Terramera’s success story was included in the 2017 Canadian Federal Budget. Here is the full text from the budget:
Accelerating the Growth of High-Impact Firms
Budget 2017 reaffirms the Government’s commitment to the vision and mandate of the Accelerated Growth Service (AGS), a national project created to coordinate support for businesses across a number of federal departments and agencies. To date, this initiative has helped 142 high-impact firms to scale up and grow their businesses, with a broader goal of helping 1,000 firms expand and create more good, well-paying jobs. To improve delivery of this service, the Government is currently exploring ways to better share information among federal organizations and may propose legislative amendments if necessary.
Here is one success story:
Terramera Reaches Out to Global Markets
Clean technology firm Terramera Inc. (Vancouver, British Columbia) specializes in replacing conventional chemical pesticides with high performance plant-based products for use in agriculture, in pest control and by consumers. Terramera joined the AGS pilot project in May 2016. Terramera’s goal is to increase sales and grow into a billion-dollar business by scaling production, strengthening its customer base and finding new customers around the world. The company faced challenges when trying to reach out beyond Canada for new business.
Regulatory approvals in new markets—in particular, in Japan, Mexico, India and Europe—will be key to the company’s future growth. To help Terramera secure these approvals, AGS partners have provided it with assistance in securing capital and financing, as well as with hiring, intellectual property and research and development, domestic regulatory approvals and export growth.
Thanks to the AGS support, Terramera has been successful in leveraging the Canadian Trade Commissioner Service network in Canada and abroad to support its export market development and expansion initiatives. In July 2016, it was able to secure new Japanese investment, and the company has also secured a direct equity investment from IKEA in Sweden.
Through National Research Council Canada, the company was able to explore opportunities under the EUREKA program, an international network for market-driven industrial research and development that includes over 40 economies from the European Union, Europe, Israel, South Korea, and now Canada. Terramera was also able to secure financing support from the Business Development Bank of Canada and Western Economic Diversification Canada.