For Immediate Release
November 14, 2013
VentureStart Program creates 127 new tech jobs
First Year results point to bright future for innovative program
Mississauga, Ontario – The Research Innovation Commercialization (RIC) Centre’s VentureStart program celebrates its many graduates on November 14th marking a year of outstanding success stories for the innovative business development program.
The RIC Centre received $7.5 million through FedDev Ontario’s Scientist and Engineers in Business initiative for VentureStart which provided business skills development and entrepreneurship training to over 200 entrepreneurs.
The VentureStart program provided some emerging entrepreneurs with matching seed financing of up to $30,000. Over $5.5 million from FedDev was awarded to entrepreneurs who in turn matched the seed financing so a total of $11 million was leveraged to start real businesses.
Investment in VentureStart has provided tangible results as an additional $6.3 million has been raised from external sources from companies and over 127 jobs have been created.
“This program was a great initiative to support the development of tech innovations and make ideas become a real business,” said Pam Banks, Executive Director of the RIC Centre. “There was incredible interest and demand for the program especially in the GTA. Almost half the awards were allocated through the RIC Centre and the MaRs Discovery District.”
The program was coordinated by the regional innovation centres in the Ontario Network of Entrepreneurs. Thirteen centres offered the program to their local community and participants were paired with an “entrepreneur-in-residence” who provided real-life coaching and business advice.
“RIC Centre is pleased to be a partner and a champion for this program—congratulations to the graduates who, through their success, continue to inspire those still in the program,” said Pam Banks. “We look forward to even greater success with our next group of visionary entrepreneurs.”
Approximately 40% of the 200 entrepreneurs have completed VentureStart and the remaining course clients will complete by March 2014.
The RIC Centre is a not-for-profit organization supporting the development of innovation and entrepreneurship in Mississauga, Brampton and Caledon. It is part of a network of 13 regional innovation centres across Ontario, providing commercialization support to help new entrepreneurs and seasoned business people take technical innovations to market, with experienced advisors and Entrepreneurs in Residence who guide clients every step of the way.
For more information, contact:
Program Coordinator, VentureStart