Verschuren Centre offers $500,000 fund to assist startups
A rapid financial assistance program has been established by the Verschuren Centre to seed early stage startup companies and to support existing small to medium- sized businesses.
The Cape Breton Island Futures Fund (CBIFF) will also provide non- financial business assistance, particularly to those ventures developing products or services within the sustainable business, clean technology and digital technology sectors.
Verschuren Centre CEO Andrew Swanson, who made the announcement Tuesday, said the fund would help grow an already active startup community and “nurture” local talent.
“There are lots innovative ideas being talked about in the community that don’t always meet funding criteria,” Swanson said in a release.
“Our hope is that the CBIFF will provide the needed support to turn these ideas into sustainable businesses.”
The $ 500,000 fund is prepared to invest in 10 companies by December.
To be eligible, the business must be regionally located and incorporated.
Unlike other funds, the futures fund has a rolling intake and while groups do not have to be incorporated to apply, they do upon acceptance of the award.
Applicants will be evaluated based on whether it has the potential to succeed in the marketplace.
The amount of investment will vary on the type of business, however all companies will have access to the Island Sandbox, a joint venture between Cape Breton University and Nova Scotia Community College Marconi campus that promotes economic development growth.