The Business Development Bank of Canada this morning launched the BDC Innovation Award.
Launched in partnership with Canada’s Venture Capital & Private Equity Association, this new award will recognize “an early-stage Canadian company that has demonstrated the ability to bring innovation to market, reshaping a sector or industry in a new or unexpected way.”
“Canada’s entrepreneurs are the driving forces behind new businesses that can bring new ideas to market in our country,” said the Honourable Maxime Bernier, Minister of State (Small Business and Tourism) (Agriculture). “This award, created as a result of Economic Action Plan 2013, is one way we can recognize their efforts, while also encouraging the next generation of entrepreneurs to keep thinking outside the box.”
Innovation is crucial to success: almost three out of four small and medium enterprises in Canada that invest in innovation realize both a rise in sales and market share, according to a recent report by Industry Canada. According to BDC, “innovation fuels our economic future and ensures Canadian entrepreneurs remain at the forefront of a constantly changing and increasingly competitive global market.”
“We are delighted to be partnering with BDC to present this award,” said Peter van der Velden, President of the CVCA and Managing General Partner of Lumira Capital. “In an increasingly competitive and challenging world, innovation is an essential ingredient to any entrepreneur’s success. Recognizing these individuals for their contributions along that journey is essential.”
Nominations for this inaugural edition of the award are open until April 4, 2014 and the winning startup will be honoured at the 2014 CVCA Annual Conference in Ottawa from May 20 to 22, 2014.