“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."
Local investment exceeded all expectations
Former, current and interested investors of the New Dawn Innovation Fund are invited to an open house on Thursday from 4:30-6:30 p.m.
The open house comes as New Dawn launches the 10th anniversary of its Community Economic Development Investment Fund (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,” said New Dawn President, Rankin MacSween, in a press release. “We knew we were on to something but interest in local investment has exceeded all expectations.”
New Dawn administered its first provincial CEDIF in 2004 through 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, money raised through the innovation fund was invested in Marcato Digital, Halifax Biomedical in Mabou, Nova Stream, and Protocase. Previous CEDIF money had also been invested in Advanced Glazings and Media Spark.
“It’s amazing what lies just below the surface here,” said 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 provincial CEDIF program provides investors with a 35 percent 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.
Thursday’s open house will be at the New Dawn Centre for Social Innovation at 37 Nepean Street, Sydney.
Thursday, February 18, 2014
New Dawn Centre for Social Innovation
37 Nepean Street, Sydney