By Christine Dobby
Speaking of accelerators, Montreal’s FounderFuel said this week it is doubling the initial funding it gives its startups — and taking a bit more equity in the early-stage ventures.
Companies entering its next cohort (applications are open until Feb. will now get $50,000 to start in exchange for 9% equity, up from $25,000 for 6%.
The graduates will still be eligible for $150,000 in convertible debt from BDC.
Meanwhile, Ottawa will be the future home of a $10-million incubator that will offer funding and support for Canadian tech startups looking to enter the Chinese market.
Chinese state-owned Zhongguancun Development Group (ZDG) opened a similar centre in Silicon Valley last year and the ZDG Ottawa International Incubation Centre, a partnership with Invest OTtawa, is only its second in North America.
“We’re treating this as a very ambitious startup enterprise in its own right. ZDG has a plan to invest up to $1.5-billion worldwide over the next five years, and we see today’s $10-million announcement as a starting point for Ottawa,” Invest Ottawa CEO Bruce Lazenby said in a statement on Tuesday.