Fredericton’s Defence Accelerator Launches with $1M Federal Funding
A new defence accelerator in Fredericton has received substantial federal support. The initiative aims to bolster Canada’s defence sector by assisting companies in scaling their operations.
Fredericton’s Defence Accelerator Secures $1M Federal Funding
Vimy Forge, a Fredericton-based public-private partnership, is at the forefront of this development. The accelerator has secured a one-time investment of $997,000 from the federal government, positioning it as the first recipient of funding from Canada’s Regional Defence Investment Initiative (RDII) on the East Coast.
Details of the Funding Initiative
- The RDII is backed by a total of $357.7 million to be distributed among Canada’s seven regional development agencies.
- The Atlantic Canada Opportunities Agency (ACOA) will manage $38.2 million over three years for the region.
Sean Fraser, the federal Minister of Justice and responsible for ACOA, emphasized the potential of the 10 companies participating in the accelerator. This funding aims to propel their growth through mentorship and resources.
Supporting the Inaugural Cohort
A unique aspect of Vimy Forge’s program is its collaboration with various private partners, including DLA Piper, Commissionaires, and The Icebreaker. Starting in March, the year-long program will run in 12-week intervals. Each interval consists of five days of in-person engagement in Fredericton.
Ian Whytock, co-founder of Vimy Forge, believes that Fredericton is ideally situated for this venture. The city houses the Canadian Institute for Cybersecurity at the University of New Brunswick and is near Gagetown, Canada’s second-largest military base.
Innovative Projects from the Cohort
The inaugural cohort of companies represents a diverse array of innovative technologies. These include:
- Artificial intelligence systems for detecting deception
- Advanced underwater vessels for long missions
- Tracking technology for mini drones
Whytock noted that the cohort’s projects reflect the needs of the Canadian Armed Forces, indicating a strong alignment with Defence priorities.
One participant, James Yurichuk from the textile company Wuxly, highlighted the value of collaborating with other Canadian defence entrepreneurs. He noted that Vimy Forge targets gaps identified by the Canadian Armed Forces, making the accelerator a desirable opportunity for innovators.
Strategic Growth for Atlantic Canada
Fraser emphasized a strategic approach to funding, stating that the focus is on supporting companies with high growth potential, rather than merely distributing funds based on bureaucratic metrics. He also pointed out that the involvement of companies from outside Atlantic Canada can benefit the region’s economy.
The RDII is part of a broader strategy, which includes a total of $6.6 billion designated for defence initiatives over the next five years. This initiative signals a focused effort by Ottawa to enhance the capabilities and growth of Canada’s defence sector, fostering innovation and regional development.
