A program that pairs some of Nova Scotia's top business minds and investors with scalable seed-stage science and technology companies is getting a boost from the Province.
Creative Destruction Lab - Atlantic (CDL-Atlantic), part of Dalhousie University's faculty of management, will receive a five-year provincial investment to support its operations, tailored programming, mentorship, education and networking.
Startups in the program will also have access to new venture capital from Invest Nova Scotia through a new pilot program.
"Every day, I am more and more inspired by the innovative startups that are taking shape in Nova Scotia with the help of the Creative Destruction Lab," said Economic Development Minister Susan Corkum-Greek, also Minister responsible for Invest Nova Scotia. "The magic of this program is the way it connects experienced entrepreneurs as mentors and investors in these developing companies. As government, we want to ensure these startups have the support they need to successfully scale and grow right here in Nova Scotia."
Through the new pilot program, Invest Nova Scotia will provide funding to startups that have angel or mentor investments through CDL-Atlantic. There are two levels of support:
- for companies working on solutions that assist with healthcare or housing challenges in the province, investments will be matched at a rate of 100 per cent, to a maximum of $500,000 for each company
- for companies in other sectors, investments will be matched at 50 per cent, to a maximum of $250,000.
Through the five-year agreement, the Province will provide CDL-Atlantic with $250,000 per year for a total of $1.25 million.
Quotes:
"Invest Nova Scotia and Creative Destruction Lab - Atlantic are working together to get more investment into innovation companies. Invest Nova Scotia has committed $1.5 million to co-invest in CDL-participating startups alongside CDL mentors making angel investments."
Peter MacAskill, President and CEO, Invest Nova Scotia
"We are grateful for the continued support from the Province of Nova Scotia. This investment will enable us to continue providing vital support to early-stage science and tech-based entrepreneurs and further catalyze innovation in Atlantic Canada. Together, we will drive economic growth and position the region as a leader in technology and entrepreneurship."
Jeff Larsen, Site Lead, CDL-Atlantic, and Associate Vice-President, Innovation and Entrepreneurship, Dalhousie University
Quick Facts:
- CDL-Atlantic was established by Dalhousie University in 2017
- to be eligible for the pilot project, companies must be registered and headquartered within Nova Scotia with the majority of the workforce also residing in the province
- they also must be a participant in CDL-Atlantic's 2022-23 or 2023-24 cohort and have an investment from a minimum of two arm's-length investors, at least one of which is a Creative Destruction Lab angel or mentor
- since 2018, provincial Crown corporations have supported CDL-Atlantic with $250,000 per year
Additional Resources:
CDL-Atlantic: https://creativedestructionlab.com/locations/halifax/
