Canada Economic Development

Canada Economic Development

March 29, 2011 15:07 ET

Government of Canada Funds Establishment of New Technology Business Accelerator

SHERBROOKE, QUEBEC--(Marketwire - March 11, 2011) - The Honourable Denis Lebel, Minister of State for Canada Economic Development, today announced the awarding of $293,500 in non-repayable funding for the establishment of the Accélérateur de création d'entreprises technologiques, a technology business accelerator. A number of partners, including the Université de Sherbrooke, have joined in the initiative to ensure the startup and success of this new organization.

"The Accélérateur de création d'entreprises technologiques will become a true one-stop service, providing all of the tools necessary for the successful creation of innovative businesses," explained Minister of State Lebel.

The mission of the new organization is to stimulate, facilitate and accelerate the creation of small and medium-sized technological enterprises by assisting young university graduates in their business undertakings. The funding of growth-generating projects like this one is made possible through Canada Economic Development's Business and Regional Growth program. A total of $3 million is being allocated to this project by various financial partners.

"I am particularly proud to see this project come to fruition. In benefiting from the expertise of the Université de Sherbrooke and of the private sector, this initiative will help place innovation at the heart of the Estrie economy," the Minister of State added.

Projects submitted to the Accélérateur de création d'entreprises technologiquesshall undergo a selection process and be chosen on the basis of their potential for growth, wealth building and job creation. The organization's goal is to support the pre-startup of about 30 innovative small and medium-sized enterprises within the next three years.

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