Recognizing that improved access to capital helps new companies succeed, Genesis is establishing a micro fund to fill an immediate need for investment in the start-up business cycle and to support future growth.
The Provincial Government, through the Department of Tourism, Culture, Industry and Innovation, is contributing $125,000, and the Government of Canada is providing a non-repayable contribution of $300,000 towards this initiative.
Genesis is Memorial University’s support network for technology-based businesses and provides incubator space and access to marketing, finance and management expertise to companies with high growth potential. Through this new three-year micro fund, Genesis clients can access capital for early stage business development to help with areas such as technical development and financial management.
The Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, along with Nick Whalen, Member of Parliament for St. John’s East, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), made the announcement today.
The Government of Canada is making smart investments that will create good, middle-class jobs in our country. It is providing support to enable post-secondary institutions to fuel innovation and business growth. Support for this project is one way the Government of Canada is working to achieve its Atlantic Growth Strategy outcome of long-term economic prosperity in the region.
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, support for innovation and technology 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 http://www.thewayforward.gov.nl.ca/.
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Quotes
“Genesis is a driver of innovation and an essential partner in our province’s economic future. We know the importance of building and strengthening Newfoundland and Labrador’s emerging tech sector. This government is pleased to support this new micro-fund launched by Genesis, to improve access to capital and to help fill the gap in those critical early stages of development.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
“The Government of Canada is committed to building an economy that works for everyone – where Canadians have access to high-quality jobs, and where businesses are well-placed to seize new opportunities. Investing in business incubators such as Genesis helps fuel new businesses, innovation and economic opportunities.”
Honourable Navdeep Bains
Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“Genesis is tuned in to the needs of the start-up community and provides a supportive, mentor-driven environment where companies can thrive. The Government of Canada is pleased to support Genesis’ new micro fund, which fills a gap for tech companies in the crucial early stages of business development. It will provide access to much-needed help for new businesses to accelerate their innovative ideas, develop entrepreneurial skills and advance their businesses.”
Nick Whalen
Member of Parliament for St. John’s East
“Genesis is pleased to be able offer this new micro fund to technology start-ups in Newfoundland and Labrador, to fill an immediate gap in access to capital for early stage companies. This fund will be a vital resource to our companies in the Enterprise incubator program, and a means to empower local entrepreneurs. It will lower the barriers to launching a successful technology business and enable accelerated growth.”
Michelle Simms
President and CEO, Genesis
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Media contacts
Eric Humber
Tourism, Culture, Industry and Innovation
709-729-4819, 725-9655
erichumber@gov.nl.ca
Paul McGrath
ACOA NL
709-772-2984
Paul.McGrath@canada.ca
Megan Dobbin
Genesis
709-864-4721
megan.dobbin@genesiscentre.ca