New Funding Program for Early-Stage Startups in Manitoba
Manitoba is about to get a boost in its tech ecosystem with the launch of a new non-profit organization called Manitoba Innovates. This new organization is the result of a merger between two Winnipeg-based tech hubs, Tech Manitoba and Manitoba Technology Accelerator (MTA). The goal of Manitoba Innovates is to provide a more streamlined and supportive environment for startups in the province.
What Manitoba Innovates Offers
Manitoba Innovates aims to support startups through three main pillars: access to funding, networking opportunities, and mentorship. The organization will provide a more holistic approach to meeting the needs of startups, making it easier for them to grow and succeed. According to Kelly Fournel, CEO of Tech Manitoba, "We want to create a holistic organization that meets the broad needs of startups."
The Funding Program: Manitoba Invests
One of the key initiatives of Manitoba Innovates is the launch of a new funding program called Manitoba Invests. This program is designed to help early-stage startups access capital, with funding ranging from $25,000 to $250,000. The goal of this program is to help young companies prepare for venture capital (VC) or angel investment, giving them the support they need to take their businesses to the next level.
The Merger and Its Benefits
The merger between Tech Manitoba and MTA will help streamline operations and reduce duplication of efforts. Both organizations will continue to offer their current programs to fulfill existing funding agreements, ensuring that ongoing projects and commitments are not disrupted. The merger will also allow for more efficient use of resources and a more cohesive approach to supporting the tech ecosystem in Manitoba.
Background on Tech Manitoba and MTA
Tech Manitoba is the province’s main tech industry association, backed by both the provincial and federal governments. With over 130 corporate members, it provides ecosystem reports, networking opportunities, and various forms of support to the province’s tech industry. MTA, on the other hand, is a Winnipeg-based non-profit that helps local startups and scale-ups commercialize their products and services. Its alumni include successful companies such as Fastab and Cubresa.
Support from Other Organizations
Manitoba Innovates has received support from other organizations in the tech ecosystem, including North Forge, a local non-profit that acts as an incubator-accelerator and fabrication lab. According to Joelle Foster, president and CEO of North Forge, "The launch of Manitoba Innovates unites the strengths of MTA and Tech Manitoba, streamlining support for our tech ecosystem."
The State of the Tech Sector in Manitoba
The launch of Manitoba Innovates comes at a time when the tech sector in Manitoba is showing promise for future growth. A recent report by Tech Manitoba found that the province’s information technology sector contributed roughly $2.2 billion in gross domestic product to the provincial economy in 2022. The report estimates that the sector will create an additional 2,000 jobs between 2023 and 2027. However, the province has faced challenges in terms of VC investment, with a steep 96-percent drop in investment in 2024.
Conclusion
The launch of Manitoba Innovates and its funding program, Manitoba Invests, is a positive step for the tech ecosystem in Manitoba. By providing a more streamlined and supportive environment for startups, the organization aims to energize the province’s tech sector and help young companies grow and succeed. With its focus on access to funding, networking opportunities, and mentorship, Manitoba Innovates is well-positioned to make a significant impact on the tech industry in Manitoba.
