$1.1 Million Investment Encourages Innovation and Entrepreneurship
Several of the province's leading business innovators are better positioned to promote growth and innovation in social enterprise, entrepreneurship and the technology sector through a Provincial Government investment of $1.1 million. Funding will help the Genesis Centre, Memorial University, and Propel ICT assist new and existing start-up clients, as well as students, in growing their businesses through advanced training and supporting new entrepreneurial ventures.
"Innovation has a tremendous influence on our province's social and economic development. By fostering innovation among our youth, budding entrepreneurs, start-ups, research institutions, and traditional industries, we are making important investments in the future of Newfoundland and Labrador. I am pleased that through this investment of over $1.1 million, we are ensuring that the necessary programs and resources for these innovative organizations will be in place to fully encourage and strengthen their opportunity for long-term success."
- The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development
With the goal of recruiting and fostering technology companies in Newfoundland and Labrador, the Genesis Centre and Propel ICT will undertake the targeted development of high growth potential businesses. Memorial University will use funding to help foster an entrepreneurial culture with the goal of strengthening entrepreneurship and social enterprise. Information on project funding can be found in the backgrounder below.
"Memorial University is an inclusive community dedicated to innovation and excellence in teaching and learning, research, scholarship, creative activity, service and public engagement. This funding will make a positive difference in the success of our students, faculty and staff and the critical work that they do to ensure a sustainable and prosperous future in Newfoundland and Labrador."
- Dr. Noreen Golfman, provost and vice-president (academic), Memorial University
Supporting an environment in which new businesses can develop and grow, and where existing businesses can expand, contributes to a healthy and diverse economy.Funding for innovation in business is being provided through the Regional Development Fund. The fund provides support to organizations by way of non-repayable contributions for projects aimed at stimulating economic development, innovation and capacity building in all regions of the province.
"By supporting the growing startup community in Newfoundland and Labrador, we are setting the province on a clear path to future prosperity. We need to capitalize on the intelligence, ability and ambitions of our province's entrepreneurs. Today's funding announcement will help us do that."
- Gary Dinn, CEO of Propel ICT, St. John's
In 2014, The Provincial Government invested $20 million in two venture capital funds, Venture Newfoundland and Labrador and Build Ventures. The funds are designed to provide greater access to capital for innovative entrepreneurs with high-growth potential start-ups. Additionally, companies working with interactive digital media can now avail of a new tax credit specifically designed to support businesses in this industry. The Newfoundland and Labrador Interactive Digital Media Tax Credit provides a 40 per cent refundable provincial tax credit on eligible salary and remuneration expenditures to Interactive Digital Media companies in the province.
- Approximately $1.1 million is being provided to three organizations, to advance entrepreneurship, support emerging growth sectors and promote regional development activities.
- The Regional Development Fund provides support to organizations by way of non-repayable contributions for projects aimed at supporting economic development, innovation and capacity building in all regions of the province.
- For details of the digital media tax credit, visit http://www.fin.gov.nl.ca/fin/tax_programs_incentives/business/idmtc.html.
- Additional information on programs can be found at: http://www.btcrd.gov.nl.ca/regionaldev/index.html.