July 28, 2015 – Through the Investing in Business Innovation initiative, FedDev Ontario is providing the Northumberland Community Futures Development Corporation (Northumberland CFDC) with an investment of up to $1.1 million to launch N1M: an expanded version of the organization’s initial pilot project. The Northumberland CFDC is a not-for-profit organization that delivers financing and strategy services to entrepreneurs.
Funding is geared towards supporting high-potential, early-stage technology businesses looking to develop and commercialize new products.
Between 2012 and 2014, with $529,000 in FedDev Ontario funding, the Northumberland CFDC’s pilot version of N1M launched 22 technology companies with high-growth potential and created 53 new jobs primarily in Northumberland, along with the generation of three new patents.
Qualified startups are eligible to receive:
- Up to $30,000 in matching non-repayable contributions based on achievement of performance milestones
- Additional skills training up to $2,500 at 100% of eligible costs
- Venture catalyst support (strategy services, mentoring and industry connections)
Further details are available on the Northumberland CFDC website.
The new funding for the N1M initiative is expected to help 25 high-potential early-stage businesses grow, which will result in the creation of an estimated 23 jobs while maintaining 48 jobs.
This project aligns with regional economic development strategies to diversify the workforce, increase investment in technological and industrial infrastructure, and focus development in target sectors such as advanced manufacturing, agriculture and agri-business, and emerging technologies.
The Northumberland Community Futures Development Corporation (Northumberland CFDC) is a member of the Canadian Venture Capital and Private Equity Association (CVCA) and an industry partner of both the National Angel Capital Organization (NACO) and the Network of Angel Organizations–Ontario (NAO-O). The independent business development organization also runs a high-profile annual startup competition known as N100. N100 offers startups the chance to compete for a significant $100,000 investment.
The Investing in Business Innovation (IBI) initiative aims to strengthen the innovation ecosystem in southern Ontario. It helps new entrepreneurs to become investment-ready through seed financing and skills development. It helps early-stage businesses with a minimum viable product or service to further develop and bring it to market.
It helps angel organizations to expand their members and services, which increases private sector investment and mentoring opportunities for businesses. All of these activities will help build a portfolio of early-stage businesses with the ability to become world-leading innovators.
Funding is available for:
- Not-for-profit organizations that provide skills development and seed financing to new entrepreneurs;
- Innovative, early-stage businesses with less than 50 employees to help leverage angel and capital investments; and
- Southern Ontario-based angel investor networks.
Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website.
