Opportunities NB Launches Policy Initiative To Support Companies

16 Sep 2017

Opportunities NB has introduced two new policies in funding for supporting early-stage companies in New Brunswick.

The new Economic Growth Plan focuses on connecting the entrepreneurs to capital. The freshly introduced Seed and Series-A policies are meant to fund and also augment the capital required for companies in the early stage and with a high-growth potential. Cathy Rogers, the Finance Minister said that the entrepreneurs have always played a big role to build the economy and create jobs. There is knowledge on the subject of funding, which has remained a challenge, for several participants, in the in the start-up community. The authorities are pleased to help in the process of innovation and enhance the creativity of Entrepreneurs with the funding policies. Stephen Lund, CEO of Opportunities NB stated that there will always be a focus on supporting entrepreneurship. Moreover, while working with approved partners in supporting New Brunswick start-ups, there will be measures to attract additional investors from out of the province to strengthen and enhance the start-up ecosystem.

The Seed-funding policy envisages that Opportunities NB will invest $500,000 in a company in the early stages of the start-up cycle. $2 million will be available annually from the fund. The Series A funding policy gives sanction to the corporation to go for an investment of $1 million in a fresh company that is generating revenue. The eligibility norms are a company must be the registration, and its headquarters need to be in New Brunswick. There is a focus on growth and innovation, in enhancing the economic prosperity, and for creating jobs in New Brunswick.

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