Through the Canada Accelerator and Incubator Program (CAIP), Invest Ottawa and collaborators Wesley Clover, PARTEQ Innovations will receive up to $7.7 million in funding over the next five years to provide local entrepreneurs with the resources and expertise needed to develop their business plan, seek follow-on financing, and establish new international markets for products and services. These organizations plays an important role in preparing early stage companies for successfully accessing investment capital and serves as an invaluable resource for entrepreneurs in developing competitive products and services, which support creating Canadian jobs at home.
- On June 20, 2014, Prime Minister Stephen Harper announced 15 incubators and accelerators chosen to advance in the selection process for CAIP, which is designed to help outstanding small and medium-sized Canadian enterprises to grow, prosper and create jobs.
- Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP provides support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
- Invest Ottawa, which acts as a link between the multiple partner organizations, delivers collaborative economic development programs and initiatives that increase entrepreneurial momentum, wealth and jobs in the City of Ottawa and its surrounding region, while marketing Ottawa’s diversified economy and high quality of life.
- Wesley Clover International, an investment management firm and holding company with active interests in Information and Communications Technologies, is a serial Super Angel, starting companies by providing seed, early stage and follow-on financing. The company works directly with these start-ups to guide, mentor and remain actively involved as the companies reach a level of maturity to operate as self-sufficient businesses.
- PARTEQ Innovations manages the technology transfer activities at Queen’s University and has deep expertise in technology assessment and market analysis, intellectual property protection and management, and raising of capital. PARTEQ Innovations is located at Innovation Park at Queen’s University, a physical hub for dynamic interfaces between Queen’s University, industry, not-for-profit partners and government. This innovation ecosystem helps support the development and growth of entrepreneurs, start-ups and SMEs in the region.
- L-SPARK is an Ottawa-based incubator–accelerator supporting the enterprise software market. It provides entrepreneurs and startups with access to industry mentors, venture capital firms and angel investors to support a startup ecosystem in the region. CAIP funding to Invest Ottawa and partners is a substantial factor in the creation of L-SPARK.