Government of Canada announces support to grow competitive start-up businesses, high-quality jobs

October 31, 2014

Royal Galipeau, Member of Parliament (Ottawa-Orléans), accompanied by the Honourable Ed Holder, Minister of State (Science and Technology), today announced the Government of Canada’s investment in Invest Ottawa, in collaboration with Wesley Clover and PARTEQ Innovations, to support Ottawa and Eastern Ontario’s innovative businesses, enabling them to grow, prosper and create jobs.

Through the Canada Accelerator and Incubator Program (CAIP), Invest Ottawa and collaborators Wesley Clover, PARTEQ Innovations will receive up to $7.7 million in funding over the next five years to provide local entrepreneurs with the resources and expertise needed to develop their business plan, seek follow-on financing, and establish new international markets for products and services. These organizations plays an important role in preparing early stage companies for successfully accessing investment capital and serves as an invaluable resource for entrepreneurs in developing competitive products and services, which support creating Canadian jobs at home.

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Quick Facts 

  • On June 20, 2014, Prime Minister Stephen Harper announced 15 incubators and accelerators chosen to advance in the selection process for CAIP, which is designed to help outstanding small and medium-sized Canadian enterprises to grow, prosper and create jobs.
  • Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP provides 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.
  • Invest Ottawa, which acts as a link between the multiple partner organizations, delivers collaborative economic development programs and initiatives that increase entrepreneurial momentum, wealth and jobs in the City of Ottawa and its surrounding region, while marketing Ottawa’s diversified economy and high quality of life.
  • Wesley Clover International, an investment management firm and holding company with active interests in Information and Communications Technologies, is a serial Super Angel, starting companies by providing seed, early stage and follow-on financing. The company works directly with these start-ups to guide, mentor and remain actively involved as the companies reach a level of maturity to operate as self-sufficient businesses.
  • PARTEQ Innovations manages the technology transfer activities at Queen’s University and has deep expertise in technology assessment and market analysis, intellectual property protection and management, and raising of capital. PARTEQ Innovations is located at Innovation Park at Queen's University, a physical hub for dynamic interfaces between Queen’s University, industry, not-for-profit partners and government. This innovation ecosystem helps support the development and growth of entrepreneurs, start-ups and SMEs in the region.
  • L-SPARK is an Ottawa-based incubator–accelerator supporting the enterprise software market. It provides entrepreneurs and startups with access to industry mentors, venture capital firms and angel investors to support a startup ecosystem in the region. CAIP funding to Invest Ottawa and partners is a substantial factor in the creation of L-SPARK.


Quotes

“Business accelerators and incubators are critical players in a strong venture capital system in Canada. Our government is supporting these organizations to provide advice, expertise and strategic direction to high-growth Canadian businesses who will create jobs, economic growth and opportunities in Ottawa, Eastern Ontario and across Canada.”
Ed Holder, Minister of State (Science and Technology)

“The government’s top priority is the economy and jobs for Canadians. Through the Canada Accelerator and Incubator Program, Ottawa’s entrepreneurs will have the tools needed to support innovative, competitive start-up businesses while creating high-quality jobs in our city.”
Royal Galipeau, Member of Parliament (Ottawa-Orléans)

“Together Ottawa and Eastern Ontario are a leading technology hub with a well-established and vibrant startup community. Building a successful startup requires a collaborative ecosystem that you can tap into. We are excited today on continuing to build this ecosystem, which includes the thriving talent pool from local academic institutions, private partners and our extensive network of experienced mentors.”
Bruce Lazenby President and CEO, Invest Ottawa

“I am pleased to be supporting L-SPARK as they begin aligning talented entrepreneurs with the industry leaders and strategic partners they need to realize growth and success in the enterprise software sector. I am confident that the entrepreneurs and their teams who make it through the program will emerge ready to compete on an International level. L-SPARK is going to fuel opportunities, careers and positive experiences for many in the Canadian high-tech industry.”
Sir Terry Matthews, Wesley Clover

“We are delighted to be working with regional partners, Invest Ottawa and Wesley Clover, and local partner Launch Lab, to deliver an integrated Eastern Ontario Business Accelerator. By combining and leveraging the strengths of the partners, this collaboration will expand programs and services available to high potential startups and SMEs in the region.”
Dr. Steven Liss, Vice-Principal (Research) at Queen’s University

“Through the varying stages of growth that InitLive has experienced, support from high touch mentorship has been invaluable. L-SPARK’s model of pairing entrepreneurs with practised mentors will infuse start-ups with unparalleled knowledge of the enterprise software sector. I am eager to follow L-SPARK and their team of mentors as they guide companies through growth towards the global stage.”
Debbie Pinard, CEO, InitLive

“Solink has rapidly accelerated to a global scale not without the strategic support of our corporate partners. Having strategic partners and gaining access to their customers is a key element in the progression of any start-up. The members of our community that have come together to champion L-SPARK’s entrepreneurs will be instrumental in bringing their products to market.”
Michael Matta, CEO, Solink

 

Source: Government of Canada

For more information,
contact:

Media Relations Team
National Research Council of Canada
613-991-1431
1-855-282-1637 (24/7)
media@nrc-cnrc.gc.ca
Twitter: @nrc_cnrc

Scott French
Director of Communications and Parliamentary Affairs
Office of the Honourable Ed Holder
Minister of State (Science and Technology)
613-943-6177