Winning company will have opportunity to meet with Canada's top venture
MONTREAL & TORONTO, Feb. 19, 2014 /CNW Telbec/ - Today, the Business
Development Bank of Canada (BDC), in partnership with CVCA - Canada'sVenture Capital & Private Equity Association, launched the BDC
Innovation Award. This new award will recognize an early-stage Canadian
company that has demonstrated the ability to bring innovation to
market, reshaping a sector or industry in a new or unexpected way.
Innovation may be a catch phrase these days but the reality is, it can
pay off big for a company. In fact, almost three out of four small and
medium enterprises (SMEs) in Canada that invested in innovation
realized both a rise in sales and market share, according to a recent
report by Industry Canada1.
"Canada's entrepreneurs are the driving forces behind new businesses
that can bring new ideas to market in our country," said the Honourable
Maxime Bernier, Minister of State (Small Business and Tourism)
(Agriculture). "This award, created as a result of Economic Action Plan
2013, is one way we can recognize their efforts, while encouraging the
next generation of entrepreneurs to keep thinking outside the box."
Nominations for this inaugural edition of the award are open until April
4, 2014 and the winning start-up will be honoured at the 2014 CVCA Annual Conference in Ottawa from May 20-22, 2014, where they will have the opportunity to
meet with some of Canada's most successful investors, entrepreneurs and
"We are delighted to be partnering with BDC to present this award," said
Peter van der Velden, President of the CVCA and Managing General
Partner of Lumira Capital. "In an increasingly competitive and
challenging world, innovation is an essential ingredient to any
entrepreneur's success. Recognizing these individuals for their
contributions along that journey is essential."
BDC and the CVCA are natural partners for this award with a
complimentary set of offerings for start-ups - cash and knowledge. BDC
is the only Canadian bank dedicated exclusively to entrepreneurs and
CVCA represents the majority of private equity companies in Canada,
with over 2000 members representing more than $105 billion in capital
under management. This new award also ties in logically with BDC's role
in supporting early-stage tech companies, especially with the work it
has been undertaking with some of Canada's leading accelerators and
incubators, such as Growlab, Extreme Startups, HYPERDRIVE, FounderFuel,
Propel ICT and Execution Labs.
The BDC Innovation Award is one of four new entrepreneurship awards BDC
is launching this year. Eligibility criteria can be found at www.bdc.ca/awards. Also, look for updates on Twitter (@BDC_News & @BDC_VC) and BDC
Entrepreneur on Facebook.
Canada's business development bank, BDC, puts entrepreneurs first. With
almost 2,000 employees and more than 100 business centres across the
country, BDC offers financing, subordinate financing, venture capital
and consulting services to more than 29,000 small and medium-sized
companies. Their success is vital to Canada's economic prosperity.
About CVCA - Canada'sVenture Capital & Private Equity Association
The CVCA - Canada'sVenture Capital & Private Equity Association was
founded in 1974 and is the association that represents Canada's venture
capital and private equity industry. Its over 2000 members are firms
and organizations which manage the majority of Canada's pools of
capital designated to be committed to venture capital and private
equity investments. The CVCA fosters professional development,
networking, communication, research and education within the venture
capital and private equity sector and represents the industry in public
policy matters. www.cvca.ca
1Industry Canada, 'The Canadian Provinces, Special Edition: Key Small
Business Statistics,' September 2013 (http://www.ic.gc.ca/eic/site/061.nsf/eng/h_02816.html)
SOURCE Business Development Bank of Canada