16 October 2009
St. John's, Newfoundland and Labrador
A combined investment of $1.95 million from the Government of Canada and the province of Newfoundland and Labrador will help expand the reach of the Atlantic Canada Venture Gateway – an initiative of Memorial University designed to target international investment opportunities within the business community.
The federal investment of $1.7 million was announced today by the Honourable Peter MacKay, Minister of National Defence, Minister for the Atlantic Gateway, and Minister Responsible for Newfoundland and Labrador; while the provincial contribution of $250,000 was announced by the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development (INTRD). Dr. Christopher W. Loomis, president and vice-chancellor, pro tempore, of Memorial University of Newfoundland, said the university is contributing $147,000 towards the initiative.
Memorial University’s Faculty of Business Administration, through Atlantic Canada Venture Gateway – formerly Gateway Without Borders - will expand its efforts to help enable Atlantic Canadian small and medium-sized enterprises become “investment-ready,” and increase their ability to secure foreign investment. Atlantic Canada Venture Gateway will tap into qualified expertise throughout the Atlantic region to prepare companies to negotiate foreign investment arrangements. It will also leverage national and international university and industry networks to establish relations with investors in other regions.
“The Government of Canada’s investment, through ACOA, will help the Atlantic Canada Venture Gateway to expand to become one of the primary vehicles to assist high growth companies to attract and secure investment and market development opportunities in emerging international markets,” said Minister MacKay. “With investments exceeding $700 million in innovation, ACOA is committed to building an innovative economy in Atlantic Canada by providing expertise and funding for projects that improve products, streamline processes, develop a skilled workforce and commercialize research.”
Established in 2005 with Federal and Provincial Government support, Atlantic Canada Venture Gateway helps prepare high- growth technology firms based in Newfoundland and Labrador to attract formal investment capital and establish strategic partnerships in the lucrative Middle East and North African market. With this latest investment, the long-term objective is to develop and implement the Atlantic Canada Venture Gateway initiative to facilitate ongoing investment in technology firms throughout Atlantic Canada.
“Greater access to financial investments will provide Newfoundland and Labrador’s innovative and vibrant business community with the necessary capital to commercialize their products and maximize their global competitiveness,” said Minister Skinner. “This project builds upon successes achieved during Atlantic Canada Venture Gateway’s initial pilot phase and provides a greater level of service to local businesses in this highly-competitive sector. I am confident that it will enhance the level of knowledge and investment readiness for businesses seeking growth capital, along with increasing partnership and sales opportunities.”
Atlantic Canada Venture Gateway will support the development of investor-ready firms capable of building strong global markets and partnerships, through coaching and the provision of necessary specialized support resources. It will also formalize a long-term relationship with the Higher Colleges of Technology in the United Arab Emirates, a relationship which has developed over the past four years, with support from ACOA, and which gives Atlantic Canadian firms unparalleled access to one of the most sophisticated, high profile and lucrative markets and investment communities in the world.
"Memorial University has established a strong relationship with the Higher Colleges of Technology in the UAE - a highly respected institution and investment partner in high growth companies. We are also blessed with a worldwide network of successful alumni who are interested in contributing back to the economic development of our region," said Dr. Loomis. "Memorial University is proud and pleased to be leading this effort to grow high-technology companies throughout Atlantic Canada, many of which have their roots in the world-class research conducted by our region's universities."
The federal contribution will come from two business development funds managed by ACOA, with $820,000 from the Agency’s Atlantic Innovation Fund (AIF) and $908,323 from the Business Development Program (BDP).
The provincial funding is being provided through the Innovation Enhancement Program (IEP), which through Budget 2009: Building on Our Strong Foundation allocates close to $2 million to develop and expand strategic industry clusters and public/private research projects involved in the development of new technologies. Administered by the Department of Innovation, Trade and Rural Development, the IEP provides non-repayable contributions up to 50 per cent of eligible project costs to a maximum of $250,000 per project.
FOR BROADCAST USE:
The Governments of Canada and Newfoundland and Labrador today announced a $1.95 million investment in Atlantic Canada Venture Gateway to expand throughout Atlantic Canada. This initiative, developed in 2005 by Memorial University of Newfoundland and formerly called Gateway Without Borders, promotes investment readiness within the business community. The expansion will assist Atlantic Canadian businesses through investment-readiness training, and help them to attract foreign capital and foster strategic international partnerships.
$1.7 million of the funds come from the Atlantic Canada Opportunities Agency; $250,000 from the Government of Newfoundland and Labrador; while Memorial is contributing $147,000. The funding was announced today by Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway, and Minister Responsible for Newfoundland and Labrador; Shawn Skinner, provincial Minister of Innovation, Trade and Rural Development; and Dr. Christopher Loomis, President and Vice-Chancellor, pro tempore, of Memorial University.
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INFORMATION:
Doug Burgess
Director, Public Affairs
Atlantic Canada Opportunities Agency
709-772-2935
Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570
Meaghan Whelan
Communications Coordinator (Faculty of Business Administration)
Memorial University of Newfoundland
709-737-2616
