July 28, 2015 – Cobourg, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Technology startups and innovation-driven enterprises will benefit from new funding, mentoring and support thanks to an investment announced today by FedDev Ontario Minister Gary Goodyear and Member of Parliament for Northumberland–Quinte West Rick Norlock.
The Harper Government is providing funding of up to $1.1 million, which will enable the Northumberland CFDC to expand their acceleration services with the launch of N1M. This initiative will further support startup technology companies in the region, provide N1M companies with strategy services and skills training along with performance-based, non-repayable contributions matching the entrepreneur's investment in their company. N1M is designed to give idea and validation stage startups a significant early boost.
Northumberland CFDC is working at the local level to develop a unique exurban startup ecosystem (one that includes partners such as Northumberland Manufacturers' Association, the Gaming and Entrepreneurship Lab at IDEAHUB, and Spark Centre, Northumberland's Regional Innovation Centre). N1M will expand efforts to encourage and accelerate innovation and entrepreneurship as a pathway to future prosperity, job creation and economic diversification.
The CFDC successfully piloted this initiative in 2012, through which it accelerated the launch of 22 technology companies with high-growth potential and created 53 new jobs in southern Ontario.
This non-repayable contribution is through FedDev Ontario's Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
Director of Communications
Office of the Honourable Gary Goodyear
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