From Startup To Scale Up: New Program Launched To Accelerate Growth For New Brunswick Businesses
“Canada is one of the best places in the world to start a business and New Brunswick has an award-winning startup ecosystem,” notes Opportunities NB (ONB) CEO Stephen Lund. “However, we are not as good at scaling up as we could be. We’re going to change that.”
To further support our mandate of nurturing and growing New Brunswick-based businesses, ONB is proud to join ACOA and the University of New Brunswick’s Technology Management & Entrepreneurship (TME) Program in the launch of Scale Up Atlantic Canada.
Why Focus on Scale Up?
Recent studies have shown that scale-up companies are 2.3 times more productive, generate 19 times more revenue, raise six times more capital, and create 6.5 times more jobs than non-high-growth companies.
The Scale Up Program offers companies practical sales and marketing, organizational development, and finance skills experience. Its curriculum is focused on the “3 Cs of growth” – customers, capacity, and cash. The program was developed and trademarked by Dan Isenberg, founding Director of the Babson Entrepreneurship Ecosystem Project at Babson College in Massachusetts.
ONB is all about relationship building. “When we partner with other organizations, we want to partner with the absolute best,” says ONB CEO Stephen Lund. “Babson is the top entrepreneurship school in the US. When you add UNB, Canada’s most entrepreneurial university, it’s a no-brainer. These organizations are world-class so this is a very exciting initiative for ACOA and our team.”
TME Chair Dr. Dhirendra Shukla agrees: “We have many large businesses operating in New Brunswick and an exciting startup ecosystem comprised of great early-stage companies. There is, however, a bit of a gap in the centre.”
Enhanced Support for Business Growth
Lund says Scale Up will accelerate the growth of local businesses, creating potential future anchor companies for the province. “Large companies help smaller businesses grow, it’s that simple. We need to attract anchor companies from outside the province and also grow our startups here at home through these types of ambitious scale-up efforts – it doesn’t have to be an either/or situation.”
ONB has made the growth of New Brunswick companies a key priority. For perspective, we have a 3-to-1 ratio in terms of employees dedicated to Business Growth versus Investment Attraction. The Business Growth team’s efforts continue to produce great results for New Brunswickers.
In Fiscal 2017-18, ONB:
- Introduced more than 160 New Brunswick companies to the Business Model Canvas;
- Supported more than 225 unique New Brunswick-based companies with financial assistance;
- Worked with over 850 unique New Brunswick companies on growth opportunities;
- Supported more than 35 productivity and innovation projects for New Brunswick companies; and
- Helped more than 450 companies with exports.
Scale Up Atlantic Canada is an exciting new piece to ONB’s existing Business Growth model and will be of great benefit to both rural and urban businesses across the province.
A Proven Program
Dr. Shukla notes that Scale Up is not a pilot project, it’s a well-vetted program with proven success in other jurisdictions. Companies that have participated in Scale Up programs see immediate and significant growth. “Dan Isenberg is well-known internationally for helping entire communities transform for the better. Collaborating with someone who works so closely with Babson, Harvard, and Columbia University to bring this program to Canada for the first time is extremely exciting.”
Who Should Apply, and Why?
“It can be difficult for some companies to take the initiative and join a program like this,” notes Rivers Corbett, ONB’s Entrepreneur-in-Residence. “We know that if we help them join something in partnership with like-minded companies from their region, where they can share experiences with a peer group, we’re setting them up for success.”
Dr. Shukla says he is looking to collaborate with companies, in any sector, with ambitious growth plans. He says ideal candidates are those generating revenues between $4 and $15 million, but companies over $1 million are also encouraged to apply.
Applications are open until January 4, 2019. Visit www.scaleupcan.co for details and enrollment.
This story is sponsored by Opportunities NB.