The following article is the News Release from the Government of Newfoundland and Labrador's Executive Council published on September 1, 2016:
Government Investments Help Business Incubator Enhance Programming for New Businesses
The Genesis Centre, a business incubator at Memorial University of Newfoundland, will continue to help start-ups through existing and new programming, thanks in part to investments by the Federal and Provincial Government.
The Honourable Dwight Ball, Premier of Newfoundland and Labrador, and Nick Whalen, Member of Parliament for St. John's East, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today announced funding at an event at the centre. The Government of Canada, through ACOA's Business Development Program, will invest $1.35 million over three years, while the Government of Newfoundland and Labrador will contribute $325,000 for this operating year.
The Genesis Centre is an award-winning business incubator for technology start-ups. It accelerates start-ups through all stages of idea development - from pre-incubation and business model development, to investor readiness. The centre connects start-up clients with top mentors and advisors, along with marketing, funding, office space and technical resources to help them succeed. Their goal is to help entrepreneurs commercialize their ideas and to build successful companies in Newfoundland and Labrador.
Through these investments, the Genesis Centre will expand its Evolution Program across Newfoundland and Labrador and strengthen the Enterprise Program. The Evolution Program focuses on early stage entrepreneurship-driven individuals to help them through the idea generation stage of the start-up lifecycle. The Enterprise Program supports the creation, growth and success of companies with products and services that have a clear market, revenues and customer base.
"Business incubation provides entrepreneurs with resources and services to channel innovation and accelerate the successful development of start-up and fledging businesses. The growth and development of new companies contribute to the diversification of the province's economy. As a government, we are pleased to support the Genesis Centre at Memorial to expand business incubation through providing potential entrepreneurs with access to space, advisors and networking services."
- The Honourable Dwight Ball, Premier of Newfoundland and Labrador
"The Government of Canada has made a commitment to invest in incubators, accelerators and venture capital in order to drive innovative start-ups. This three-year investment in the Genesis Centre will help foster the continued growth and success of Newfoundland and Labrador's start-up community, and strengthen the overall economic health and diversity of this province and the country."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
"The Genesis Centre has provided some of Newfoundland and Labrador's brightest minds with the tools, opportunities, resources, knowledge and guidance needed to turn their ideas into successful, prosperous business ventures. This investment supports the continued work of the centre and invests in the futures of its clients, helping to build a vibrant economy in our region."
- Nick Whalen, Member of Parliament, St. John's East
"As the university system in Newfoundland and Labrador, Memorial plays a critical role in fostering innovation and supporting new opportunities to meet the business needs of tomorrow. Through our Genesis Centre, Memorial has championed entrepreneurship for nearly two decades, assisting businesses as they commercialize their ideas. Today's funding will allow Memorial to empower the next generation of technology-focused entrepreneurs."
- Dr. Gary Kachanoski, President and Vice-Chancellor, Memorial University of Newfoundland