Technology accelerator and OCE’s Centre for Commercialization of Research partner to deliver education and seed financing to SmartStart program start-ups and entrepreneurs
TORONTO, ONTARIO, July 10, 2012 – To further accelerate the growth of the next generation of technology companies, Extreme Startups
, Canada’s premier early-stage technology accelerator, and the Ontario Centres of Excellence’s (OCE) Centre for Commercialization of Research (CCR) have partnered to jointly deliver business advisory services, education and seed financing to qualified SmartStart program
start-ups and entrepreneurs.
The partnership between Extreme Startups and CCR will provide start-ups with access to financial and business support services, including mentoring, education, training, advisory services and seed financing. CCR will manage the program which aims to improve the business and management skills of recent graduates and graduate students in the science, technology, engineering and mathematics (STEM) fields. This follows the recent announcement by Dr. Kellie Leitch, MP for Simcoe-Grey of FedDev Ontario’s contribution of up to $1,102,500 through its Scientists and Engineers in Business initiative to the SmartStart program.
CCR will also provide approved student or recent graduate-led start-ups with up to $30,000 in seed funding to be matched by at least one other private investor. Extreme Startups’ initial $50,000 investment will be amplified by CCR’s capital totaling up to $80,000. In addition to these initial investments, BDC Venture Capital previously announced that it may invest up to $150,000 to start-ups upon completion of the Extreme Startups program. The partnership with CCR and Extreme Startups enables companies to each receive up to a maximum of $230,000 of initial investment and follow-on capital.
“We are pleased to be collaborating with Extreme Startups through CCR’s SmartStart program,” says Dr. Mario Thomas, Managing Director, Centre for Commercialization of Research. “They bring a network of solid relationships and resources that will help SmartStart companies attract additional follow-on investment in order to drive their businesses to the next level and position them to compete in the global marketplace.”
Extreme Startups is a mentor-focused early-stage technology accelerator with backing from five of Canada's premier venture capital funds – BDC, Rho Canada Venture, OMERS Ventures, Venture Capital, Relay Ventures and Extreme Venture Partners. Extreme Startups has built an ecosystem of mentors, investors, and industry partners to help start-ups scale and learn quickly.
"We are extremely excited to announce a new funding partnership with CCR who will provide an additional $30K of capital from the SmartStart program to qualified teams," says Andy Yang, Managing Director and Chief Innovation Hunter for Extreme Startups. “We are now underway in our process to select the next group of five start-ups and we are hopeful that most if not all of these teams will qualify for the $30K of SmartStart funding, providing each start-up an opportunity to access close to a quarter of a million dollars by joining our program.”
Extreme Startups is currently accepting applications. For program guidelines and application details visit www.extremestartups.com
. About Extreme Startups
Extreme Startups is Canada’s premier accelerator for promising entrepreneurs. Top Canadian investors Extreme Venture Partners, OMERS Ventures, Rho Canada Ventures, Relay Ventures and BDC, have come together to commit $7 million to grow the program allowing participating companies to receive up to $200,000 of investment: an initial investment of $50,000, with up to $150,000 in a convertible note provided by BDC. The accelerator runs two 12-week cohorts per year in Toronto. About the Centre for Commercialization of Research (CCR)
In 2008, the Federal Government, under a Networks of Centres of Excellence (NCE) program, sought to strengthen its national commercialization network by awarding Ontario Centres of Excellence (OCE) an NCE grant to create and manage the Centre for Commercialization of Research (CCR).
Rapidly evolving and growing under OCE, CCR acts as a catalyst that allows innovative businesses to grow and achieve sustainable, commercial success through the successful commercialization of ideas emerging out of research, helping high-potential companies build the capacity to become sustainable global competitors.
CCR helps emerging businesses grow to the point where they can attract private investment, offering assistance and advice on issues such as management, marketing, technology (intellectual property) strategy, product development and financing. And with its commercialization model firmly in place, CCR is poised to continue to deliver solid results as it complements and supports OCE's programs and services across the innovation continuum.
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