The Atlantic Canada Opportunities Agency has announced $772,438 in funding for Moncton-based Venn Innovation Inc. to help the facility to continue supporting IT startups in New Brunswick and across Atlantic Canada.
The two-project funding announced Tuesday will include a two-year project that will help companies from across the region increase their competitive intelligence to help grow their businesses.
Formerly Tech Southeast, Venn is known as the main startup house for the Moncton area, and its office on Main Street has become a hub for all things tech in the area. Its many rolls include being the meeting place for the Propel ICT Build cohorts. Venn also oversees the Vennture Garage, an incubator for young startups in the area.
“Venn Innovation delivers focused programs and services to innovative companies, virtually all of which have to compete in global markets,” said Venn President and CEO Doug Robertson in a statement. “While the first project concentrated on helping New Brunswick companies with export market development strategies, the second project will help high growth companies across Atlantic Canada develop the competitive intelligence skills essential to succeed in today’s hyper-competitive global markets.”
ACOA said it will provide Venn with a grant of $441,208 through its Business Development Program to support the development of IT companies in New Brunswick with various initiatives. These include coaching and training programs, designed to grow and increase the capacity of SME’s to enter into new international markets.
The federal agency is also providing a second grant, also from the BDP, of $331,230 for a competitive intelligence training and awareness program. It will enable Atlantic Canadian businesses to understand their industry, markets, customers, and competitors and turn that information into actionable strategies to grow their operations. The program will run over two years and include group training classes, one-on-one coaching, and a series of workshops to hone the skills of participating companies on topics such as internal improvements, export readiness and market preparedness.
The ACOA statement said the funding aims to help startups increase their international business development capability. The funding would also help Venn provide companies from across Atlantic Canada with competitive intelligence and awareness training.