Government of Canada invests $10 million to support innovation in the technology sector
News release
FedDev Ontario investment to support up to 100 start-ups, create and maintain up to 1,000 jobs, and commercialize 75 new products or services
June 6, 2022 - Waterloo, Ontario
Canada’s technology sector has the potential to be a global leader, creating vital products and good jobs for Canadians. The Government of Canada is committed to supporting the network of innovative start-ups in this important sector as they grow and commercialize technologies to better the health and lives of Canadians, create quality jobs, and boost Canada’s economy.
Today, on behalf of the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Honourable Bardish Chagger, Member of Parliament for the Riding of Waterloo, announced an investment of $10 million for the Waterloo Accelerator Centre to launch the Venture Studio Innovation Program. The program will help start-up innovation and technology companies across southwestern Ontario scale-up and bring products to market faster through access to mentorship and financial support.
The Waterloo Accelerator Centre will lead on the delivery of the program, in partnership with five southwestern Ontario-based partners: WEtech Alliance (WEtech), Innovate Niagara, SnapPea Design, Conestoga College and Uvaro. The program aims to fast-track the growth of high-potential start-up companies in the cleantech, nanotech, and healthtech sectors. Successful applicants will receive financial support, mentorship, marketing, sales and investment expertise to help increase their ability to grow to develop innovative Canadian technology solutions sooner, create quality jobs for Canadians, and drive growth for Canada’s economy.
The program will support up to 100 high-growth start-ups, and will provide high potential businesses with additional, specialized opportunities to build, grow and scale their technologies. These participating businesses are expected to create and maintain up to 1,000 jobs and commercialize 75 new highly innovative products or services. Applications for the Venture Studio Innovation Program are currently being accepted until July 1, 2022.
Additional details related to the program and application process can be found at www.ac-studio.ca.
Quotes
“Today’s investment in the Waterloo Accelerator Centre and the Venture Studio Innovation Program will provide Canadian entrepreneurs with the access to the support, mentorship and services they need for growth and success. Supporting Canadian jobs and economic growth in Canada’s technology sector is a priority for the Government of Canada. We are proud to support this program that will create good jobs for Canadians and help secure Canada’s place as a global leader in the technology sector.”
– The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“This investment in the Waterloo Accelerator Centre will help our region further develop its network in leading-edge innovation. This project will support the continuing development of a healthy pipeline of high-potential start-up companies in cleantech, nanotech, and healthtech, and create and maintain 1,000 highly skilled jobs right here in the Waterloo Region and across southwestern Ontario."
– The Honourable Bardish Chagger, Member of Parliament for the Riding of Waterloo
“There is no doubt, the number one thing start-up founders need is enhanced access to capital, particularly seed funding. The AC has long played an important role in providing that access to start-ups in Waterloo and across southern Ontario. Today, with the support of FedDev Ontario, we’re proud to be able to continue working with our partners to advance innovation in the cleantech, nanotech, and healthtech sectors. Through this program we will provide founders with the funding, mentorship, and tactical supports they need to build business that thrive and create global impact.”
– Jay Krishnan, CEO, Accelerator Centre
Quick facts
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Founded in 2006, the Waterloo Accelerator Centre (Waterloo AC) is a not-for-profit organization that enables clients to become sustainable innovative businesses that create jobs and stimulate economic activity.
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The Waterloo AC ranks among the top accelerators in Canada, having been named Accelerator of the Year in Canada, both in 2018 and 2019. The Waterloo AC has also been recognized by UBI Global (a Swedish intelligence company specializing in innovation hubs) as one of the top five private business accelerators in the world.
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The Regional Innovation Ecosystem initiative, delivered by FedDev Ontario, aims to create, grow and develop strong and inclusive regional ecosystems that support business growth and innovation, as well as the
entrepreneurial environment necessary to foster more innovative regional economies and increase the competitiveness of SMEs. -
Since 2015, the Government of Canada, through FedDev Ontario, has invested over $400 million in almost 180 projects related to technology in southern Ontario.
Associated links
Contacts
Monica Granados
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Monica.Granados@feddevontario.gc.ca
Media Relations
FedDev Ontario
feddevontariomediarelations-relationsmedias@feddevontario.gc.ca
Stay Connected
Website: www.FedDevOntario.gc.ca
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