Speaking Points
The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario
Kitchener, Ontario
November 12, 2014
Check against delivery
Good morning ladies and gentlemen, friends and guests.
As you can see from looking around the office here, many people are hard at work at this growing company. This space and what you see here is an example of the three high-growth companies in the Waterloo Region that are represented here today.
It is companies and angel networks and associations such as yours that are creating jobs and bringing new ideas to the forefront each and every day.
As you know, small businesses are the backbone of the Canadian economy, employing approximately 70 percent of the total labour force in the private sector, accounting for nearly 90 percent of Canadian exporters, and contributing about 41 percent to Canada's private sector gross domestic product.
That's why our Government is committed to helping our entrepreneurs and businesses to grow and succeed.
Ladies and gentlemen, from lowering taxes, to cutting red tape, to signing free trade agreements, our Government has been setting the right macro-economic conditions to ensure Canadian businesses succeed.
Just this September, we introduced the Small Business Job Credit to provide new tax relief. It will save small businesses more than half a billion dollars over two years. And the Canada Revenue Agency will automatically calculate the credit on a business' return, ensuring no new paper burden will be imposed on business owners.
But whether your business deals with international customers and markets, or has a more local focus here in southern Ontario, our Government has services, programs and information to help you succeed.
We understand that the two biggest obstacles to SME business growth are the state of the economy and access to financing, and we are doing what we can to help you work within the reality of these challenges.
Our Government has taken significant action to ensure that a sustainable fiscal situation and a competitive business tax system are in place to create an environment that encourages new investment, growth and job creation, and to ensure that Canada continues to have the strongest fiscal position and the lowest business tax costs in the G-7.
And here in southern Ontario, to help our communities and businesses move from economic recovery to growth, our Government created the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario, in 2009.
FedDev Ontario ensures our Government can continue to support the growth and diversification of the southern Ontario economy, through investments in the people and ideas that will help SMEs succeed, grow and continue to play an important role in bringing economic prosperity to our region.
Folks, I can tell you our investments so far are making a difference for the people and businesses of southern Ontario.
Through our Investing in Business Innovation initiative, for example, we have boosted private sector investment in start-up businesses to accelerate the development of new products, processes and practices and bring them to market.
Angel investors, in particular, are playing a larger role in not only financing, but also in mentoring and coaching entrepreneurs. They invest their time and money in smaller deals with earlier stage companies, which really help these firms grow.
Angel investor Randall Howard was honoured this month with the national BDC Capital Canadian Angel of the Year Award for his work with the Golden Triangle Angel Network which has pumped millions into technology startups in the Kitchener-Waterloo Region.
In fact, two of the three companies in today's announcement are receiving funding from members of the Golden Triangle Angel Network.
So without further delay, let's get to the good news you're all anxious to hear.
I am pleased to announce that FedDev Ontario is providing Clearpath Robotics with up to $950,000 to accelerate the development and commercialization of software to customize its unmanned vehicles and to develop prototypes that have new software enhancements to their existing robotic platforms.
Furthermore, we are providing In the Chat Communications Inc. with up to $400,000 to expand its social media content analysis product into the United States market, and almost $180,000 to WestonExpressions Inc. to complete the final development of its digital display advertising system, execute a global sales and marketing plan, and to protect its intellectual property.
And finally, the Golden Triangle Angel Network will be receiving up to $500,000 to improve its investment and reporting tools, expand its angel investor membership, increase the pool of angel investment funds, and improve mentoring support available to early-stage high growth companies in southern Ontario. This funding is projected to increase the network's membership from 100 to 200, resulting in 100 additional companies receiving over $40 million of investment over a five-year period.
Ladies and gentlemen, our Government believes that it is support like this that can help put our southern Ontario innovations and companies on the map.
Congratulations again.
Thank you.
