Atlantic tech startups to benefit from $2.2M from ACOA

A not-for-profit that helps tech entrepreneurs in Atlantic Canada got a $2.2 million funding boost over the next three years from the federal government Thursday at UPEI.

ACOA will give the money to Propel,an organization that helps early-stage technology entrepreneurs in the region identify whethertheir product idea isgood, then assists with developing plans for marketing and sales.

The goal is to keep innovative entrepreneurs and their ideas in Atlantic Canada.

"By the time they finish with us they have what we call a repeatable and scalablesales process they've figured out how they're going to bring this great solution to the marketplace and grow a large successful technology company," said Propel CEO Barry Bisson.

"They become much more attractive to investors."

'A path forward'

The money will help the group offer mentoring and training, andstrengthenconnections with post-secondary schools in the region through things like workshops, Bisson said.

"I think what happens,many of these studentsget started in university, and then they graduate and leave the region and pursue other opportunities," he said.

Propel wants business students to know they can come to Propelwith their great ideas and develop it after graduation.

"We want to be a path forward for them," he said. "Theyare unaware that there are these support mechanisms in the region that can help them grow a business here and stay here."

He said some of the money will also be used to strengthen partnerships with local community entrepreneurshipincubatorslike Charlottetown's Startup Zone.

Propel said it works with startups in many industries including education, health care, energy, shipping, agriculture, real estate, entertainment and more.

The money will come toPropel through what ACOA calls acontribution agreement, which will providereimbursement of program expenses up to $2.2 million until March 2022.

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