Canadian Government Announces Which Startup Accelerators Will Get Funding Under CAIP
Prime Minister Stephen Harper today announced the organizations that have been chosen to advance in the selection process for the Canada Accelerator and Incubator Program (CAIP). He made the announcement at Communitech in Waterloo.
In 2013, the Government of Canada established CAIP to help accelerators and incubators deliver their services to promising Canadian firms. CAIP is delivered on behalf of the Government by the National Research Council’s Industrial Research Assistance Program (NRC-IRAP), which evaluated all proposals “based on strict eligibility and selection criteria.”
Eligible proposals were then presented to the independent Canadian Venture Capital Expert Panel for their review and recommendations, according to the government.
NRC-IRAP is now conducting a thorough due diligence process to establish contribution agreements with the selected organizations. The following organizations have been chosen to advance in the selection process under the CAIP:
- GrowLab Ventures in collaboration with Extreme Startups
- Invest Ottawa, in collaboration with Wesley Clover, PARTEQ Innovations and InnovationPark at Queen’s University
- Manitoba Technology Accelerator (MTA)
- Prince Edward Island BioAlliance Inc.
- Propel ICT
- Ryerson University, in collaboration with Simon Fraser University and University of Ontario Institute of Technology
- The Next 36
- University of Alberta, in collaboration with TEC Edmonton and Innovate Calgary
- Wavefront Wireless Commercialization Centre Society
- BC Technology Industry Association (BCTIA)
- Bioenterprise Corporation
- Centre d’entreprises et d’innovation de Montréal (CEIM)
- Centre for Drug Research & Development (CDRD), in collaboration with CDRD Venture Inc.
- Communitech Corporation, in collaboration with University of Waterloo Velocity, Laurier LaunchPad and the Waterloo Accelerator Centre
- Corporation Inno-Centre du Québec
CAIP provides support over a five-year period in the form of non-repayable contributions to a small and select number of accelerators and incubators. Maximum contributions to accelerators and incubators under the program “are up to $5 million per year for each selected outstanding organization.”
Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
“It is critical for Canada’s small- and medium-sized businesses to harness innovation and get their ideas to the marketplace so that they can grow, create jobs and contribute to the economy,” said Harper.
“Accelerators and incubators have the experience, tools and know-how to help get small Canadian start-up businesses up and running. Our Government is pleased to be supporting private sector-led initiatives that further strengthen our venture capital market.”