Invest Ottawa is one of 15 groups across the country that are one step closer to gaining funding under a federal government program designed to help small and medium-sized Canadian companies.
© THE CANADIAN PRESS/Adrian Wyld
Canadian Prime Minister Stephen Harper.
Prime Minister Stephen Harper announced the development in the Canada Accelerator and Incubator Program (CAIP) in Kitchener on Friday at Communitech, a high-tech organization that helps entrepreneurs take technologies to market.
Invest Ottawa, in partnership with investment management firm Wesley Clover International and Queen’s University, has launched a program to deliver more accelerator and incubator services throughout eastern Ontario. It will deliver services in person from the three partners’ facilities, but will also deliver virtual services.
Existing partnerships with other higher learning institutions will also feed into the program.
“It has been our belief that Ottawa is the best place in Canada to start and grow a business and the success of this joint proposal supports our position,” David Ritonja, co-chair of Invest Ottawa board of directors, said in a statement.
“We have an ecosystem that has spawned a generation of successful startups and we are now well-positioned to support the next wave of young companies and entrepreneurs.”
The government estimates up to $90 million will be allocated to eligible organizations through CAIP.
The program will provide support to organizations over a five-year period in the form of non-repayable contributions of up to $5 million a year per company.
Recipients are required to match contributions on at least a one-to-one ratio during the funding period.
Accelerators and incubators – which the government believes play an important role in the venture capital system – give innovative early-stage entrepreneurs resources, facilities and expertise to help them develop.
-with files from the Canadian Press