In a bid to attract more startups and jobs to the Ottawa Valley, the County of Renfrew is inviting early stage startups from across Eastern Ontario and beyond to compete for a $100,000 investment.
The RC100, which counts local economic development agency Invest Ottawa among its partners, is aimed at accelerating the growth of high-potential startups and positioning them for further investment. The $100,000 convertible note is intended to support key milestones in the startup’s development, such as finalizing a prototype.
Companies do not need to be located in a specific geographic area to be eligible to compete. However, investment recipients must either establish operations in Renfrew County or have an economic impact on the Ottawa Valley.
“We are excited to be hosting this competition to showcase the opportunities available to entrepreneurs locating in Renfrew County,” said Diane McKinnon, the executive director of Renfrew County Community Futures Development, in a statement.
The RC100 model is based on a similar competition in Northumberland County that was launched in 2013. Its first two recipients – Unified Computer Intelligence Corp. and Linkitz – went on to secure additional investments and appear at the Consumer Electronics Show in Las Vegas.
The deadline for applications is April 30. Successful startups will be invited to pitch to a panel of judges.