# Innovation Growth Program of the Province of Manitoba

Innovation Growth Program of the Province of Manitoba is a Grant/Incentive based in Winnipeg, Canada.

## Overview

- **Organization type:** Grant/Incentive
- **Headquarters:** Winnipeg, Canada
- **Region:** North America
- **Address:** Winnipeg, Manitoba, Canada
- **Assets under management:** Undisclosed
- **Website:** https://www.gov.mb.ca/jec/busdev/financial/igp/index.html

## Regulatory record

- **Reports private funds:** No

## About

The Innovation Growth Program was created by the Government of Manitoba to catalyze private investment into local technology ventures that otherwise lack access to growth-stage funding (public record). It represents a provincial response to the concentration of venture capital in Toronto, Vancouver, and Montreal — a structural gap that limits commercialization of university research and spinouts from the province's agricultural and manufacturing base. Its deployment strategy centers on co-investment alongside private venture capital firms and angel networks, with a mandate to support companies at the seed, series A, and series B stages. Asset classes targeted include equity investments in technology firms, often with a focus on agritech, cleantech, and digital health — sectors where Manitoba has existing research strength. The program's scale is modest relative to national peers, reflecting Manitoba's smaller economy. Its team size and operational structure are not publicly broken out. The program has been active in recent years supporting local startups through programs such as the Manitoba Innovation and Growth Fund, which administers repayable contributions and grants alongside co-investment capital (per Manitoba government announcements). Its structural differentiator lies in its mandate to deploy patient capital into a region underserved by traditional venture markets. Unlike most family offices or pension funds, its primary objective is economic development rather than risk-adjusted returns — which allows longer holding periods and tolerance for earlier-stage failures. This posture makes it a complementary capital source for funds and companies operating in Canada's mid-sized cities.

## Questions

### What investment stages does the Innovation Growth Program target?

The program targets seed through series B stages, with a focus on early-growth technology companies headquartered or expanding operations in Manitoba. Co-investments are structured alongside private venture capital firms and angel networks that source or have existing relationships in the region (public record).

### Is the Innovation Growth Program structured as a venture capital fund?

No — it operates as a provincial government program administered through Manitoba Economic Development and the Ministry of Finance. Its mandate is economic development through co-investment, not independent fund management. It does not charge management fees or carry (public record).

### How does the Innovation Growth Program source deal flow?

Deal flow comes primarily through partner venture capital firms who approach the program for matching capital. The program also receives referrals from Manitoba's innovation hubs, university technology transfer offices, and regional economic development agencies (public record).

### Which sectors does the Innovation Growth Program avoid?

The program does not invest in real estate, natural resource extraction, or passive financial instruments. Its mandate is explicitly focused on technology development and commercialization with tangible economic impact in Manitoba (public record).

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Last updated: 2026-08-11T02:43:31.692Z

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