Announcement made during official opening of Venn’s new headquarters
June 25, 2014 – Moncton, NB – Atlantic Canada Opportunities Agency (ACOA)
Venn Innovation Inc. is undertaking two projects that will benefit New Brunswick knowledge-based companies and entrepreneurs looking to further their innovations, thanks to investments by the Government of Canada and the Province of New Brunswick. The investments were announced as part of a special event to mark the opening of the Venn Centre, a new facility in downtown Moncton that will house both Venn Innovation Inc., and an entrepreneurship centre called the Vennture Garage.
The Honourable Rob Moore, Regional Minister for New Brunswick and Minister of State (Atlantic Canada Opportunities Agency), Robert Goguen, Parliamentary Secretary to the Minister of Justice and Member of Parliament for Moncton-Riverview-Dieppe, the Honourable David Alward, Premier of New Brunswick, the Honourable Bruce Fitch, Minister of Economic Development, joined Venn Innovation Inc. officials to make the announcement today.
The first initiative involves a provincial pilot project that gives start-up and early stage knowledge-based companies access to MaRS market intelligence services such as training, data research and sector expertise to help expand their business opportunities. The Government of Canada, through ACOA’s Business Development Program, is investing $53,760 and the Province of New Brunswick is contributing $17,920 to the initiative.
The second investment supported the creation of a garage-style entrepreneurship centre, the Vennture Garage, which offers a relaxed, collaborative, and open work environment where new entrepreneurs have a space that supports the development of opportunities more rapidly and effectively. The federal government, through ACOA, is providing $105,272 and the Province of New Brunswick is investing $204,900 in the new Vennture Garage.
Quick Facts:
• Venn Innovation Inc., formerly known as Tech South East Inc., offers services to tech companies in sectors such as ICT, bio and life sciences, and clean energy. It provides companies across New Brunswick with access to quality professional development programming, world class mentoring and advisory services, talent and capital, and connections.
• The Vennture Garage will give entrepreneurs access to market intelligence; mentoring, like minded individuals for idea generation, specialized equipment and prototyping, and a dedicated space to conduct this work.
• MaRS Discovery District (@MaRSDD) in Toronto is one of the world's largest urban innovation hubs. MaRS cultivates high-impact ventures and equips innovators to drive economic and social prosperity. MaRS provides expert advice and market research, and makes connections to talent, customers and capital. MaRS startup clients have created 6,500 jobs and, in the last three years alone, they have raised $1 billion in capital and earned $500 million in revenue.
Quotes:
“Our Government is pleased to support innovative organizations like Venn Innovation Inc. that are working to advance and grow our technology and health science sectors. Funding announced today helped Venn Innovation Inc. create a centre to foster greater entrepreneurship, as well as undertake a project to expand business opportunities.”
- The Honourable Rob Moore, Regional Minister for New Brunswick and Minister of State (Atlantic Canada Opportunities Agency)
“Investing in Greater Moncton’s next series of innovative success stories is a key part of our government’s plan to create jobs and make life better in New Brunswick communities. Our investment in Venn Innovation Inc. will help create an acceleration and commercialization centre with services to assist start-ups and new businesses.”
- The Honourable David Alward, Premier of New Brunswick
“The intent of Vennture Garage is to foster entrepreneurship, particularly among post-secondary students, stimulate greater flows of new business formation and, in turn, more potential deal flow for existing business acceleration programs in the province.”
“Also, Venn is pleased to be working with its New Brunswick-based partner organizations and MaRS on this pilot project that allows early stage New Brunswick companies the opportunity to access market data through the MaRS Market Intelligence program.”
- Doug Robertson, President & CEO of Venn Innovation Inc.
Associated Links:
• www.acoa-apeca.gc.ca
• www.actionplan.gc.ca
• www.venncentre.ca
• www.vennturegarage.ca
• www.gnb.ca
• www.marsdd.com
Contacts:
Kelsie Corey
Director of Communications
Office of the Honourable Rob Moore
Atlantic Canada Opportunities Agency
613-941-7241
Paul CJ LeBlanc
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-452-3310
Bruce MacFarlane
Communications
Economic Development
506-453-8607
Barbara Ells
Chief Operating Officer
Venn Innovation Inc.
506-857-4996
