Federal Government Contributing Over $475,000 In Funding To Venn Innovation – Huddle

MONCTON – The Canadian government is committing $475,685 to fund Venn Innovation, a Moncton-based tech and innovation hub, over the next two years.

The contribution is made through Atlantic Canada Opportunities Agency’s Regional Economic Growth through Innovation program.

Minister of Crown-Indigenous Relations and Northern Affairs Carolyn Bennett made the announcement in Moncton Wednesday on behalf of innovation minister Navdeep Bains. She said the funding reflects the government’s commitment to the Atlantic Growth Strategy.

“It’s always been the innovation here in Atlantic Canada that has driven the region. We know [innovation is] what we require to foster a thriving middle class with great quality jobs and improves the economy for all Canadians,” she said.

Venn will use the funds to support the space it operates out of, which includes its Venn Garage incubator, and community space. Venn Innovation chief operating officer Barbara Ells said space and staff make up the biggest costs for Venn, a private non-profit which is funded by all three levels of government as well as private sponsors and fees charged for some programs. The organization aims to help tech companies start and grow in the province.

It’s unclear how much of Venn’s funding is government-backed, but Ells says it’s “in-line with what we’re seeing across the country.” She said the tech hub is always looking for more private support, but that’s a challenge in Atlantic Canada where private industry is limited and already sponsoring many programs.

“We think industry brings a lot of value to our clients through what they can contribute through mentorships, the expertise that lies in those businesses to help some of these entrepreneurs go faster,” she said.

The Venn Garage program, which focuses on early-stage startups, has supported 84 entrepreneurs since 2014, including the current teams. Venn estimates more than 60 direct jobs have been created by the startups that have completed the program. The entrepreneurs in the program are chosen based on the application they file online.

“We’re really looking for teams that have an idea that can be globally scalable and that they’re really coachable and then we ask them to meet milestones and be committed,” Ells said.

The Garage entrepreneurs have 24/7 access to the working space with amenities like Wi-Fi, as well as mentorship and professional development training. Venn uses a CRM system to help measure the impact of what it’s providing.

Travis Osmond, whose company Kasis Environmental has developed material and process to make the gold mining industry more sustainable, has been in the Venn Garage since March 2019. He uses it as a space to work when everything else is closed.

“Another thing is just coming in and talking with the leadership and the mentors, like Alicia [Ismach]. It just kind of lets you suss out any problems that you have with your thoughts and where things might go, and give you insights into questions that you might not have thought to ask,” he said.

Mathieu Basque, who is exploring an idea for an online platform that simplifies relocation for people, says Venn also provides a community.

“Sometimes entrepreneurship can be a lonely journey, so having people around you to support you can be beneficial, as well as to bounce ideas off one another,” he said.