20 Jun 2014 Ottawa shortlists BCTIA business incubator initiative for federal funding
Written by: Tyler Orton
Vancouver, BC, June 20, 2014 (via Business in Vancouver) – The federal government has shortlisted the B.C. Technology Industry Association (BCTIA) for funding that would provide physical space for its virtual innovation hub.
Ottawa has $60 million in grant money ready to hand out to select organizations that qualify under its Canada Accelerator and Incubator Program.
BCTIA president Bill Tam said June 20 his organization is “still working through all the mechanics” for how much money is needed to fund the proposed facility for its Centre4Growth service.
Unlike local tech incubators like Growth Lab, which often target startups when they’re still at the conception stage of their business, Tam said Centre4Growth zeroes in on early-stage companies that are already generating revenue.
“It’s really a place where we can garner the growth of the next generation of Vancouver companies,” he said, adding the virtual program has had great success over the past four years.
“The companies are really growing rapidly. The mentorship, the workshops, the coaching, all the connection points to customers and partners have really paid off.”
But Tam said the main drawback is the virtual program can be quite sporadic.
He added having a physical space for mentors, executives and entrepreneurs to gather would help accelerate growth at companies that are at the cusp of breaking out.
It would also accelerate economic activity throughout the B.C. and bolster BCTIA’s goal of fostering the development of more mid- to large-size tech companies on the West Coast.
Tam said he’s hoping Ottawa makes a final decision as soon as possible.
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