Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Department of Finance of Canada : Harper Government Opens National Competition to Support Incubators and Accelerators to Help Create Jobs, Growth and Innovation in Canada

09/23/2013 | 03:47pm US/Eastern

Toronto, September 23, 2013
2013-125

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Greg Rickford, Minister of State (Science and Technology, and Federal Economic Development Initiative for Northern Ontario), today announced the next step in implementing the Harper Government's Venture Capital Action Plan by helping to ensure that Canada's promising innovative start-up firms have the resources required to grow and succeed.

The National Research Council of Canada's Industrial Research Assistance Program (NRC-IRAP) today issued a Request for Proposals under the Canada Accelerator and Incubator Program (CAIP) to solicit applications for funding support from leading business incubators and accelerators in Canada. CAIP represents a significant investment by the Government of Canada to support the growth and development of promising entrepreneurs and start-up firms.

"Business accelerators and incubators are long recognized as crucial players in the venture capital system," said Minister Flaherty. "These organizations bring entrepreneurs together and provide them with hands-on mentorship by successful innovators and access to specialized business services to develop their ideas and grow their businesses and the jobs of tomorrow. Graduates of these programs will be better prepared to attract customers, form strategic partnerships and secure private investment."

The Request for Proposals is the latest step in the Venture Capital Action Plan, a $400-million strategy launched in January to help increase private sector venture capital investments in Canada. Economic Action Plan 2013 provided $60 million over five years to help outstanding and high-potential incubator and accelerator organizations expand their services to worthy entrepreneurs.

"Our Government is strongly committed to initiatives that support science, technology and the growth of innovative Canadian firms, which strengthen our communities," said Minister Rickford, highlighting CAIP during his visit to TeraXion Inc. in Québec City. "The Canada Accelerator and Incubator Program will be a boost to organizations that provide the tools Canadian entrepreneurs need to grow, innovate, bring ideas to the marketplace and create jobs to secure Canada's long-term prosperity."

Guided by feedback from venture capital stakeholders during government consultations last year, the new incubator and accelerator program will maximize the impact of new funding by focusing on proven, best-in-class organizations and providing them with the support needed early on to scale up their activities for the benefit of Canadian entrepreneurs.

Financial contributions would support new, incremental activities at outstanding and high-potential accelerators and incubators that promote:

  • The development of investment-ready early-stage firms by accelerators and incubators;
  • An increased range, availability and quality of services available to innovative early-stage firms, such as mentorship and business plan development; and
  • Stronger entrepreneur networks that link recipient organizations with other important innovation organizations in Canada and internationally, including other accelerators and incubators, public research institutions, investor networks and venture capital funds.

Details are available on NRC-IRAP's website.

For further information, media may contact:

Marie Prentice
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

Mary Ann Dewey-Plante
Director of Communications
Office of the Minister of State (Science and Technology, and Federal Economic Development Initiative for Northern Ontario)
613-943-6177

Media Relations
Industry Canada
613-943-2502
1-800-328-6189
media-relations@ic.gc.ca

Stay connected:
distributed by
React to this article
Latest news
Date Title
11:56a HALDEX : Report from Annual general meeting in Haldex
11:56aDJMARKET SNAPSHOT : U.S. Stocks Erase Early Losses To Turn Positive
11:56aDJWells Fargo Shareholders Approve All 16 Directors, KPMG Auditor Appointment -- Update
11:56a EQUIFAX : Named a Founding Partner of New Atlanta Stadium
11:56aDJBoston Scientific Reports Loss, Product Settlement
11:56a AUTOMATIC DATA PROCESSING : MotivAction : Partners With ADP(R) to Help Businesses Recognize and Engage Their Employees
11:55a MANCHESTER UNITED : It’s no dream as Bournemouth awakes to English top-flight reality
11:55a DAILY MAIL AND GENERAL : & GENERAL TRUST PLC : - Transaction in Own Shares
11:55a CEGEDIM : 2015 Q1 Revenues
11:55a FINMECCANICA : moves up to band B in the international anti corruption index
Latest news
Advertisement
Hot News 
ANALYTIK JENA : Enjoying Solid Start to New Financial Year
ATLAS DEVELOPMENT & SUPPORT SERVICES : Interim Results
INDIGOVISION : Shares Fall As It Forecasts Interim Operating Loss
BARON OIL : resumes oil production from Nancy #1 well, Colombia
CENTRALNIC : 2014 Profit Falls As Investment Offsets Revenue Rise
Most Read News
12:16aDJShell Faces Pressure to Disclose Priorities
04/27 APPLE : China iPhone sales boosts Apple; shares up modestly
04/27 FEDERAL HOME LOAN MORTGAGE : New Business, Delinquency Tumble at Freddie
04/27DJCNOOC : Becomes Latest Chinese Oil Giant to Tap USD Bond Market for Funds
04/27DJGOOGLE : Launching Digital News Effort With European Publishers - Capital New York
Most recommended articles
11:54aDJAlly Financial Profit More Than Doubles -- Update
11:54a BANK OF CANADA'S POLOZ : degree of housing overvaluation not unusual
11:47aDJZambia Nationwide Power Outage Hits Copper Mines
11:47aDJCCB Consumer Confidence Survey-Historical
11:46a Eurogroup's Dijsselbloem says Greece will not make it without aid
Dynamic quotes  
ON
| OFF