The Canadian Media Fund (CMF) recently announced that they will be launching the CMF Accelerator Partnership Pilot Program, which will award $360,000 of additional funds to startups participating in digital- and media- friendly incubators in Canada.
The CMF Accelerator Partnership Pilot Program aims to connect CMF projects with accelerators to access more funds from investors and mentorship for their candidates to utilize existing resources in the ecosystem. Applicants have to apply for both the CMF program as well as go through the incubators standard selection process to qualify. If the incubators select startups in the A3P program, they will have access to an additional $30,000 for their company.
Incubators will receive an approved list from the CMF of 220 companies across Canada in their pipeline. Startups need to be sure to apply for both programs to be considered for the grants. This initiative shows the support the Canadian government has for the accelerator process for startups in Canada.
The CMF has selected incubators to participate based on their capacity to work with digital media projects. Each of these accelerators will be awarded one grant to give a startup with A3P funds in addition to the other funds and perks for those accepted. Participating incubators include: INcubes, ideaBoost, Inno-Centre, Ryerson Futures Digital Media Zone, FounderFuel, Execution Labs, GrowLab, and Hyperdrive.
INcubes cofounder Ben Zlotnick is looking forward to seeing the potential of the companies already involved within the space.
“An extra $30,000 can go a long way," he says.
The program will help support disruptive Canadian companies that are looking to launch in North American with the goal of going global. Participants in the INcubes accelerator are coached to scale fast and fail fast. He also encouraged that the digital element is quite vast so a lot of startups can still qualify with applications and software.
“Being a part of the Canadian ecosystem is really starting to pick up," Zlotnick says. "It is exciting to see entrepreneurs, corporations and the government getting more involved in this industry, it is only going to help grow the economy and jobs available for young people in this country."
The A3P program awards a piece of equity to each incubator for their participation in the experimental program.