News Release

REF NO.: 178

SUBJECT: Memorial University-based technology program benefits from federal and provincial support

DATE: May 14, 2012

Bernard Valcourt, minister of state for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie, and Keith Hutchings, minister of Innovation, Business and Rural Development, today announced a combined investment of $750,000 in the Atlantic Canada Venture Gateway (Gateway), the Memorial University-based program assisting high-growth technology firms in Atlantic Canada to become investor-ready and attract private investment, particularly from international markets.
“Our government is pleased to support a project which fosters entrepreneurial growth and business development throughout Atlantic Canada,” said Mr. Valcourt. “Gateway’s guidance and expertise in international business development helps companies to compete and succeed in a tough global marketplace, supporting economic growth, job creation and long-term prosperity in Canada.”
“Creating greater access to venture capital leads to greater opportunities, especially for innovative, high-growth companies,” said Mr. Hutchings.  
“These resources will help local businesses capitalize on new and emerging opportunities, improve their overall global competiveness, and contribute to the continued diversification of Newfoundland and Labrador’s economy.”
Gateway is a joint initiative of Memorial University, the Government of Canada and the Government of Newfoundland and Labrador. It is managed by a team of experienced professionals located at Memorial University and is supported by a network of specialized consultants as well as international in-market experts in delivering a comprehensive offering that includes:
• an Investment Readiness Program delivering mentoring and advisory services tailored to meet individual client requirements, as well as intensive workshops and seminars that help entrepreneurs address key business issues and positions them to attract investment; and
• a unique investor Partnering Program that provides investor ready firms with facilitated access to strategic partners and investors in selected markets across Canada, the United States and the Middle East.
“Our commitment to management and leadership education does not end with degree programs,” said Dr. Wilfred Zerbe, dean, Faculty of Business Administration. “Through outreach and engagement initiatives such as Gateway, we stay connected to the business community and act as a catalyst in solving critical business issues such as raising risk capital. With the support of ACOA and Innovation, Business and Rural Development we will continue to contribute to the success of innovative firms in our region.”
Gateway is being supported by the Government of Canada through a Pan-Atlantic investment of $500,000 from ACOA’s Business Development Program and by the Government of Newfoundland and Labrador through a $250,000 investment from Innovation, Business and Rural Development’s Innovation Enhancement Program. 
Atlantic Canada Venture Gateway will continue developing international business opportunities for Atlantic Canada’s technology companies thanks to support of the Governments of Canada and Newfoundland and Labrador.   Today, ACOA Minister Bernard Valcourt and Innovation, Business and Rural Development Minister Keith Hutchings announced a combined investment of $750,000 that will allow Gateway to continue its work in helping Atlantic Canadian technology firms attract capital and secure strategic business partnerships in the international marketplace.

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