The federal government on Wednesday announced $4.4 million in funding for Venture for Canada, which will allow 505 graduates to intern at innovative Atlantic Canadian companies.

The government issued a statement saying that it will provide funding for the organization that helps graduates of Canadian post-secondary institutions land positions at startups and innovative companies. The funding is part of the government’s $73 million Student Work Placements Program, which aims to create more than 10,000 paid student work placements in STEM and business fields over the next four years.

Venture for Canada founder Scott Stirrett said the funding will finance 505 internships over three years. The companies will include startups and some small and medium-sized enterprises that develop innovative products.

"Through the Government of Canada's support, Venture for Canada will provide Atlantic Canadian post-secondary students with the work integrated learning opportunities needed to learn skills, gain work experience, share knowledge and build resilience, all the while contributing to the growth of innovative small and medium sized enterprises in the region," said the Halifax-born Stirrett in a statement.   

Since it began four years ago V4C, has been training some of the top grads from Canadian colleges and universities for positions at startups. Its fellows spend two years working at partner startups, where they gain the skills, network and experience necessary to launch their own firms. For the 2016 fellowship class, the organization received nearly 1,700 applications from across the country.

The government’s statement said the V4C funding is in addition to funding provided to Mitacs, a not-for-profit organization that provides research internships with a goal of creating 10,000 work placements per year. With these combined programs, more than 60,000 post-secondary students will have paid work placements over the next five years.