Moncton-based Venn Innovation, an organization that aims to connect New Brunswick’s tech ecosystem, is receiving $772,438 in funding from the Atlantic Canada Opportunities Agency (ACOA), according to a report from Entrevestor.
The funding will support two projects dedicated to scaling startups in New Brunswick and across Atlantic Canada. ACOA said it will provide Venn Innovation with a grant of $441,208 through its Business Development Program to support the development of IT companies in New Brunswick through coaching and training programs designed to help businesses enter international markets.
“Venn Innovation delivers focused programs and services to innovative companies, virtually all of which have to compete in global markets.”
– Doug Robertson
CEO, Venn Innovation
AOCA is also providing a second grant of $331,230, which will go towards developing a two-year competitive intelligence and training awareness program. The program will give Atlantic Canadian companies the opportunity to learn about their industry, markets, customers, and competitors to help them scale operations and reach international markets.
According to Entrevestor, the two-year program will include group training classes, one-on-one coaching, and a series of workshops that cover topics such as internal improvements, export readiness, and market preparedness.
“Venn Innovation delivers focused programs and services to innovative companies, virtually all of which have to compete in global markets,” said Doug Robertson, Venn Innovation’s president and CEO, in a statement. “While the first project concentrated on helping New Brunswick companies with export market development strategies, the second project will help high-growth companies across Atlantic Canada develop the competitive intelligence skills essential to succeed in today’s hyper-competitive global markets.”
Entrevestor reported that Venn Innovation, which was formerly known as Tech Southeast, is known as the main startup hub for Moncton. The hub is known to be a meeting place for Propel ICT, which recently opened accepting applications for its fall 2017 cohort. Venn Innovation also oversees the Vennture Garage, an incubator for young startups in the region.