The average life cycle of a startup is far different than any other company, growth can occur very quickly, which can put a strain on new tech companies. How do companies get funding to support their startups if they have no product developed yet, or if their company is growing much faster than anticipated? Innovation requires support, not just from the community, but from investors and banks who can help foster innovation by providing funding in the critical incubation stages of a tech startup. For many years, North Forge has partnered with RBC to help financially support tech startups by providing specific funding for tech companies in the critical early stages of development.
Jackie Romans, Kitan Amao, and their team of experts and advisors bring the full scope and scale of RBC to the conversation. “Each tech company requires a financing roadmap tailored to their own unique needs and journey,” shares Jackie Romans, Commercial Account Manager, Information Technology, Life Science, Clean Tech. “Having that industry specialization enables us to provide timely and relevant advice that reflects the current environment and how the industry is evolving to support the growth of our clients. It also helps us build meaningful partnerships between accelerators and early-stage tech companies, which has a community of support that is incredibly important in those early-stages. Every tech company is different and so we must be differentiated in the advice, tools, and resources we provide.”
For Manitoba to grow into a globally recognized innovation hub, the support of the financial community is equally as critical as the support of the community as a whole. Typically, cash flows play a very large role in the financing options available to a startup, but often in the case of tech startups or industry disruptors, the technology hasn’t been developed yet. This can make funding difficult to attain since the research and development still needs to be done, adding risk to the initial investment. RBC counters this by working closely with founders to understand the exact financial environment in which they operate.
By partnering with RBC, North Forge is gearing up to create a customized startup experience for tech companies tailored to help meet their financial needs. Innovation cannot take place without the critical financial assistance needed to propel these businesses forward. With the help of RBC and North Forge, tech startups are bound to set off a chain of innovative business development in Manitoba.
“Tech companies are global by the nature of their industry and the solutions they provide. Global companies require global strategies,” says Kitan Amao, Senior Commercial Account Manager at RBC. “That is why RBC brings expertise to the table to enable tech companies to thrive on a global stage including when in an early stage of development or life cycle of the business.”
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