COBOURG, Ontario--(BUSINESS WIRE)--Northumberland Community Futures Development Corporation (CFDC) is pleased to announce the results of competitive selection for the second tranche of the N1M program (N1M-2) as originally announced by Kim Rudd, MP for Northumberland-Peterborough South, on December 18, 2019, on behalf of the Honourable Navdeep Bains, Canada’s Minister of Innovation, Science and Economic Development.
As of February 21st, 2019, with the support of FedDev Ontario, Northumberland CFDC has committed CDN $952,500 in non-dilutive performance-based seed funding to its innovative portfolio of 42 technology startups from across Northumberland, rural Eastern Ontario, and beyond.
Hitting the Mark with N1M-2
The N1M-2 portfolio exemplifies economic development and diversification priorities by accelerating the advancement of new and innovative firms across key sectors and geographies:
- Northumberland-based (24%) including Foundation Cloud Solutions, Audience GPS, the Microfactory Co-operative, Suffuse and Frontier Labs.
- Rural Eastern Ontario-based (22%) including Renfrew County’s RC100 winner Riverwood Acoustics, blockchain startup Grain Discovery in Prince Edward County, FanSaves in Cornwall, SN Technologies in Ganonoque and Hops on Board in Quinte.
- Based in Peterborough and the Kawarthas (12%) including Netmechanics, Canuck Play and Biosphere GPS.
- Greentech startups (12%) via Northumberland CFDC’s partnership with the GreenCentre Canada, including Pliant, H2Nano, CHAR Technologies, Phycus Biotechnologies, and Alchemy.
- Women-led ventures (24%) including Meta Innovation Technologies, Elemental Systems, MFMG, ConnexHealth Canada and SpaceIShare.
- Top N100 startups Convictional Commerce, Able Innovations and EmulGreen Labs also received a boost from N1M, recognizing their exceptional performance in Northumberland’s 2018 open invitational technology startup competition (biennale).
Founder Skills Training
The N1M program not only matches private investment of up to $30,000, it also provides entrepreneurial development and skills training opportunities for founders.
In partnership with Watkin Small Business Service in Cobourg, N1M offers entrepreneurs a four-part group training series on financial management at Venture13 (Quickbooks Online, Tech Landscape, Pricing for Profitability and Understanding Taxes) as well as concurrent one-on-one mentoring and support—virtually or in person.
N1M-2 startups will convene at the Venture13 Innovation and Entrepreneurship Centre in Northumberland County on March 1st for “Innovating in Customer Acquisition for Tech Startups” featuring Keynote Speaker Sarah Stockdale, Founder and CEO of Valkerie, with a special introduction by MP for Northumberland-Peterborough South and 2011 RBC Canadian Women Entrepreneur Award-winner, Kim Rudd. N1M Startups participating in the March 1st session will also access coaching from multiple N1M Mentors including Sherry Colbourne from Northumberland’s Regional Innovation Centre, Spark Centre, Noureddin Chahrour form Adrenalease (an Impact Centre company), and Ali Hirji from the AI Hub. Chris Gillis from Durham College will lead an interactive learning session that morning to reground and refocus early-stage technology entrepreneurs in the art and science of customer acquisition—an outcome inspired by discussions at the Ontario Centres of Excellence (OCE) “Unconference” in November, 2018.
A Long-term Commitment
Through Scientists and Engineers in Business, N1M-1 and N1M-2, Northumberland CFDC has demonstrated its long-term commitment to accelerating technology entrepreneurship in Southern Ontario, with the support of FedDev Ontario and in partnership with fourth pillar organizations from across the regional innovation ecosystem.
Click here to view a list of all startups funded by Northumberland CFDC.
“On March 1st I will be sitting down with the startups who have received funding and support through N1M and Northumberland CFDC, as part of my Innovation in Action round table. I look forward to hearing their stories and perspectives as innovators and change-makers. As an entrepreneur myself, I am thrilled to have this time at Venture13 with such a diverse and exciting cohort of startups from Northumberland and across rural Eastern Ontario, where the Rural Renaissance continues to unfold.”-Kim Rudd, MP for Northumberland−Peterborough South
“With our second round of N1M, Northumberland CFDC is now powering some 75 technology startups across Southern Ontario. We are inspired to see such a diverse group emerge in response to our call to action to accelerate women-led, greentech and rural Eastern Ontario-based ventures with renewed funding and support from FedDev Ontario.” -Wendy Curtis, Executive Director, Northumberland CFDC