Innovation, Trade and
Rural Development
October 16, 2009
Atlantic Canada Venture Gateway Helps
Atlantic Canadian Firms Target International Investment
Opportunities
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 of 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 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 the 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.
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