Powering Atlantic Canadian start-ups to drive innovation and create new jobs

News Release

Government of Canada invests more than $1.2 million for three initiatives to help innovators access private capital and research and development tools 

October 13, 2017 – Halifax, N.S. – Atlantic Canada Opportunities Agency 

Atlantic Canadian start-up companies will be better prepared to grow their business, sell their products and services and create new well-paying jobs for Atlantic Canadians thanks to investments of more than $1.2 million by the Government of Canada. 

These investments will help innovative start-up entrepreneurs throughout the Atlantic region access private investment capital, top-tier market intelligence services and sophisticated research and development tools at affordable rates. 

The announcement was made today by Andy Fillmore, Member of Parliament for Halifax, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). 

The investments include:

These investments support the objectives of the Government of Canada’s Innovation and Skills Plan to create new opportunities for Canadians to do business more easily and accelerate the growth of their companies. This plan will ensure that Canadians develop skills and seize new opportunities to succeed in a growing economy. 

Quotes

“Start-up entrepreneurs regularly cite difficulty accessing private capital as the biggest barrier to innovation and growth, which is where the middle class jobs of today and tomorrow are created. Our government is committed to working with entrepreneurs and innovators to help them access risk capital, relevant information and the tools they need to grow their business, generate new opportunities and create good well-paying middle jobs.”

  • The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency

“The Government of Canada recognizes that innovation does not just happen in big cities – it is happening in small provinces, in small towns, and in rural areas. The investments announced today will provide entrepreneurs, wherever they are located, with crucial access to the resources they need to achieve success.”

  • Andy Fillmore, Member of Parliament for Halifax

“First Angel Network provides small and medium sized enterprises with business guidance from the investor perspective to help them succeed in raising capital and getting to the next level. Our members invest their own money, expertise and time to grow entrepreneurs and their businesses across Atlantic Canada. This project will support the continuing growth of the angel investor ecosystem and increase the amount of private investment in extraordinary Atlantic Canadian companies.”

  • Ross Finlay, Director and Co-Founder, First Angel Network

“The MaRS Market Intelligence service has been and continues to be a vital resource for innovative early stage companies in our region. With startups gaining access to premium databases that they would not otherwise be able to afford, it is helping them inform their business plans and strategies and continues to build a solid foundation to grow successful companies across Atlantic Canada.”

  •  Doug Robertson, President and Chief Executive Officer, Venn Innovation

“AFRED has tremendous potential to showcase specialized research infrastructure in Atlantic Canada and provide researchers with opportunities for partnerships with colleagues in academia and industry."

  • Dr. Christian Lacroix, Chair Elect, Science Atlantic and Biology Professor, University of Prince Edward Island

Quick Facts

  • The organization of the Global Consortium of Entrepreneurship Centres 2017 International Conference is made possible as a result of an $115,000 investment to Dalhousie University’s Norman Newman Centre for Entrepreneurship through ACOA’s Atlantic Policy Research Initiative program.

  • The First Angel Network has set goals of meeting 270 small and medium sized enterprises, generating 17 investments worth $2.13 million, and leveraging an additional $15 million over their three-year initiative. The Network also plans to recruit more than 80 additional angel investors, and organize a number of information and networking events throughout the Atlantic region.

  • The MaRS market intelligence services proposed by Venn Innovation are offered by Toronto-based MaRS Discovery District, one of the world’s largest innovation hubs, which brings together educators, researchers, social scientists, entrepreneurs and business experts. This initiative will provide 60 high potential start-ups from Atlantic Canada with vital information about their industries, competitors, and potential markets.

  • The Atlantic Facilities and Research Equipment Database (AFRED) was launched in March 2017. The database provides quick and affordable access to 400 sophisticated technical instruments from more than 80 research facilities that can be contracted by companies in need of specialized testing.

  • The start-up community in Atlantic Canada is growing at a rapid pace. Entrevestor’s Startup East report, released in 2016, estimates that the number of business start-ups in the Atlantic region grew by over 90 for a total of 355 in 2015. Broken down by province, 188 start-ups were based in Nova Scotia, 94 were in New Brunswick, 37 in Newfoundland and Labrador, and 36 in Prince Edward Island.

Associated Links

Contacts

Ronald Levesque
Senior Communications Officer
Atlantic Canada Opportunities Agency
Tel: 506-871-0721
Email: Ronald.Levesque@Canada.ca

Ross Finlay
Director and Co-Founder, First Angel Network Association
Tel: 902-425-5162
Cell: 902-499-2355
Email: rf@firstangelnetwork.ca

Mischka Jacobs
Communications & Events Coordinator
Venn Innovation
Tel: 506-857-8326
Email: mischka@venninnovation.com

Jasmine Golf,
Marketing Coordinator
Science Atlantic
Tel: 902-494-3421
Email: jasmine@scienceatlantic.ca

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