The Genesis Centre has announced the launch of its $775,000 Genesis Micro Fund, to provide grants of up to $20,000 to approximately 38 companies based in Newfoundland and Labrador.
“Genesis is tuned in to the needs of the startup community and provides a supportive, mentor-driven environment.”
The fund received contributions of $300,000 from the federal government and $125,000 from the provincial department of Tourism, Culture, Industry and Innovation. The Genesis Centre’s funds will be released in increments based on milestones that the parties agree on. The companies set to receive funding are all members of Genesis’ Enterprise incubator, which supports early-stage companies.
“Genesis is a driver of innovation and an essential partner in our province’s economic future,” said Christopher Mitchelmore, minister of Tourism, Culture, Industry and Innovation for Newfoundland and Labrador. “We know the importance of building and strengthening Newfoundland and Labrador’s emerging tech sector. Our government is pleased to support this new micro fund launched by Genesis, to improve access to capital and to help fill the gap in those critical early stages of development.”
St. John’s-based Genesis is Memorial University’s support network for tech-based businesses. It provides incubator space and access to marketing, finance, and management mentorship to companies with high growth potential. Through the new three-year micro fund, Genesis Centre’s clients will be able to access capital for early-stage business development in order to assist in areas ranging from technical development to financial management.
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The federal government is providing a non-repayable contribution of $300,000 towards the initiative, and the provincial department of Tourism, Culture, Industry and Innovation is contributing an additional $125,000. Support for this project is part of the federal government’s Atlantic Growth Strategy, which was first announced in 2017.
“Genesis is tuned in to the needs of the startup community and provides a supportive, mentor-driven environment where companies can thrive,” said Navdeep Bains, minister of Innovation, Science and Economic Development. “The Government of Canada is pleased to support Genesis’ new micro fund, which fills a gap for tech companies in the crucial early stages of business development. It will provide access to much-needed help for new businesses to accelerate their innovative ideas, develop entrepreneurial skills and advance their businesses.”
The Genesis Centre is an innovation hub for technology startups that accelerates startups through all stages of idea development, from pre-incubation and business model development, to investment phases. The hub connects portfolio companies with top mentors and advisors to help entrepreneurs commercialize ideas and build successful companies in the province.
“This fund will be a vital resource to our companies in the Enterprise incubator program, and a means to empower local entrepreneurs,” said Michelle Simms, president and CEO of Genesis. “It will lower the barriers to launching a successful technology business and enable accelerated growth.”
Image courtesy Genesis Centre.