Robert Goguen, Member of Parliament for Moncton–Riverview–Dieppe, on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), today announced the Government of Canada’s investment in Propel ICT, which aims to help Canada’s businesses create jobs.
Through the Canada Accelerator and Incubator Program (CAIP), Propel ICT will receive up to $2.9 million in funding over the next five years to provide local entrepreneurs with the resources needed to develop their business plan, seek follow-on financing and cultivate new international markets for products and services.
“Today’s funding announcement will ensure New Brunswick’s promising startup businesses have the resources they need to grow, innovate and create jobs here in Moncton,” said Robert Goguen, Member of Parliament for Moncton–Riverview–Dieppe. “By investing in Propel ICT, our government supports accelerators and incubators across the country while strengthening our community’s business innovation capacity.
Propel “plays an important role” in delivering accelerator programming to the east coast of Canada and acts as “an invaluable resource for entrepreneurs to grow and expand their product offering for a competitive global marketplace,” according to the company.
“Propel ICT is focused on building a strong culture of innovation and entrepreneurialism in Atlantic Canada,” said Trevor MacAusland, Vice President of Business Development, Propel ICT. “The financial support provided by the Government of Canada through the Canada Accelerator and Incubator Program will allow us to work toward our aggressive goal of helping launch 420 new companies over the next five years.”
In June, Prime Minister Stephen Harper announced 15 incubators and accelerators chosen to advance in the selection process for CAIP.
Propel ICT was formed in Saint John 10 years ago to foster growth in the technology industry. In the winter of 2012, it launched its own accelerator, Launch36, with the goal of putting 36 startups through its program within three years. With the graduation of five companies on Monday, PropelICT has now graduated about 30 startups from across the three Maritime Provinces.
In the future, Propel may offer sector-specific accelerators if it determines there is a critical mass of one type of company in one location that could benefit from the course. Propel has no plans to own a working space for its member companies as some accelerators do, largely because its mission is to mentor startups across a broad geographic area. Similarly, the group will continue to be a not-for-profit organization and will not be affiliated with a fund that invests in the companies it mentors.