At its last meeting, Brampton City Council unanimously approved a partnership with the Founder Institute (FI), a global accelerator firm providing support to high-potential, early-stage companies. A media statement said that the partnership includes funding of up to $30,000 per year, for three years, to the Founder Institute.
The addition of the FI is seen as another step towards building Brampton’s downtown Innovation District which will provide supports for entrepreneurs and businesses through every stage of their journey.
FI provides support to companies through specialized programming, training courses, access to funding and introductions to a world-class mentor network. FI has graduated more than 4,300 companies that have raised over $950 million, and has helped create approximately 25,000 jobs globally, the statement noted.
Other benefits of the partnership include:
- Program expansion; bringing tech entrepreneurs from Waterloo, Toronto and the surrounding regions into Brampton
- Scholarships for Brampton Entrepreneurs participating in the program
- Lead generation of international startups and investors
- Supporting the City’s Foreign Direct Investment efforts through international FI chapters
- Helping profile Brampton through the Global FI network
- Developing a dedicated cybersecurity stream and programming for cybersecurity startup founders
- Creating a mentor network composed of investors, entrepreneurs and executives
“As we emerge from this pandemic and restart our local economy, we welcome entrepreneurs and potential investors to locate in our city and join our growing Innovation District. The Founder Institute will help us attract international startups to Brampton, which will contribute to our economy and create jobs. We are thrilled to welcome the Founder Institute as we work towards providing supports to businesses at every stage of their journey,” Mayor Patrick Brown said in the media release.
“I can see a future where Brampton becomes home to a huge number of tech startups. Tech startups are often fuelled by immigrants. Brampton is home to a high percentage of immigrants and has one of the youngest populations in the country who live in between the globally-renown tech hubs of Toronto and Waterloo. With the affordability advantages over nearby cities and a population base that supersedes tech hubs to the west, Brampton has potential to quickly grow as a startup hub,” added Sunil Sharma, Managing Director, Techstars Toronto; Co-Director, Founder Institute, Toronto and Waterloo Chapters.
Other partners in Brampton’s Innovation District include the Brampton Entrepreneur Centre; the Catalyst Cyber Accelerator (led by Rogers Cybersecure Catalyst and Ryerson DMZ); the Research Innovation Commercialization (RIC) Centre; Ryerson Venture Zone; the Brampton Board of Trade and the Downtown Brampton Business Improvement Area (BIA).