pment :: New regional venture capital fund set for 2013

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Trevor MacAusland, executive director of Propel ICT, is happy to see co-operation among the Maritime provinces: 'Im glad were finally all speaking the same language.' Photo: Jamie Roach/For the TelegraphJournal Adam Huras/Telegraph-Journal

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NEW REGIONAL VENTURE CAPITAL FUND SET FOR 2013

QUENTIN CASEY FOR THE TELEGRAPH-JOURNAL
08 OCT 2012 09:42PM

A regional venture capital fund intended to aid tech and life sciences startups will start distributing cash early next year. The venture capital account is being funded by the three Maritime governments. New Brunswick and Nova Scotia have each contributed $15 million to the regional pot. On Thursday, Prince
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pment :: New regional venture capital fund set for 2013 10/9/12

Edward Island announced its contribution: $2.5 million. According to Bruce Macfarlane, a spokesman with New Brunswicks economic development department, the fund will begin making investments in early 2013. Macfarlane says the provinces will soon announce the funds manager, as well as the process for applying to the fund. The regional account, which now sits at $32.5 million, will be based in Halifax. It is currently being set up by Innovacorp, a Nova Scotia Crown corporation and venture capital agency. Jacquelyn Thayer Scott, Innovacorps interim CEO, says the fund will help innovative startups that might otherwise fail or move from the region because of a lack of cash. It will help bridge the biggest valley of death in terms of venture capital in this part of Canada: the $2-million to $5-million level, she said in an interview. Thats where a lot of young companies end up dying because they havent been able to get that type of venture capital in Canada. This fund is meant specifically to address that. According to Scott, outside investors will contribute additional funds to the pot. There will be money put in by other people, she said. Some of that will be announced over the next month or two. Trevor MacAusland, the organizer of New Brunswicks successful Launch36 business accelerator, says the Maritime premiers deserve to be congratulated for working together on the fund. Its not an easy political sell, but its the right approach, he said from Moncton. Im glad were finally all speaking the same language. MacAusland is now seeking applicants for Launch36s second cohort of startups. The accelerators goal is to launch 36 companies over a three-year period. The program, which is organized by Propel ICT, a New Brunswick tech group, has taken a distinctly regional approach. Launch36s initial call for companies was issued across the Maritimes and attracted two Halifax-based startups. The current call for companies is being pushed across the East Coast. Its encouraging, MacAusland says of the regional venture capital fund. It shows that our approach to regionalization is the right one. According to MacAusland, the regional fund when combined with the success of Launch36 and the recent string of local tech company buyouts is giving the region a significant bump in credibility. Anybody who has looked down on Atlantic Canada as a place to invest and grow a company needs to pay attention were taking this seriously, he said. Its not just lip service. Were doing the work necessary to be credible. Things are looking up on the East Coast.
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