FedDev Ontario is providing $3.57 million to non-profit NEXT Canada.
The money will support total project costs of up to $6.6 million, and the project will leverage over $3 million in private funding. Each NEXT Canada program participant will receive up to $30,000 in
matching seed financing and access to training, mentoring, and guidance from business experts.
Back in 2012, Next Canada received $787,500 in FedDev Ontario funding to support 71 entrepreneurs
and create 36 new ventures. The project also leveraged $6 million in private sector funding.
Next Canada said that the money will create up to 450 full-time jobs through the 100 businesses that will be selected.
“This funding will provide an essential boost to some of Canada’s most promising entrepreneurs,” said Sheldon Levy, CEO of Next Canada. Levy took the helm in September 2017. “Thanks to the renewed support of the federal government and FedDev Ontario, these young innovators will have better access to the capital and the tools they need to build globally relevant businesses right here in Canada.”
The announcement took place during tonight’s opening of National Selection Weekend in Toronto, where finalists from across Canada compete for a spot in NEXT Canada’s signature program for student founders, Next 36. Since the organization’s launch, the Next Canada program has grown into programs like NextAI, which specifically targets AI startups; and Next Founders, which works closely with entrepreneurs to help them develop their ideas.
“The Government of Canada, through FedDev Ontario, is proud to support NEXT Canada and the growth of
Canada’s high-potential entrepreneurs,” said Adam Vaughan, MP for Spadina−Fort York that made the announcement on behalf of Minister of Innovation, Science and Economic Development Navdeep Bains. “With this investment, we are leveraging the creative strength of Toronto, which is recognized as one of the 10 most innovative cities in the world, and we are nurturing the development of Canada’s most promising entrepreneurs and innovators.”
Next Canada said that it will create up to 450 full-time jobs through the 100 businesses that will be selected to participate in future Next Canada programs.