosper
- BC Technology Industry Association
- HIGHLINE
- Wavefront Wireless Commercialization Centre Society
- Centre for Drug Research and Development
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Canada Accelerator and Incubator Program (CAIP)
British Columbia incubator and accelerator organizations
In 2013, the Government of Canada allocated $60 million over five years through the Economic Action Plan, with an additional $40 million in 2014, to help outstanding incubators and accelerators expand their services to small and medium-sized businesses.
Over the next five years, four British Columbia incubator and accelerator organizations will receive up to $31.4 million in CAIP funding to provide Canadian entrepreneurs with the resources and expertise needed to develop their business plans and seek follow-on financing.
The one-time request for proposals for the Canada Accelerator and Incubator Program was launched on September 23, 2013. It ended on October 30, 2013, with close to 100 applications received. All proposals were assessed and presented for evaluation and recommendations to the independent Canadian Venture Capital Expert Panel, a five-member panel with extensive experience in the venture capital asset class, in business and in finance.
The National Research Council of Canada's Industrial Research Assistance Program (NRC-IRAP) evaluated all proposals based on strict eligibility and selection criteria, including:
Delivered by NRC-IRAP, CAIP provides support over a five-year period in the form of non-repayable contributions to a limited 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.
Maximum contributions to accelerators and incubators under the program are up to $5 million per year for each selected outstanding organization.
What is a business accelerator or incubator?
Accelerator: Typically for-profit organizations owned and operated by venture capital investors who intend to generate returns from equity-based investments in their client firms. Accelerators provide a range of services to early-stage firms, including financial support, business advice, office and development space, and complementary services offered by partner organizations.
Incubator: Typically not-for-profit organizations that offer similar services to accelerators but tend to provide longer tenure for participating firms and a broader suite of services in terms of physical space and mentorship. Incubators are often sponsored by universities, colleges and economic development corporations.
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