November 26, 2022


local businesses

Possibility Calgary Expense Fund evolves to generate far more organizations and an ecosystem for achievements

RFPs issued for fund supervisor for startup fund and ecosystem accelerators

CALGARY, AB, March 31, 2021 /CNW/ – The Prospect Calgary Financial investment Fund (OCIF) issued two requests for proposals (RFPs) to aid the evolution of OCIF to accelerate the creation and scaling of a lot more local firms and to strengthen the tech-innovation ecosystem in Calgary.

Opportunity Calgary Investment Fund (CNW Group/Calgary Economic Development Ltd.)

Option Calgary Investment decision Fund (CNW Team/Calgary Financial Improvement Ltd.)

OCIF is in search of proposals for a 3rd-get together experienced fund supervisor with a Calgary-focused fund that would match up to a $7.5 million contribution from OCIF to develop a least $15 million pool of money for investments in early-phase companies. The fund will supply the essential funds for startups and support in scaling small and medium-sized enterprises in Calgary.

A 2nd request for proposals was issued for organization accelerators and incubators to post ideas to broaden and improve the tech-innovation ecosystem. As a lot as $20 million in funding will be readily available and the maximum expected allocation for each specific accelerator bid will be up to $8 million above a 5-12 months project timeline. OCIF will take into account both non-public and not-for-financial gain accelerator designs.

Both RFPs will be open up until eventually May perhaps 17th, 2021. Information can be considered here.

“The neighborhood has established a objective to develop 1,000 new tech corporations in Calgary above the following ten years, and these initiatives from OCIF will support that intention and build a thriving innovation ecosystem exactly where these businesses can triumph,” stated Mary Moran, President and Main Executive Officer, Calgary Economic Development and a member of the OCIF Board of Directors.

OCIF, a $100 million initiative released by the Town of Calgary in April 2018, makes milestone pushed grants to select businesses primarily based on obtaining employment and other metrics. It supports investments that spur development and build work opportunities in strategic sectors in the economic technique Calgary in the New Economic climate.

To date, virtually $43 million has been allotted to 15 projects that have led to investment decision commitments of practically $640 million.

As OCIF focuses on ecosystem-building investments, a funding hole was discovered for a lot of promising emerging enterprises in Calgary that could be resolved by leveraging the OCIF methods. Contrary to OCIF, the new cash pool will be managed by a 3rd-social gathering fund supervisor and would just take possession positions in the startup and scaleup ventures it supports.

Considering the fact that its launch, OCIF has obtained a lot more than 230 applications. Most ended up way too early phase to qualify for OCIF support.

“One region of the business enterprise community we know would profit from assist are firms in the seed, pre-series A funding stage, and producing this added funds pool enables us to leverage third-social gathering investment decision know-how to expedite those decisions,” claimed Mark Blackwell, Chair of OCIF’s Board of the Administrators. “The composition will supply an option to create a return that will be reinvested to create extra options for Calgary entrepreneurs and the broader innovation ecosystem.”

The innovation ecosystem RFP will let for better coordination from all orders of federal government to draw in financial investment.

“These two initiatives will speed up the velocity of income likely into the marketplace,” Blackwell mentioned. “This announcement is a main action for governments to operate together to have a greater and coordinated impact on the Metropolis and the province. It will increase the amount of Calgary-centered employment, actual estate commitments and leveraged cash. Each initiatives assistance greater equality, diversity and inclusion in the ecosystem.”

“The intention for OCIF is to help crucial sectors in Calgary in the New Overall economy and with this evolution we can do that far more efficiently and much better aid a lot more recreation-changing initiatives in the tech-innovation ecosystem in Calgary,” stated Moran.

ABOUT Opportunity CALGARY Financial commitment FUND

Opportunity Calgary Financial investment Fund was developed as a wholly owned subsidiary of The Town of Calgary in 2018 to assistance catalytic investments in the town to assist diversify and remodel the economy. The fund is administered by Calgary Financial Advancement and has a volunteer Board of Directors. For much more information and facts, go to our web page.

Supply Calgary Economic Advancement Ltd.



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