Prime Minister Stephen Harper has unveiled a list of organizations that have moved one step closer to gaining funding under a government program designed to help small and medium sized Canadian companies succeed.
Harper announced the development in the Canada Accelerator and Incubator Program in Kitchener, Ont., at Communitech, a high-tech organization that helps entrepreneurs commercialize their technologies.
Harper says the advanced products he was able to see today are the kind that will help drive the jobs of the future.
The program will provide support to organizations over a five-year period in the form of non-repayable contributions of up to $5-million a year per company.
Recipients are required to match contributions on at least a one to one ratio during the funding period.
The government estimates up to $90-million will be allocated to eligible organizations through the program.
Fifteen organizations from across the country have been chosen to move forward in the program, which was established in 2013 to help "accelerators and incubators" deliver their services to promising firms.
Accelerator and incubators – which the government believes play an important role in the venture capital system – give innovative early-stage entrepreneurs resources, facilities and expertise to help them develop.
In a release, the government confirmed the long-list of organizations in line for funding includes:
- BC Technology Industry Association (BCTIA) (Accelerator)
- Bioenterprise Corporation (Accelerator)
- Centre d’entreprises et d’innovation de Montréal (CEIM) (Incubator)
- Centre for Drug Research & Development (CDRD), in collaboration with CDRD Venture Inc. (Accelerator/Incubator)
- Communitech Corporation, in collaboration with University of Waterloo Velocity, Laurier LaunchPad and the Waterloo Accelerator Centre (Accelerator/Incubator)
- Corporation Inno-Centre du Québec (Accelerator/Incubator)
- GrowLab Ventures Inc., in collaboration with Extreme Startups (Accelerator)
- Invest Ottawa, in collaboration with Wesley Clover, PARTEQ Innovations and Innovation Park at Queen’s University (Accelerator/Incubator)
- Manitoba Technology Accelerator (MTA) (Incubator)
- Prince Edward Island BioAlliance Inc. (Incubator)
- Propel ICT (Accelerator)
- Ryerson University, in collaboration with Simon Fraser University and University of Ontario Institute of Technology (Accelerator/Incubator)
- The Next 36 (Accelerator/Incubator)
- University of Alberta, in collaboration with TEC Edmonton and Innovate Calgary (Accelerator/Incubator)
- Wavefront Wireless Commercialization Centre Society (Accelerator/Incubator)