Springboard Atlantic and Invest Atlantic are partnering on a project to bring more funding to early-stage Atlantic Canada startups, according to a report from Entrevestor.
The pilot project, called the Investment Opportunities Program, is looking to attract $500,000 in angel investment to four startups, with an average of $125,000 each.
The goal will be to grow the project to attract more funding.
“This is an ongoing need in the region where we see so many startups created and needing early-stage support to validate their opportunity, then solid investment to get the opportunity built and scaled,” said Springboard Atlantic President and CEO Chris Mathis.
The Atlantic Canada Opportunities Agency has provided $104,000 in funding for the project.
Springboard and Invest Atlantic will work with regional investors to assemble an investment group made up of investors, with links to Atlantic Canada now living outside the region. Twelve selected startups will be trained and mentored on pitching to the investor group from outside the region.
They will create an online portal to promote investment opportunities in Atlantic Canada, with an initial target of $500,000.
“This whole initiative was born out of conversations led by [East Valley Ventures Founder] Gerry Pond and other prominent Atlantic investors at past Invest Atlantic events,” said Bob Williamson, president and CEO of Jameson Group and founder of Invest Atlantic. “Gerry and I have helped hold regional and ex-pat conversations on this need, and are happy to be working with Springboard Atlantic to pilot the idea.”