MONCTON—The federal government is providing an Atlantic Canadian accelerator program with $2.9 million in funding over the next five years to help local entrepreneurs develop their businesses.
Administered through the Canada Accelerator and Incubator Program (CAIP), Propel ICT will receive the funding help provide local entrepreneurs develop their business plans, seek follow-on financing and cultivate new international markets for products and services.
“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,” local MP Robert Goguen said in a statement. “By investing in Propel ICT, our government supports accelerators and incubators across the country while strengthening our community’s business innovation capacity.”
Propel ICT works with companies through its Launch 36 program that draws upon the expertise of volunteer mentors to provide guidance to companies and entrepreneurs.
It 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, while ‘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.
“Propel ICT is focused on building a strong culture of innovation and entrepreneurialism in Atlantic Canada,” Propel ICT vice-president of business development Trevor MacAusland said. “The financial support provided by the government … 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.”
Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP provides non-repayable funding to a small and select number of accelerators and incubators.
Recipients must match government contributions on at least a one-to-one basis during the period of the contribution funding.