May 19, 2015 – Waterloo, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
The Honourable Tony Clement, President of the Treasury Board of Canada, on behalf of the Honourable Gary Goodyear, Minister of State for FedDev Ontario, today announced up to $3 million for Communitech Corporation to establish the Open Data Exchange (ODX), which will be located in Waterloo, Ontario. Joining Minister Clement to make the announcement was local Kitchener—Waterloo Member of Parliament Peter Braid.
The project is expected to result in the incubation of 15 new data-driven companies. It is also expected to create a total of 370 direct and indirect jobs, and to leverage $3-million from project partners and an additional $50 million in venture capital and other financing.
Open data is structured data that is machine-readable and freely shared, used and built without restrictions. The ODX will support the development of industry standards for open data, build a national marketplace where commercialization of open data can flourish, and support a pan-Canadian open data innovation community that will incubate the next generation of data-driven companies.
The purpose of the ODX is to unlock the economic potential of open data for the Canadian economy, by supporting a sustainable collaboration between the private sector, academia and government.
The ODX is a key component of the Government of Canada's Action Plan on Open Government 2.0 and supports the goals of Digital Canada 150.
Budget 2014 allocated $3 million over three years for the creation of an open data institute. Funding for ODX is being provided through a non-repayable contribution under FedDev Ontario's Investing in Commercialization Partnerships initiative.
Saro Khatchadourian
Office of the Honourable Gary Goodyear
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Media Relations
FedDev Ontario
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