Tourism, Culture, Industry and Innovation
May 16, 2018
Provincial Government Supports Business Incubator
The Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, today announced significant funding to encourage, develop and support innovation in Newfoundland and Labrador.
Through InnovateNL, the Department of Tourism, Culture, Industry and Innovation is providing $650,000 over two years for the Genesis Centre to further support its efforts to nurture firm growth.
The Genesis Centre, located at Memorial University, is a business incubator and support network for technology-based ventures with high-growth potential. Since 1997, the Genesis Centre has played a key role in securing $95 million of private investment for clients and graduates, resulting in 1,200 jobs.
Through the Business Innovation Agenda, the Provincial Government is supporting the development of an entrepreneurial pipeline in Newfoundland and Labrador with support throughout the business life-cycle from concept to seed, to start-up and then scale-up and growth.
In addition to supporting objectives outlined in the Technology Sector Work Plan, this initiative delivers on commitments in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
“The Genesis Centre continues to connect into the entrepreneurial ecosystem at Memorial University, the College of the North Atlantic and in the province as a whole. As an award winning business incubator, they have provided premium incubation programing for over a decade, which has led to growth of the tech sector in our province. This funding aligns with our Business Innovation Agenda and delivers on the commitments of The Way Forward.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
“The Genesis Centre at Memorial University prides itself on helping to build amazing technology companies. With the Provincial Government’s support, we will continue to foster and grow technology companies with the aim of accepting 30 new technology companies into our Enterprise Program and 120 start-ups into our Evolution program over the next two years. This will help the Province of Newfoundland and Labrador to build upon the existing technology sector that is already currently valued at $1.6 billion.”
Genesis President and CEO
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2018 05 16 1:45 p.m.