FedDev Ontario Announces New Funding for Innovative Start-Ups in Eastern Ontario
$1.1 million to build on success of Northumberland CFDC’s N1M program to accelerate early-stage technology companies
December 18, 2018 – Cobourg, Ontario
Today, Kim Rudd, Member of Parliament for Northumberland–Peterborough South, announced an additional FedDev Ontario investment of $1.1 million for the Northumberland Community Futures Development Corporation (CFDC) to expand its N1M program. MP Rudd made the announcement on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, during a visit to Northumberland CFDC headquarters at Venture13, Eastern Ontario’s newest centre for innovation and entrepreneurship.
With an emphasis in Northumberland and supporting a wide range of start-ups across eastern and southern Ontario, N1M provides high-potential idea and validation stage start-ups with seed funding, training and mentoring to help accelerate the growth of their businesses. For more information, including how to apply, visit the N1M website.
Today’s announcement builds on a previous FedDev Ontario contribution of $1.1 million to launch N1M. To date, the program has supported over 30 start-ups and helped to create over 70 new full-time jobs. This new funding will support another 25 innovative start-ups, and as entrepreneurs establish and grow their businesses, it is expected that 17 additional jobs will be created.
The Government of Canada recognizes FedDev Ontario’s contribution to ensuring businesses, organizations and communities across southern Ontario are able to seize new opportunities created by an innovation economy. FedDev Ontario is now accepting new projects, using a single application form, through three simplified funding streams that have been designed to meet the needs of innovators and job creators. For more information, visit www.FedDevOntario.gc.ca.
“The Government of Canada is proud to support rural innovators and entrepreneurs with funding through Northumberland CFDC’s N1M program. By making smart investments such as this one in start-ups and the networks that support them, we are strengthening emerging regional clusters in eastern Ontario and creating 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 funding announcement is about taking the ideas of today and creating the innovations of tomorrow. The Northumberland CFDC is ground zero for what I call the “Rural Renaissance.” This investment of $1.1 million puts us on the front lines of new start-ups, which are creating opportunities that we here in Eastern Ontario only dreamed about.”
— Kim Rudd, Member of Parliament for Northumberland-Peterborough South
“N1M startups have already won multiple awards, raised considerable funding, and established solid business momentum in early commercialization. Building on this track record, with the support of FedDev Ontario, we look forward to launching the next N1M cohort on a comparable trajectory of success.”
— Wendy Curtis, Executive Director, Northumberland CFDC
Northumberland CFDC is a non-profit organization providing financing and strategy for entrepreneurs as a pathway to community innovation and future prosperity. It delivers the N100 startup competition, the core Community Futures Program as well as local and regional programs with the support of FedDev Ontario.
As of December 2018, N1M has resulted in 73 jobs created, 59 jobs maintained, $3.7 million invested in R&D, 10 new patents, $1.3 million in pre-sales crowdfunding, $3.9 million raised in follow-on funding or financing, and $4.3 million in sales.
Each N1M recipient receives up to $30,000 in seed financing, matched by the business, and up to $10,000 in training, mentoring and business services.
This additional non-repayable contribution of $1.1 million brings FedDev Ontario’s total investment in Northumberland CFDC’s N1M program to $2.2 million, and is expected to support other Eastern Ontario communities such as Renfrew County, where Renfrew CFDC recently launched its $100,000 technology start-up competition.
Northumberland CFDC will continue to develop its partnerships with organizations such as the Impact Centre at the University of Toronto, the University of Ontario Institute of Technology’s Brilliant Entrepreneurship program in Oshawa and the GreenCentre Canada in Kingston to expand the reach of the N1M program across the region.
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