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Telefilm Canada Invests $18 Million In 13 Companies Under The Music Entrepreneur Program

Montreal, June 9, 2003 – Telefilm Canada is pleased to announce that it is investing the $18 million available for Phase 2 of the Music Entrepreneur Program (MEP) in 13 Canadian sound recording companies. The Program’s second component provides support for the implementation of corporate business plans. Phase 1 provided financial assistance for the development of five-year business plans.

A key element of the Department of Canadian Heritage’s Canada Music Fund, the MEP is designed to help music entrepreneurs make the transition to the digital economy, effectively develop Canadian talent and ultimately help them become self-sufficient.

The MEP was designed with a competitive evaluation process whereby those applications demonstrating the strongest potential to meet program objectives were approved for funding, allowing Telefim to give selected companies a critical mass of capital to allow sustained growth.

“The evaluation of business plans, which is fundamental to access any form of private financing, is a widely respected tool to assess the viability of a company’s future development,” said Richard Stursberg, Telefilm Canada’s Executive Director. “And because of this approach, the funding results include strong companies with the vision and the means to succeed within the changing technological landscape.”

All eligible applicants were required to submit detailed business plans which provided a detailed overview of the company, its activities and the particular cluster in which it operates. Applicants were also required to present an outline of their proposed financial plan, projects, growth strategies, market analysis and forecasts for the upcoming five years.

Business plans were assessed against the three criteria set out in the MEP guidelines: market tests (ex. the degree to which the applicant has the required understanding of the market, the competitive environment and industry trends); financial tests (ex. the degree to which the company is financially viable and the likelihood of it achieving self-sustainability); and cultural tests (ex. the degree to which the applicant is committed to both the development and promotion of Canadian artists, songwriters and the private sector).

Richard Stursberg added: “The Music Entrepreneur Program marks an important shift in the nature of support provided to the Canadian sound recording sector, adding a corporate building capacity to the traditional focus on project assistance. In this spirit, I am pleased to say that we will be backing a cross-section of established and emerging companies that represent popular music and specialized genres, including classical, jazz, Aboriginal and children’s.”

Telefilm Canada, a cultural investor in film, television, new media and music
Telefilm Canada is a federal cultural agency dedicated to the development and promotion of the Canadian film, television, new media and music industries. With the objective of building larger audiences for Canadian cultural products, the Corporation acts as a partner to the private sector through investments in diverse productions with wide appeal.