Canadian entrepreneurs might benefit from new funds offered to fledgling tech companies
The Quebec Technology Company Seed Fund Selection Committee is offering much-needed startup funds to tech businesses. Committee chair Martin Godbout told the Montreal Gazette that he anticipates a bright future for tech businesses looking for loans.
The Quebec Technology Company Seed Fund Selection Committee is now responsible for almost $100 million worth of startup funds. The committee distributes this money to investment firms who then use the money to help new companies get started.
The funds are made up of $50 million from Investissement Quebec, $33 million from the Quebec Federation of Labour's Solidarity Fund and $17 million from FIER Partners.
The committee recently announced it is partially funding the creation of three new tech firms - FounderFuel Ventures, AmorChem and Cycle-C3E Capital. Committee members hope these investments will help the Quebec government make money within seven years.
Additionally, they believe the committee offers a unique resource to assist entrepreneurs interested in starting a small business."At the moment, there is no financial vehicle to help an entrepreneur to start his company," Godbout told the Gazette.
While these funds may give a boost to tech startups, Canadian women are reportedly furthering the overall startup world. A report from the Consumer Internet Bank in Canada shows that women are leading the sole proprietorship market, and, in turn, these businesses are driving the economy out of turmoil.
