Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  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

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

Jack Aubry
Media Relations
Department of Finance

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

Media Relations
Industry Canada

Stay connected:
distributed by
React to this article
Latest news
Date Title
04:21a KAZ MINERALS : First copper cathode produced at large field in Kazakhstan
04:21a REDDE : Issue of Deferred Consideration Shares
04:20a SPECTRIS : Total Voting Rights
04:19a CHINA OVERSEAS GRAND OCEANS : Announcements and Notices - Change of Executive Director
04:19a MINICOM MINISTRY OF TRADE AND INDUSTRY OF RE : Minister kanimba launches a whole sale market for irish potatoes in kigali.
04:19a IJM BHD : Changes in Substantial Shareholdings (PNB)
04:19a CHINA JIUHAO HEALTH INDUSTRY : Announcements and Notices - Terms of Reference of the Audit Committee
04:19a XCHANGING : Xuber contract win from Cigna
04:19a KOBE STEEL : Company split (simplified incorporation-type company split) pertaining to the power generation business in Moka, Tochigi Prefecture
04:19a TRACSIS : 30/11/15 - Total Voting Rights
Latest news
Hot News 
UBS : House View 2016 & Beyond: A world in transition
ISG : Expects Loss For UK Construction Arm, Other Units In Line
DIGITAL BARRIERS : Secures GBP1.9 Million In Contracts In Asia Pacific
PRIVATE MMERCIAL FINANCE : Notice of Interim Results 2015
SOVEREIGN MINES OF AFRICA : ' Mandiana Talks Suspended, Capital Raise Imminent (ALLISS)
Most Read News
11/30 TSX rises on gains for resource stocks, financials
11/30 PLATINUM CAPITAL : Net Asset Value 27/11/2015
11/30DJAustralia Current Account Deficit Narrows
11/30 MAFRA – MINISTRY OF AGRICULTURE FOOD AND RU : Korean Seeds Established Foundation of Expanded Export by Hosting...
Most recommended articles
04:18a Banks buoy FTSE 100 after stress test success
04:16aDJStatoil Sells Gas Pipeline Stake to Italy's Snam for EUR208 Million
04:15a FTSE 100 Flies AS Caixin China PMI Improves
04:10a UK plans to make banks hold up to 10 billion pounds more capital
04:09aDJGlobal Stocks a Tad Higher on Expected ECB Stimulus