FOR IMMEDIATE RELEASE December 5, 2014 – Moncton, NB ─ Mr. Robert Goguen, Member of Parliament for Moncton–Riverview–Dieppe, on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), today announced the Government of Canada’s investment in Propel ICT, which will help Canada’s innovative businesses to grow, prosper and create jobs.
Through the Canada Accelerator and Incubator Program (CAIP), Propel ICT will receive up to $2.9 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 cultivate new international markets for products and services. This organization plays an important role in delivering accelerator programming to the east coast of Canada and acts as an invaluable resource for entrepreneurs to grow and expand their product offering for a competitive global marketplace.
Recently, Prime Minister Stephen Harper delivered on the government’s commitment to provide an updated Science, Technology and Innovation Strategy. The Strategy is a vision and a roadmap to strengthen Canada’s position as a global leader in scientific research while looking to harness greater Canadian innovations that create jobs, increase prosperity and improve the quality of life of Canadians.
- 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.
- The Government of Canada’s support for Propel ICT helps to advance the objectives of Digital Canada 150, in the Atlantic provinces, in carrying out the Government’s plan to take advantage of the opportunities of digital technology as we celebrate our nation’s 150th anniversary in 2017.
- Propel ICT is an “accelerator” – an organization that works with companies through its Launch 36 program that draws upon the expertise of volunteer mentors to provide guidance to companies and entrepreneurs.
- Propel ICT has helped 49 companies move through the program and exceeded the original target of having 36 companies participate in the program in three years.
- Propel ICT offers two programming options: Start and Build. “Start” helps guide entrepreneurs through the early stages of validating, developing and launching a startup. “Build” focuses on later stage startups, those who have progressed beyond the idea phase with initial market traction, and will develop the entrepreneurial skills required to grow the company with a strong emphasis on sales and marketing internationally.
Today’s funding announcement will ensure New Brunswick’s promising start-up businesses have the resources they need to grow, innovate and create jobs here in Moncton. By investing in Propel ICT, our government supports accelerators and incubators across the country while strengthening our community’s business innovation capacity.
Robert Goguen, Member of Parliament for Moncton–Riverview–Dieppe
“Propel ICT is focused on building a strong culture of innovation and entrepreneurialism in Atlantic Canada. The financial support provided by the Government of Canada through the Canada Accelerator and Incubator Program will allow us to work toward our aggressive goal of helping launch 420 new companies over the next five years.”
Trevor MacAusland, Vice President of Business Development, Propel ICT
Prime Minister Stephen Harper helps Canadian start-up companies to grow and prosper Propel ICT - 30 -
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