TORONTO, ON—The Business Development Bank of Canada (BDC) has launched a new Corporate Innovation and Venturing Program.
The new program was unveiled at the Canadian Corporate Innovation Summit held in Toronto, April 11-13.
The new program will aim to connect large Canadian corporates to innovators in a variety of ways; raise awareness among Canadian corporates of the importance of innovation to their own success; increase the number and intensity of Canadian corporates that engage with the innovation ecosystem as partners and co-investors; and both introduce and engage international corporate VCs to Canada, with the goal of attracting their investment participation over time.
Michael Denham, president and CEO of the Business Development Bank of Canada explained the necessity of the program stating that, “(Canada) has one of the healthiest concentrations of high-quality research in the world and a very active national network of incubators, accelerators, and start-ups. Despite these competitive advantages, corporate R&D spending in Canada is less than half the average rate of other OECD countries and too little Canadian innovation is finding its path to market.”
“BDC Capital created the Corporate Innovation and Venturing Program in an effort to help move the needle on corporate innovation,” adds Neal Hill, BDC Capital vice president, Market Development. “This program will provide Canadian corporations with new ways to engage faster and more easily in the innovation ecosystem.”
Through the new Corporate Innovation and Venturing program, BDC will help corporate management teams define their needs and guide them to appropriate options across the ecosystem. The program will also include startup-to-corporate “collision days”, access to accelerator-run corporate programs, VC fund-to-corporate interactions and best practice training in managing a corporate venture fund.
To learn more about the program, visit bdc.ca/capital.