Wavefront is a member of the Canadian Digital Media Network (CDMN),a national network of incubators and accelerators that is working together to elevate Canada’s position in the global digital economy. Our membership in the CDMN enables our clients to access the programs, funding and expertise that resides within our partner organizations from coast to coast. One such program is the CDMN Soft-Landing Program, which enables companies to explore and capitalize on global business opportunities. We, along with our network partners, or nodes, have been piloting the program for the past eight months to great success. Today marks the public launch for the Soft-Landing Program, with the CDMN announcing new funding available that will enable up to 20 companies to participate in the next program round.
Mature startups and small- to medium-sized enterprises (SMEs) that are generating revenue already and are looking to grow their customer base, open a satellite office, develop distribution channels or secure partnerships are ideal candidates to participate in an Outbound Soft-Landing. Through this type of landing Canadian companies that have identified a need to expand in a foreign market anywhere in the world can qualify for up to three months of residency in partner facilities equipped to support their growth, and up to $4,000CAD for transportation and hotel costs. While there is no financial support for non-Canadian companies seeking help in landing in Canada through the CDMN`s Inbound Soft-Landing Program or for Canadian companies who want to explore other regions elsewhere in Canada through the Domestic Soft-Landing Program, the CDMN network can still be a valuable resource to those companies as they look to expand.
The Soft-Landing Program has already demonstrated success, having announced in August this year that Canadian startup Cyborg Trading was able to close a $2 million equity round with Canadian investors after leveraging its ‘soft-landing’ funding to land at an incubator in New York City. Cyborg Trading’s CFO Ben Bittrolff described the program as an enviable support system for emerging startups. Cyborg Trading worked with CDMN node Communitech in Waterloo Region for its soft-landing foray.
The CDMN is opening applications on October 15 for companies looking to participate in soft-landings between January 2 and May 31, 2013. Applications will close at midnight ET on November 16, and companies will be notified as to their acceptance no later than December 14, 2012. Further information for interested companies, including how to connect to the closest regional node in order to complete an application, answers to frequently asked questions, a questionnaire for potential applicants, and CDMN Soft-Landing Success Stories are available at softlanding.cdmn.ca.
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