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Archived - Minister Oliver announces support to help canadian innovative start-up businesses grow and prosper

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March 16, 2015 – Toronto (Ontario)

The Honourable Joe Oliver, Minister of Finance, on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), today announced up to $13.4 million in funding over the next five years to help innovative Canadian businesses grow, prosper and create jobs.

The funding will be distributed by the Canada Accelerator and Incubator Program (CAIP) to ensure Canadian entrepreneurs have access to the resources and expertise needed to develop their business plan, seek follow-on financing and cultivate new international markets for products and services.

Ryerson University, in partnership with Simon Fraser University and the University of Ontario Institute of Technology, will receive up to $10.7 million, and The Next 36 will receive up to $2.7 million. This funding will enable these organizations to provide early stage companies access to world-class mentoring and coaching, invaluable resources to ensure the success of budding entrepreneurs.

Quick Facts

  • On June 20, 2014, Prime Minister Stephen Harper announced fifteen incubators and accelerators chosen to advance in the selection process for CAIP, which is designed to help outstanding small and medium-sized Canadian enterprises to grow, prosper and create jobs.
  • Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP provides support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
  • Ryerson University is leading a partnership with Simon Fraser University and the University of Ontario Institute of Technology to establish a national research-driven incubator network – the Zones of Incubation and Innovation (ZI²) to amplify the universities’ existing research and incubator facilities and to create an expansive ecosystem which will drive technology-enabled innovation, productivity and job creation. The Pan-Canadian project targets digital technology and gaming leveraging deep expertise at the partner institutions and will create soft landing support for Canadian companies going global and international companies investing in Canada.
  • The Next 36 operates a national accelerator and incubator program for Canada’s most promising young entrepreneurs. Through an unparalleled combination of mentorship, education and seed investment, it fast-tracks the development of Canada’s most talented innovators and supports the creation of industry-changing businesses that will grow Canada’s long-term prosperity.


"The funding announced today will help ensure our best and brightest entrepreneurs and innovators get their start-up businesses off the ground, leading to more jobs and increased economic growth across the country. Canada’s small and medium-sized enterprises are the engine that drives the national economy and with the assistance of our accelerator and incubator program, I look forward to seeing these new ventures compete with the world and succeed."

Joe Oliver, Minister of Finance

"At Ryerson, and our partner institutions, Simon Fraser University and the University of Ontario Institute of Technology, we have demonstrated our ability to grow new companies, to innovate and to create new jobs. This strategic investment by the Federal Government in the Zones of Innovation and Incubation will accelerate this, leveraging our assets to build a game-changing pan-Canadian incubator network providing Canadian start-ups with an international soft landing."

Sheldon Levy, President, Ryerson University

"The financial support provided by the Government of Canada through the Canada Accelerator and Incubator Program will allow us to build on our successful model and deliver programming to a much larger and broader range of young entrepreneurs, who are hungry for education, mentoring and venture support that is best in class."

Peter Carrescia, Managing Director, The Next 36

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