The Canadian Media Fund (CMF) has announced a new funding announcement that will give $30,000 to 12 startups accepted into one of eight Canadian startup accelerator programs. The catch is that the companies had to have successfully gone through the CMF’s “Experimental Stream” funding program, which narrows down the list of companies who are actually eligible for the money.
Nevertheless, the Accelerator Partnership Pilot Program (A3P) could go a long way for a startup already accepted into one of the accelerator programs, all of which generally give around $50,000 to cohort members just for joining. The accelerators taking part in this program are: Execution Labs,FounderFuel, GrowLab, HYPERDRIVE, ideaBoost, INcubes, Inno-Centre and Ryerson Futures and Digital Media Zone.
As a government entity, INcubes founder Ben Zlotnick said that there’s only so much help the CMF can give to startups participating in either its “Experimental Stream” or its “Convergent Stream”. It benefits the accelerators in that due diligence and other work is already done with each of the companies, the companies have more of a financial runway and lastly there’s branding and marketing opportunities for all involved.
Read the full BetaKit article here.
Images from INcubes DemoDay INtake02 at the TSX
INcubes DemoDay INtake02 at the Toronto Stock Exchange was an exciting event, where INcubes presented it’s second INtake of accelerated Startups. The new companies, Hovr, GameDay, EventHoller, and MyGoodNIght presented to a private INvite only room of Canada’s most influential tech investors, as well as to the public through a live broadcast hosted by ITbusiness.ca.
Key note speaker, Kirk Simpson, founder of Wave Accounting, shared INsight from his experience as a successful entrepreneur.
The startups are already seeing the returns. Two of the companies are in investor negotiations towards their first round of capital for growth, and EventHoller is already close to closing it’s round!