Monday, April 15, 2024

Canadian government giving $31.4 million to B.C. incubators, accelerators

Over the next five years, four British Columbia incubator and accelerator organizations will be given up to $31.4 million in funding from the Government’s Canada Accelerator and Incubator Program (CAIP).

James Moore, Minister of Industry, is quoted as saying: “By investing in British Columbia’s incubator and accelerator organizations, we are ensuring local promising start-up businesses have the resources they need to grow, innovate and create jobs. Our government is pleased to be supporting private sector–led initiatives that will further strengthen our venture capital market.”

The four organizations received funding are:

  • BC Technology Industry Association, netting up to $10.4 million “to support the development, growth and advancement of B.C. technology companies of all sizes and in all sectors.”
  • HIGHLINE, formerly GrowLab Ventures Inc. and Extreme Startups, will receive up to $600,000, and works as a “venture capital–backed for-profit organization helps digital entrepreneurs build companies that achieve product-market fit and secure institutional capital.”
  • Wavefront Wireless Commercialization Centre Society will take home $9.5 million
  • The Centre for Drug Research and Development (CDRD), in collaboration with CDRD Ventures Inc. (CVI), will receive up to $10.9 million. It aims to “de-risk discoveries stemming from academic health research, adding value and transforming them into viable investment opportunities for the private sector.”

As the press release states, CAIP provides support over a five-year period in the form of non-repayable contributions to a limited number of best-in-class accelerators and incubators.

Photo of Min. James Moore courtesy Government of Canada


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