The Canada Economic Development (CED) for Quebec Regions is calling for proposals for its new Incubators and Accelerators Driven by Excellence (IADE) initiative.
The federal government will award $12 million in financial assistance over four years to Quebec business incubators and accelerators that stand out for their excellence. The government said the IADE initiative is intended to strengthen the potential of Canadian startups as well as incubators, accelerators and other stakeholders, including universities and research centres.
“We’re ensuring we’re well positioned to meet the needs of innovative businesses that will be at the leading edge of our economy.”
“Innovative businesses are the driving force for the economic growth and job creation of tomorrow. That is why we must provide them with the support they need to succeed,” said ISED Minister Navdeep Bains. “By supporting and mobilizing incubators and accelerators that are driven by excellence to make them world-class players, we are ensuring we are well positioned to meet the needs of the young innovative businesses that will be at the leading edge of our economy in the years to come.”
The IADE initiative reinforces the support that CED already provides to regional innovation ecosystems through its main program, Regional Economic Growth through Innovation (REGI), to help create an inclusive regional business environments conducive to innovation and business growth.
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According to the government, the REGI program targets entrepreneurs to make their businesses more competitive, as well as regional economic stakeholders who help create an entrepreneurial environment conducive to innovation and inclusive growth in all regions.
Back in February, the federal government announced the launch of the Canada Economic Development (CED) for Québec Regions Fast Forward Challenge, an initiative aimed at helping young entrepreneurs fund their business projects. The challenge would see 10 businesses from across Québec obtain a $50,000 grant to carry out their business projects.
The CED for Quebec Regions is a Regional Development Agency (RDA), a regionally-tailored program that provides services, knowledge and expertise to businesses and innovators in the region. The funding for incubators and accelerators that comes through RDAs was previously done so through the Canada Accelerator and Incubator Program (CAIP). All RDAs are part of Minister Bains’ ISED portfolio and distribute funding on a regional basis. Southern Ontario’s RDA, FedDev Ontario, recently announced $54.2 million in funding for Invest Ottawa, Communitech, and MaRS.
The other RDAs in Canada include the Atlantic Canada Opportunities Agency, Canadian Northern Economic Development Agency (CanNor), FedDev Ontario, FedNor, and Western Economic Diversification Canada (WD). Minister Bains is responsible for all RDAs in Canada, including the CED for Quebec Regions.
Funding applications for the IADE call for proposals must be received by before 11:59 p.m. EST on June 7.
Image courtesy Flickr.