With the opening of this year’s Innovation Fund, New Dawn marks the launch its tenth CEDIF campaign.
“When we began this journey in 2004, we never imagined that in ten years we’d have raised nearly $10 million for investment in Cape Breton,” says New Dawn President, Rankin MacSween. “We knew we were onto something, but interest in local investment has exceeded all expectations.”
New Dawn administered its first provincial Community Economic Development Investment Fund (CEDIF) in 2004 via New Dawn Holdings. The organization has since added New Dawn Community Investment and the New Dawn Innovation Fund to its family of CEDIFs.
In 2014, monies raised through the Innovation Fund were invested in Marcato Digital, Halifax Biomedical (Mabou), Nova Stream and Protocase. Previous CEDIF monies have also been invested in Advanced Glazings and Media Spark.
“It’s amazing what lies just below the surface here,” says MacSween. “Each time we set out to identify companies for investment, we find new sectors and pockets of innovation and energy. There are a lot of people working really hard to keep and bring cutting edge companies to Cape Breton. The CEDIF is one way to say, yes, we support you, how can we help you to grow here in Cape Breton?”
The provincial CEDIF program provides investors with a 35% tax credit on investments as a means of encouraging local investment and local solutions to local capital shortages. Over the last ten years, New Dawn CEDIFs have also paid more than $1.2 million in dividends to investors.
The 2014 One Nova Scotia Commission Report cited Nova Scotia’s CEDIF program as exemplary and urged the government to both consider its expansion and to increase its marketing and, in turn, its uptake.
The Innovation Fund will host two open houses this year for all former, current and interested investors: Thursday February 12th and Thursday February 19th from 4:30pm to 6:30pm at the New Dawn Centre for Social Innovation (37 Nepean Street, Sydney). For more information, call 902-539-9560 ext. 0 or visit investincapebreton.ca.