FedDev Ontario Bolsters Support for Start-Ups

News release

An additional $5.5 million for Accelerator Centre to help over 125 start-ups and create 400 more jobs

November 30, 2018 – Waterloo, Ontario

The Government of Canada is ensuring the right measures are in place to provide Canadian entrepreneurs with the resources and opportunities they need to succeed.

Today, the Honourable Bardish Chagger, Leader of the Government in the House of Commons and Member of Parliament for Waterloo, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced additional FedDev Ontario funding of up to $5.5 million to create more jobs, companies and innovative products through the Accelerator Centre.

The additional FedDev Ontario investment in AC JumpStart means this much-sought-after program will be extended by more than two years and be able to offer seed funding, mentoring and coaching to another 126 start-ups. Working with established partners University of Waterloo, Conestoga College, Wilfrid Laurier University and new partner University of Guelph, AC JumpStart will extend its reach into the technology hardware, advanced manufacturing, clean technology, sustainable energy, agri-tech and agri-food sectors.

Today’s announcement builds on a previous FedDev Ontario contribution of $8 million to support AC JumpStart. So far, over 190 start-ups have received support to commercialize 230 new products, resulting in over $3.3 million in initial sales. In total, the overall project is expected to support over 300 companies and create up to 1,100 highly skilled jobs across the region.

AC JumpStart is an incubation and mentorship program for high-potential technology entrepreneurs. Applications to Cohort 9 of the program are open until January 7, 2019. For more information, including how to apply, visit the Accelerator Centre website.

Quotes

“The Government of Canada is proud to support Canada’s innovators, helping them succeed on a global scale. This increased investment will allow more early-stage technology companies to thrive, which strengthens the innovation ecosystem in southern Ontario and creates highly-skilled jobs for Canadians.”

– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

“Today’s announcement truly demonstrates entrepreneurial spirit that is deeply entrenched in this region. Our government’s continued investment in the AC JumpStart program means more high-potential entrepreneurs can receive seed funding, mentoring and the support they need to succeed.”

– The Honourable Bardish Chagger, Leader of the Government in the House of Commons and Member of Parliament for Waterloo

“The AC JumpStart Program is an essential source of capital for start-up companies in this community. We are pleased to continue to partner with FedDev Ontario and our local academic institutions to provide both the funding and the mentorship that make the program so impactful. We are incredibly proud of the success of the first eight cohorts, and we look forward to supporting another 126 start-ups over the next two years.”

– Paul Salvini, CEO, Accelerator Centre

Quick facts

  • Established in 2006, the Accelerator Centre in Waterloo is an award-winning incubator dedicated to building sustainable, globally competitive technology companies and commercializing advanced research technologies emerging from academic institutions.

  • AC Jumpstart is delivered by the Accelerator Centre, in partnership with the University of Waterloo, Wilfrid Laurier University, Conestoga College and new partner, the University of Guelph.

  • Each AC JumpStart recipient receives up to $30,000 in non-repayable seed financing, with each business providing matching funds; one-of-a-kind mentorship and coaching from a team of in-house experts valued at up to $10,000 per business; as well as access to market research and connections to investors.

  • Today’s announcement of $5.5 million, combined with a previous investment of $8 million, brings FedDev Ontario’s total investment in AC JumpStart to $13.5 million.

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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