Silicon Valley-based startup accelerator Plug and Play Tech Center announced today that it plans to open its first Canadian office in Vancouver. And the City of Vancouver is giving full credit to its Olympic Business Programs for making it happen.
Plug and Play CEO Saeed Amidi signed a memorandum of understanding with the City of Vancouver and the Vancouver Economic Development Commission as part of the announcement.
“This partnership will mean new jobs and investment in our city,” said Mayor Robertson. “The startups that will take root here are the kinds of businesses Vancouver needs – ones that thrive during tough economic times and provide optimism and new opportunities. Plug and Play will strengthen Vancouver’s global recognition for being a hub for innovation and creativity.
“We’re seeing more and more businesses attracted to Vancouver because of our quality of life, our top-notch research institutions, and our culture of entrepreneurship. It is these elements that are establishing Vancouver as a Green Capital on the world stage.”
The MOU calls for the creation of a pilot project tech support centre in 2010 with the goal to eventually establish a permanent centre that will work with other partners to support up to 30 new business startups every year. This support will include providing startups with physical space, access to capital, coaching and mentoring.
The Plug and Play announcement comes less than a month since news that Vancouver's only startup accelerator, Bootup Labs, had trouble securing sufficient funds for their most recent intake of startups.