Investments from the Invest Nova Scotia Fund will help increase new business startups in Cape Breton and throughout the province.
The fund’s independent board of directors announced today, July 19, that Navigate Startup House and Propel ICT are the recipients of the first investments from the fund.
“This is a different kind of fund that supports organizations with innovative ideas that demonstrate co-operation and long-term, broad-based benefits for Nova Scotians,” said Invest Nova Scotia chair Kenneth Deveau. “These first two investments align with our principles and vision supporting job growth in Nova Scotia’s economy.”
Mr. Deveau also offered his appreciation to former Invest Nova Scotia Board chair Tom Traves, who recently resigned.
Navigate, is a non-profit organization in Sydney that focuses on developing and supporting technology entrepreneurs in Cape Breton. The fund will provide a $346,400 non-repayable contribution towards its $1,186,000 expansion project.
“Not only is the information and communications technology sector a tremendous opportunity to grow and export, it also represents a chance to support young entrepreneurs and their ideas,” said Navigate executive director Ardelle Reynolds. “We are very excited that Invest Nova Scotia sees the potential this project has to create opportunity in the Cape Breton region.”
Propel ICT is a private sector-led non-profit based in Moncton that mentors companies throughout Atlantic Canada to help validate their business ideas, grow revenue and attract investment. The fund will provide a $1,200,000 non-repayable contribution towards Propel’s $2,563,000 plan to deliver more programs and events to entrepreneurs in all parts of Nova Scotia with Navigate and Volta Labs.
“Propel exists for the purpose of accelerating entrepreneurial growth in Atlantic Canada, and we’re excited that support from Invest Nova Scotia will enable us to reach more entrepreneurs,” said Propel ICT Chair Dave Grebenc. “This aligns with Propel ICT’s approach, and our mission of facilitating economic growth through entrepreneurship in the region.”
The Invest Nova Scotia Fund fosters innovation and collaboration to advance Nova Scotia’s economy and create jobs. Investments support projects that benefit sectors or regions, not individual businesses. Projects must be measureable, sustainable and support the ONE Nova Scotia Coalition goals. Decisions are made by a board of directors independent of government.
For more information, or to apply online, visit: http://novascotia.ca/business/invest/ .