|By Marketwired .||
|June 20, 2014 03:04 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/20/14 -- GrowLab, Canada's leading startup accelerator, has been selected as a finalist to receive funding for the Canada Accelerator and Incubator Program (CAIP) delivered by the National Research Council - Industrial Research Assistance Program (NRC-IRAP).
The CAIP provides funding of up to $5 million per year over a five-year period in the form of non-repayable contributions to a limited number of outstanding and high-potential accelerators and incubators.
Contributions from the CAIP will support service offerings to early-stage firms and entrepreneurs, and promote a higher output of SMEs that are investment-ready and develop them into sustainable, high-growth businesses. The program works closely with the Venture Capital Expert Panel, established by the Minister of Finance to advise on key elements of the Venture Capital Action Plan.
Through CAIP, GrowLab will be partnering with Extreme Startups, Canada's premier digital product accelerator based in Toronto, Ontario on a joint proposal program for their portfolio companies. The joint proposal program will create several Canadian showcases for the best breed of entrepreneurs coming out of the nation's top accelerators.
"We are ecstatic about being a finalist for the CAIP, and the partnership we have with Extreme Startups," says Jonathan Bixby, Executive Director of GrowLab. "This opportunity is a great stepping stone to provide startup entrepreneurs with the support they need, and help strengthen the tech startup ecosystem in Canada."
"This important partnership we have established with GrowLab is driven by the need to shine a national spotlight on the best accelerator companies in the country," says Extreme Startups Managing Director, Marcus Daniels. "Together, with GrowLab, we have one of the best track records in North America for helping startups get follow-on institutional capital and can now further expand services to our respective portfolio companies that are headquartered in Canada with the ambition to win in global markets."
Combined, over 85% of GrowLab and Extreme Startups grads have received follow-on institutional capital. The plan to co-host showcases across the country will accelerate the attention that these great Canadian startups deserve.
GrowLab is a Vancouver-based startup accelerator that helps entrepreneurs build great companies through mentorship, seed funding, collaborative workspace and 3 months of intensive programming. GrowLab brings together the best and brightest entrepreneurs from around the world, and connect them with our global network of top tier investors, mentors, and partners.
About Extreme Startups
Extreme Startups is a venture backed startup accelerator that gives digital product founders an unfair advantage. Our evolved programs provide an unrivalled combination of seed capital, access to our founders academy and deep industry connectivity through structured mentorship. Investors and financial partners include Business Development Bank of Canada (BDC), Relay Ventures, Rho Canada Ventures and Ontario Centres of Excellence (OCE).