Ver­schuren Cen­tre of­fers $500,000 fund to as­sist star­tups

Cape Breton Post - - CAPE BRETON -

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.

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