Two Winnipeg-based tech hubs are merging to launch a new non-profit and a new funding program for early-stage startups.
Both organizations will continue to offer their current programs to fulfill existing funding agreements.
The new organization, Manitoba Innovates, aims to energize the province’s tech ecosystem and is the joint product of local accelerators Tech Manitoba and Manitoba Technology Accelerator (MTA). The tech hub aims to streamline the missions of both organizations through three pillars: access to funding, networking opportunities, and mentorship. The new hub was announced at a kickoff event for MbTech Week.
“We want to create a holistic organization that meets the broad needs of startups,” Tech Manitoba CEO Kelly Fournel said in a statement.
Manitoba Innovates is also launching Manitoba Invests, a funding program designed to help early-stage startups access capital. Startups will receive cheques from $25,000 to $250,000 for projects to help prime young companies for venture capital (VC) or angel investment.
Fournel told BetaKit that both organizations will continue to offer their current programs to fulfill existing funding agreements. The merger will help streamline operations, Fournel said.
Founded in 2004, Tech Manitoba is the province’s main tech industry association and is backed by both the provincial and federal governments. With over 130 corporate members, it provides ecosystem reports, networking opportunities, and various forms of support to the province’s tech industry.
MTA is a Winnipeg-based non-profit that helps local startups and scale-ups commercialize. Its alumni include bill-splitting service Fastab and medical imaging startup Cubresa.
Manitoba Innovates’s funding comes from “existing and new initiatives” from both organizations and may receive government funding for future activities, Fournel said.
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The new hub is currently run by a transitional team of directors from both MTA and Tech Manitoba, with the CEOs of both organizations acting as co-leads. Fournel said the leadership team will be announced soon.
Local non-profit organization North Forge, which acts as an incubator-accelerator and fabrication lab, is also backing the initiative.
“The launch of Manitoba Innovates unites the strengths of MTA and Tech Manitoba, streamlining support for our tech ecosystem,” Joelle Foster, president and CEO of North Forge, said in a statement. “North Forge is proud to collaborate with Manitoba Innovates in fostering a more connected and thriving innovation community.”
The government of Manitoba created a new innovation-focused department this past fall to spur economic activity in the province.
A recent Tech Manitoba report found that the province’s information technology sector contributed roughly $2.2 billion in gross domestic product to the provincial economy in 2022. The report estimates that the sector will create an additional 2,000 jobs between 2023 and 2027. The launch of Manitoba Innovates comes after a challenging fundraising year for the province’s tech sector.
Despite the promise of future growth, Manitoba had a poor showing for VC investment in 2024, according to a year-end report from the Canadian Venture Capital Association. The province saw only $2 million in investment, a steep 96-percent drop year-over-year.
Still, some of Winnipeg’s exports represent key Canadian tech players, such as challenger bank Neo Financial, which launched an innovation hub in the city in 2021. Neo was founded by the creators of food delivery app SkipTheDishes, which was acquired by Just Eat in 2016 for $110 million.
Feature image courtesy Red Photo Co.