Strengthening Atlantic Canada’s network of business accelerators and incubators (BAI) by providing access to mentorship, investors and other support enables the region’s most promising startups to create new jobs and contribute to the region’s economy. That’s why the Government of Canada is investing in Propel ICT Inc. (Propel) so it can continue offering its suite of virtual accelerator programming to startups in every corner of Atlantic Canada.
Propel focuses on building up tech entrepreneurs and fostering economic growth in Atlantic Canada. Incite – Propel’s virtual accelerator program – enables it to work with technology startups located virtually anywhere. Entrepreneurs can access this program without leaving their businesses, so they can run their operations without interruption.
Funding assistance is important to the success of technology startups. To that end, the Government of Canada is providing $2,265,462 to Propel through the Regional Economic Growth through Innovation (REGI) program. The funding will enable Propel to continue delivering Incite across Atlantic Canada until March 2022.
Sean Casey, Member of Parliament for Charlottetown, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), made the announcement today.
Economic growth and the creation of good jobs for Atlantic Canadians require innovation and diversification. Support for this project is one way the Government of Canada is working to fuel the acceleration and growth of technology companies in Atlantic Canada, so they can increase productivity and participate in the innovation economy. Projects like this also contribute to the Atlantic Growth Strategy outcome of generating long-term economic prosperity in the region.
“Today’s investment will ensure that Atlantic Canadian startups in the technology sector have the tools, knowledge and partnerships they need to continue to innovate and grow, bolster the economy and create good-paying jobs.”
- Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“Investing in projects like this, and in organizations like Propel, is a top priority for the Government of Canada.
Supporting organizations that help Atlantic entrepreneurs develop their ideas and position their businesses to grow, helps diversify the region’s economy, attract and retain talent, and create good paying jobs for Atlantic Canadians.”
- Sean Casey, Member of Parliament for Charlottetown
“Propel’s ultimate goal is to help build successful global technology companies right here in Atlantic Canada. This funding enables us to continue working with the most promising startups in the region through our virtual accelerator Incite. We look forward to continuing to contribute to the economic prosperity of Atlantic Canada by supporting tech companies and founders in our region.”
- Barry Bisson, CEO of Propel
- Propel’s virtual accelerator Incite is delivered in two phases:
- Phase 1 focuses on validating the problem and finding a solution – which is important for companies that are just starting out.
- Phase 2, which is currently open for recruiting until July 31, focuses on building a repeatable sales engine for companies that are more established.
- Propel is part of a healthy startup ecosystem in Atlantic Canada, which includes a network of incubators, accelerators and early-stage investors who provide valuable mentorship, advice, connections and capital to help entrepreneurs get their businesses off the ground, grow and scale up.
- Business accelerators and incubators support the development of high-growth firms that foster innovation, growth and job creation. They are critical to ensuring the success of Canada’s Innovation and Skills Plan.
- This year, a global organization based in San Francisco studied 150 startup ecosystems in 30 countries and found that Atlantic Canada’s startup ecosystem is the fastest-growing activation ecosystem in North America (and fourth globally).
The ACOA investment is delivered under the Regional Innovation Ecosystems stream of the REGI program, which supports the creation and growth of inclusive regional ecosystems that foster entrepreneurial environments conducive to innovation, growth and competitiveness