Minister Chagger announces $2.5M to support growth of tech companies in southern Ontario

News Release

FedDev Ontario investment to benefit more than 220 businesses and create over 150 jobs

April 27, 2017  —  Waterloo, Ontario — Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Scaling up Canada’s innovative companies is at the heart of the longer-term economic strength Canada needs to remain competitive. A new investment from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) will provide skills and growth opportunities for up to 225 high-potential technology businesses and create over 150 jobs.  

Today, the Honourable Bardish Chagger, Minister of Small Business and Tourism, and Member of Parliament for Waterloo, announced a non-repayable contribution of up to $2.5 million to Wilfrid Laurier University to support a national scale-up data platform. The platform will capture and track growth metrics of Canadian companies and provide invaluable insights into why early-stage companies fail or succeed.  

The Lazaridis Institute for the Management of Technology Enterprises, part of the Lazaridis School of Business & Economics at Wilfrid Laurier University in Waterloo, will deliver this platform with Toronto-based private market data network Hockeystick, through support from FedDev Ontario’s Investing in Business Innovation initiative. The Lazaridis Institute will use this platform to identify companies to be nominated for the Lazaridis Scale-up program. Graduates of the scale-up program will create over 150 jobs in southern Ontario.

Business accelerators and incubators across Canada will also be able to use this resource to help identify high-potential companies for their programs. The Government of Canada is making major ongoing investments in incubators, accelerators and venture capital to drive the growth of innovative start-ups and to create jobs for middle class Canadians. This investment demonstrates that commitment in action.


Quotes

“This national scale-up data platform is another example of the Waterloo Region’s values of innovation, community, training and sharing at work. In addition to creating over 150 jobs in our communities, the platform will help provide entrepreneurs across Canada with the tools they need to reach their full potential, become investment-ready, and compete on the global stage.”
-      The Honourable Bardish Chagger, Leader of the Government in the House of Commons, Minister of Small Business and Tourism and Member of Parliament for Waterloo

“Today’s announcement is an example of how innovation drives growth across all industries. This investment demonstrates a commitment to support the skills development of people and the scaling-up of innovative companies, in order to generate growth in key industries, create good quality jobs and foster economic growth.”
-       The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

“We are pleased to receive the support of the Government of Canada in order to help capture, standardize, streamline and make accessible the rich data from innovation organizations across the country. Together we share a vision of a stronger Canada through the growth of more internationally competitive Canadian enterprises, which are able to flourish here and remain to build a stronger economy.”
-      Micheál Kelly, Dean, Lazaridis School of Business & Economics

Quick Facts

  • The Lazaridis School of Business & Economics is the business school at Wilfrid Laurier University, which includes the Lazaridis Institute for the Management of Technology Enterprises.

  • The Lazaridis Institute, established in 2015, expects up to 225 SMEs to use the assessment tool and as a result, anticipates up to 30 companies to be identified to advance to the Lazaridis Scale-Up Program. Over six months, the companies will receive mentorship and support from entrepreneurs who have scaled their companies.

  • The platform will be designed to provide ongoing feedback to all participating businesses, incubators and accelerators.

  • Budget 2017 introduced the Innovation and Skills Plan which aims to develop better tools to help attract investment and support the growth of a diverse range of Canadian companies.

Associated Links

Contacts

Media Relations
FedDev Ontario
416-954-6652
fdo.mediarel-relmedias.fdo@canada.ca

Toll Free: 1-866-593-5505
Website: www.FedDevOntario.gc.ca
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