TORONTO, July 24, 2023 /CNW/ – When innovative Canadian companies act as anchors in their communities, they create good jobs and build support for small businesses. The Government of Canada is committed to creating the best conditions to foster and grow more Canadian trailblazing companies—helping to ensure that our economy is strong here at home, but also that our businesses grow into leaders around the world.
Today the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, joined by Rechie Valdez, Member of Parliament for Mississauga—Streetsville, and a selection of panel members, announced the first eight businesses to lead Canadian innovation as part of the Global Hypergrowth Project.
The businesses include:
Ada Support Inc.AlayaCare Inc.Clarius Mobile Health Corp.CellCarta Biosciences Inc.Clio (Themis Solutions Inc.)Duchesnay Pharmaceutical GroupLightspeed Commerce Inc.Vive Crop Protection Inc.
The Global Hypergrowth Project will provide each firm with dedicated wraparound support that is tailored to its needs. A dedicated account executive will act as a champion for the company, providing mentorship and expertise, facilitating connections to federal resources and helping navigate today’s business ecosystem. This includes help with expanding internationally, acquiring talent, navigating funding opportunities, protecting intellectual property, identifying export opportunities and participating in procurement processes.
Ultimately, by working with these firms and federal partners, Global Hypergrowth Project account executives will identify opportunities to create innovative pathways to help businesses grow. This will enable our Global Hypergrowth Project firms to scale globally, while keeping their roots in Canada, creating good Canadian jobs and growing our economy.
Firms were selected after an initial public callout and a rigorous and independent evaluation process. A private sector panel of experienced business leaders supported the process by reviewing submissions and offering recommendations.
“Canada’s greatest strength is our people. Through the Global Hypergrowth Project, our government is working with some of the country’s most promising businesses to help them reach new heights around the world, while keeping operations, profits and jobs anchored here at home.”
– The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development
Anchor firms typically have annual revenues of over $1 billion and employ more than 1,500 people.Anchor firms play an important role in creating powerful business clusters and incubating other businesses.By virtue of their size and their research and development spending, anchor firms help create new organizations and transform existing ones, stimulating innovation, creating good jobs, fostering entrepreneurship at all levels and strengthening supply chains.Currently, only 2% of Canadian mid-sized businesses grow to become large companies each year.The Global Hypergrowth Project will help these businesses grow into anchor firms by providing help in the areas of funding, international trade, navigating federal regulations and procurement, and streamlining access to mentorship.
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SOURCE Innovation, Science and Economic Development Canada