Karl Poirier, owner of the Pirate Restaurant in Edumunston and one of many successful Aboriginal entrepreneurs in NB,
On October 23, 2013, the provincial government of New Brunswick announced that they are investing $5 million in a new start-up investment fund directed by the New Brunswick Innovation Foundation (NBIF).
The purpose of the fund is to assist innovative entrepreneurs who are trying to develop and create companies in New Brunswick that are focused on producing and commercializing an original product, service, technology or process.
These funds are ear-marked for the costs associated with starting-up a new business, such as market research, product development and business development. Each new business in New Brunswick can apply for an investment of up to $100,000.
“It’s creating new companies here and growing them from here in New Brunswick, which will create the long lasting economic future we need to be relevant on the world stage,” NBIF chair Dr. Robert Hatheway says, “but it’s one thing to know it’s possible and another to take action and see it through. And for those that do, and become part of our portfolio of companies, NBIF works with them on a number of levels to help them achieve their first milestones.”
If entrepreneurs qualify for the NBIF program, NBIF becomes an investor in the new business and works with the entrepreneur to provide business expertise and helps to commercialize the product or service.
The JEDI Aboriginal Development Fund (JADF) provides financial support with business development planning for Aboriginal entrepreneurs in the First Nation communities of New Brunswick.
“When the JADF program is accessed by First Nation entrepreneurs it results in an increased implementation of business plans and ideas,” said Charles Harn, the Manager of Economic Development at JEDI. “The JADF program provides 50% of the costs for business plans, market plans and financial management for those who qualify.”
This new funding at NBIF could potentially be accessed by Aboriginal entrepreneurs who have already received JADF funding to expand their businesses even further. One of the major hurdles faced when starting up a business is funding. It takes a lot of capital to transform an idea into a viable business venture.
Click here for more information on the JEDI Aboriginal Development Fund or contact Charles Harn at 506-444-5650, Charles.harn@jedinb.ca.