MaRS and OCE Introduce Market Readiness Program
Premier Dalton McGuinty announced the creation of a Market Readiness Program for companies in Ontario in July 2006. McGuinty said the $46 million program will “provide companies with the money they need to move their ideas from the basement to the boardroom and into the market…and if they need training and management expertise, they’ll get that too.”
MaRS and the Ontario Centres of Excellence will deliver the program jointly. The program will provide initial investment in new technology companies and help to match these companies with the expertise they need to move to the next level.
The Market Readiness Program (MRP) has two components: the Investment Accelerator Fund (IAF) and the Business Mentorship and Entrepreneurship Program (BMEP).
The $29 million IAF will invest $250,000 to $500,000 in early stage companies, filling a much-needed gap. It is hoped that this investment will give promising tech companies a better opportunity to compete in the market.
The Business Mentorship and Entrepreneurship Program consists of $17 million dedicated to “entrepreneurship education and training activities, providing resources to companies for mentoring activities, and linking the expatriate Ontario community with innovative Canadian companies,” according to Tony Redpath, who is leading the effort at MaRS. Both programs are in the stages of being formally developed. In the coming months consultations with stakeholder groups will take place to get input as the programs are finalized.
Further information on both programs will be available from both MaRS and OCE — visit the MaRS Portal (www.marsdd.com) or OCE’s website: www.oce-ontario.org.
MaRS and the Ontario Centres of Excellence will deliver the program jointly. The program will provide initial investment in new technology companies and help to match these companies with the expertise they need to move to the next level.
The Market Readiness Program (MRP) has two components: the Investment Accelerator Fund (IAF) and the Business Mentorship and Entrepreneurship Program (BMEP).
The $29 million IAF will invest $250,000 to $500,000 in early stage companies, filling a much-needed gap. It is hoped that this investment will give promising tech companies a better opportunity to compete in the market.
The Business Mentorship and Entrepreneurship Program consists of $17 million dedicated to “entrepreneurship education and training activities, providing resources to companies for mentoring activities, and linking the expatriate Ontario community with innovative Canadian companies,” according to Tony Redpath, who is leading the effort at MaRS. Both programs are in the stages of being formally developed. In the coming months consultations with stakeholder groups will take place to get input as the programs are finalized.
Further information on both programs will be available from both MaRS and OCE — visit the MaRS Portal (www.marsdd.com) or OCE’s website: www.oce-ontario.org.
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