Fredericton-based Joint Economic Development Initiative has received more than $2.2 million in funding from the federal and New Brunswick governments to continue to support indigenous entrepreneurs.

The Atlantic Canada Opportunities Agency issued a statement last week announcing the funding, which it said would help JEDI continue its work supporting Aboriginal participation in the New Brunswick economy. Its programs include community economic development, workforce development, and partnerships with the public and private sectors.

Mark Taylor, the Shipbuilding Strategy Manager at JEDI, said the funding “confirms long-term support for the innovation and business incubation work of JEDI. It also comes at an important time as JEDI evolves to offer both an Indigenous Business Incubator and Indigenous Business Accelerator.”

The JEDI Indigenous Business Incubator Program is a new program that the Fredericton-based non-profit began offering in October. The 10-week program accepts budding entrepreneurs with a business idea and guides them to the point at which they are ready to go to market. The incubator provides skill training, mentorship and support with connections to JEDI’s resources. The companies that complete the incubator program will attend the JEDI Indigenous Business Accelerator, which will begin in January.

“This two-year funding agreement from ACOA and the Province of New Brunswick provides us with additional financial stability and allows us to focus our efforts on helping our Indigenous clients,” said Alex Dedam, the President of Joint Economic Development Initiative, in a statement. “The support that we receive from our funders is crucial to our continued work and carrying out JEDI’s vision of striving for full Indigenous participation in the New Brunswick economy.”

The federal government is contributing a total of over $2 million, including about $1 million each from Indigenous and Northern Affairs Canada and ACOA’s Business Development Program. The Government of New Brunswick is also contributing $210,000 toward the initiative.

Jedi, which is governed by the four tribal councils of New Brunswick and the New Brunswick Business Council, began in 1995 and launched its business accelerator in early 2016. The goal was to apply lean startup principles to a cohort of Aboriginal enterprises with a concentration on ICT and cleantech innovation. 

Disclosure: ACOA is a client of Entrevestor.