The federal government’s expanded network of business accelerators is giving Canadian firms a much needed boost in their attempts to break into potentially lucrative foreign markets. The Canadian Technology Accelerator (CTA) program is now located in 11 US, European and Indian technology and business hubs. They all offer a test-driven approach to enhancing the technology and business expertise of smaller companies who typically lack the time and resources necessary for entering distant markets.
To date, hundreds of firms have participated in the CTA program, which subsidizes and facilitates networking and business resources required for company growth and expanded sales. The concept was developed in Canadian consular officials in Silicon Valley, which now boasts three locations and a joint venture with the CTA program in New York City focused on clean tech.
Highly economical, new operations in London and Delhi could be followed by even more technology-rich business centres. With a budget of $5 million over three years, the Department of Foreign Affairs, Trade and Development is demonstrating that a lean yet nuanced approach to company financing and market growth can have a substantial impact.
Whether the CTA’s offer physical space or operate virtually, the principles of mentorship, entrepreneurial drive and tightly focused technology and marketing strategies are sound. Now if this initiative can be combined with new approaches for retaining firms in Canada, the potential for a resurgent high-tech sector would be greatly enhanced.
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