MISSISSAUGA, ON, March 16, 2012 /CNW/ - The VentureStart program,
supporting entrepreneurs who have developed innovations or ideas for
business start-ups, was announced today by the Research Innovation
Commercialization (RIC) Centre. VentureStart is designed to enhance the
success rate of start-up enterprises in Southern Ontario through
business training for technology entrepreneurs, and an opportunity of
matching seed financing up to $30,000 to launch their new venture.
To be eligible for the VentureStart program, the entrepreneur must be a
university or college graduate of a science, technology, engineering or
mathematics program, and must reside in southern Ontario. Full details
of the program and sign-up forms are available at www.venturestart.ca.
The program comprises two phases, a Business Skills Development phase
and a Business Launch Support phase. Since RIC Centre covers half the
cost of the $3,400 skills development training phase, the enrollment
cost for eligible entrepreneurs is only $1,700. There are no other
costs for the entrepreneur to continue in the program, other than the
requirement of matching funds for any seed financing ultimately
received, up to a maximum of $30,000.
For entrepreneurs who successfully complete the first phase, RIC Centre
and its partners from the Ontario Network of Excellence (ONE), will
provide mentoring by their Entrepreneurs in Residence, together with an
extensive portfolio of the key support services that are typically
required for the successful launch and operation of a new business.
To qualify for seed financing, the entrepreneur must complete the
business training program, which provides the foundation for creating a
business development plan for their new venture. They must also
complete a Critical Factor Assessment (CFA), which evaluates their plan
against 42 factors that have been identified as critical for venture
success. The CFA identifies flaws to be addressed in order to provide
the venture the best likelihood of succeeding.
"RIC Centre is excited to be providing the VentureStart program," said
Pam Banks, Executive Director, RIC Centre. "It adds another dimension
to our services in helping emerging entrepreneurs shorten the path to
Funded through the Federal Economic Development Agency for Southern
Ontario's (FedDev Ontario) Scientists and Engineers in Business
initiative, with support from the members in the Ontario Network of
Excellence and the Canadian Innovation Centre (CIC) the program expects
to train as many as 450 entrepreneurs over 15 months, and provide as
much as $4 million in seed financing to qualified applicants.
About RIC Centre
Peel Region's hub for innovation and entrepreneurship, the Research,
Innovation, Commercialization (RIC) Centre was launched in 2008 as a
not-for-profit organization supporting the development of innovation
and entrepreneurship in Mississauga, Brampton and Caledon. RIC Centre
provides commercialization support to help new entrepreneurs and
seasoned business people take technical innovations to market, with
experienced advisors and Entrepreneurs in Residence who guide its
clients every step of the way.
The Centre's mission is to build an innovation ecosystem to support
community prosperity across Peel Region.
Image with caption: "RIC VentureStart Logo (CNW Group/VentureStart)". Image available at: http://photos.newswire.ca/images/download/20120316_C4987_PHOTO_EN_11214.jpg
Image with caption: "RIC Centre launches VentureStart - a Training and Seed Funding program for Start-ups in Science, Technology, Engineering and Math (CNW Group/VentureStart)". Image available at: http://photos.newswire.ca/images/download/20120316_C4987_PHOTO_EN_11221.jpg
For further information:
Executive Director, Research Innovation Commercialization Centre