Multi-year Program to Establish Innovation Hub to Grow High-Potential BC Tech Firms
Vancouver, BC, June 20, 2014 (via MarketWired) – The BC Technology Industry Association (BCTIA) acknowledged today their Centre4Growth Incubator Program has been shortlisted for expansion funding under CAIP, the federal government’s Canada Accelerator and Incubator Program, delivered by the National Research Council of Canada Industrial Research Assistance Program.
The BCTIA proposal includes the creation of an Innovation Hub, a physical centre for co-locating high-tech growth firms, BCTIA mentors and industry resources. By augmenting its current virtual Centre4Growth venture services with a physical space, the BCTIA will provide high-potential firms and entrepreneurs the opportunity to connect, exchange ideas, seize new opportunities and receive guidance with a high level of depth, effectiveness and immediacy.
“We greatly appreciate the federal government recognizing the importance of building a knowledge economy in Canada and availing the CAIP funding to organizations like ours,” stated Bill Tam, President & CEO of the BCTIA. “We are also proud and appreciative of the tremendous support that industry has provided, helping to validate the project and our CAIP funding proposal. To date, 18 industry partners have made significant multi-year commitments to the project; recognizing the importance of such a facility within BC’s technology ecosystem,” Tam said.
“Vancouver has a great entrepreneurial culture and our startup community is recognized globally,” said Tam. “By anchoring our successful Centre4Growth program within the Innovation Hub, our goal is to create a beacon to our region and the world, drawing together the best talent, entrepreneurial innovation and channels to global markets and venture capital in one energized place, from which the next billion dollar companies will emerge”, Tam added.
In just under four years, the BCTIA Centre4Growth program has helped 422 clients companies, who collectively have generated over $110 million in new revenue and investments and created 451 new jobs. Client companies in the program have an impressive 94% survival rate.
As part of the Government of Canada’s Venture Capital Action Plan, the CAIP Fund was launched in March 2013 as a $60 million program to provide funding to a limited number of accelerators and incubators across Canada that meet strict eligibility and selection criteria. The government’s investment will support incremental activities that expand the overall service offerings to early-stage firms and entrepreneurs, and promote a higher output of SMEs that are investment-ready and able to develop into sustainable, high-growth businesses. In the 2014 Budget, the federal government announced an additional $40 million for the fund.
To download the completed media release, click here.