Planting a seed is the first sure-fire way of growing a tree that will produce fruit.
A few of those seeds were planted Tuesday when Memorial University's business incubator for technology-based ventures: The Genesis Centre was awarded funding from federal and provincial programs valued at $450,000.
The Department of Tourism, Culture, Industry and Innovation is contributing $125,000, and the Government of Canada is providing a non-repayable contribution of $300,000 towards this initiative that will help grow middle-class jobs across the country by providing support to help fuel innovation and business growth at post-secondary institutions such as Memorial.
“Genesis is pleased to be able offer this new micro fund to technology start-ups in Newfoundland and Labrador, to fill an immediate gap in access to capital for early stage companies,” Michelle Simms, Genesis president and CEO, said in a news release Tuesday.
“This fund will be a vital resource to our companies in the Enterprise incubator program, and a means to empower local entrepreneurs. It will lower the barriers to launching a successful technology business and enable accelerated growth,” she added.
The Genesis Centre is Memorial University's business incubator for technology-based ventures with high-growth potential and is an award-winning innovation hub for technology start-ups. It helps accelerate start-ups through all stages of idea development — from pre-incubation and business model development, to investor readiness.
Genesis connects portfolio companies with top mentors and advisors, along with marketing, funding, office space and technical resources to help them succeed and it exists to help entrepreneurs commercialize their ideas and to help build amazing companies.
Through this new three-year micro fund, Genesis clients can access capital for early stage business development to help with areas such as technical development and financial management.
Tourism, Culture, Industry and Innovation Minister Christopher Mitchelmore and St. John’s East MP Nick Whalen, representing Minister of Innovation, Science and Economic Development and Minister Navdeep Bains were on hand for the announcement. Bains portfolio oversees the Atlantic Canadian Opportunities Agency that provided the $300,000 federal money.