Technology accelerators that are guiding Canadian innovators have set up shop in several cities in the US including New York, Boston, Philadelphia and Silicon Valley. The different venues in North America help startups get the most exposure and increase their chances of survival. BDC Venture Capital is now taking these endeavors to the next level with the announcement of a strategic partnership with the Department of Foreign Affairs and International Trade (DFAIT). The move will help increase the footprint of the Canadian Technology Accelerator program inside the borders of the US. BDC Venture Capital has stated that the new deal will allow for more accelerators to be created in Boston, New York City, San Francisco and Philadelphia.
The movement from BDC is part of a trend that has scene the VC stay very active. MaRS reveals that “BDC was highly active in the “leaderboard” for most active VC firm partnerships, listed in six of the ten most active firm pairs. For example, the BDC completed a further 20 deals with Desjardins Venture Capital and 10 deals with Fonds de Solidarité des Travailleurs du Quebec.” BDC has also been ranked as the the most active venture capital firm with regards to its investment partnerships. Data shows that BDC has 211 co-investment deals out of their total 251 completed deals.
Jean-René Halde, President and Chief Executive Officer of BDC, states that, “This partnership will help some of the most promising Canadian companies access new clients and investors in the US and abroad, which will result in a strengthening of our venture capital ecosystem as a whole. The intent is that this translates into greater and faster growth of new Canadian companies that are more competitive and improve long-term economic prospects for the whole country.”
Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, also spoke about the new deal and said, “The Government of Canada is taking every opportunity to provide the right tools and business connections to help our leading Canadian entrepreneurs succeed abroad. The Canadian Technology Accelerator program has already proven to be an effective way forward for ambitious, innovative Canadian startups and high-growth firms to tap into new, dynamic markets in the United States.”
In 2009 DFAIT’s Trade Commissioner Service started the Canadian Technology Accelerator program which gave innovative entrepreneurs from Canada the sell their services or product to clients in the US. The program also enabled the startups a chance to gain strategic partners along with financing from the US.
Source: TechVibes
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