Founder Institute, a global seed accelerator founded in Silicon Valley, announced that graduates of its Toronto 2017 program will have the opportunity to apply for a $5,000 equity-free grant to help build and scale their companies.
The grant is a result of a partnership between the Founder Institute, the Province of Ontario, and the City of Toronto. It’s specifically part of Ontario’s Starter Company Plus program, which focuses on helping entrepreneurs connect to training, mentorship, and funding resources to build viable businesses. The Founder Institute said that early-stage entrepreneurs who graduate from its program, which begins in May 2017, will be eligible for the grant.
“Toronto’s technology community continues to grow and build companies that are solving local and global problems,” said Toronto Mayor John Tory. “Partnering with Founder Institute is a great opportunity for Toronto to collaborate on helping ensure its local technology companies can compete and grow in a global marketplace.”
“The Founder Institute is proud to be one of the programs investing in Toronto’s startup ecosystem.”
Since launching in Toronto in 2014, Founder Institute has helped launch several local tech startups, including Intelocate, which provides a communication and execution platform for multi-site businesses; and CubbySpot, a mobile platform that connects parents and daycares through its intensive 14-week program that provides entrepreneurs with mentorship and networking to build their companies.
In December 2016, Founder Institute released numbers on its Canadian startups, indicating that its Canadian chapters in Ottawa, Waterloo, and Vancouver have graduated 97 companies in its accelerator program, and its Canadian companies have raised $7 million.
“The Founder Institute is proud to be one of the programs investing in Toronto’s startup ecosystem,” said Adeo Ressi, the founder and CEO of the Founder Institute. “The investment in entrepreneurship from the Province of Ontario and the City of Toronto has been impressive, especially their new Starter Company Plus Program. In combination with Toronto’s incredible and diverse talent pool, the region is well positioned to spawn and support the next generation of meaningful tech companies.”