Minister Goodyear Announces Support to Help Canadian Tech-Businesses Grow and Prosper

News Release

July 21, 2015 – Kitchener, ON

Funding that will provide Canadian entrepreneurs with the resources and expertise needed to develop their business plan, seek future financing and cultivate new international markets for products and services was announced today by the Honourable Gary Goodyear, Minister of State (Federal Economic Development Agency for Southern Ontario), Stephen Woodworth, Member of Parliament for Kitchener Centre, and Peter Braid, Member of Parliament for Kitchener-Waterloo. The Government of Canada’s investment in Communitech Corporation, was made through the Canada Accelerator and Incubator Program (CAIP).

With this investment, Communitech and its partners at the University of Waterloo, Wilfrid Laurier University, and the Waterloo Accelerator Centre will receive up to $9.7 million in funding over five years.

These organizations play an important role in preparing early stage companies for successfully accessing investment capital, and serve as an invaluable resource for entrepreneurs in developing products for a competitive global marketplace.

Quick facts

On June 20, 2014, Prime Minister Stephen Harper announced fifteen incubators and accelerators chosen to advance in the selection process for CAIP, which is designed to help outstanding small and medium-sized Canadian enterprises grow, prosper and create jobs. Communitech is the fifteenth incubator and accelerator to be announced as part of CAIP.
Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP provides support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients are required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.
Communitech works with local partners – the University of Waterloo Velocity, the Laurier LaunchPad and the Waterloo Accelerator Centre – to deliver a mix of accelerator and incubator programs. These partners have worked together for a number of years to support small and medium-sized businesses that are poised for rapid growth. Waterloo Region companies, such as Plasticity Labs, Thalmic Labs, and MappedIn have received help from these programs in making the transition from start-up to successful company.

Quotes

“Today’s announcement will ensure Canada’s promising start-up businesses have the resources they need to grow, innovate and create jobs right here in Ontario. Investing in Communitech is just another example of our government’s commitment to strengthening Canada’s science and technology sector. I’m proud to say that the Government will continue to support Canadian innovation, create jobs, and promote economic growth.”

Gary Goodyear, Minister of State (Federal Economic Development Agency for Southern Ontario)

“This announcement is yet another example of our Government’s commitment to jobs, growth, and prosperity in Kitchener and across Canada. The nearly $9.7 million pledged to Communitech today will foster the growth of numerous small and medium-sized businesses that are our country’s best job creators.”

Stephen Woodworth, Member of Parliament for Kitchener Centre

“Our government is committed to low taxes and connecting small and medium-sized businesses across the country with the resources they need to grow and innovate. Today’s announcement is great news for the Kitchener-Waterloo region, as local companies will benefit from this investment.”

Peter Braid, Member of Parliament for Kitchener-Waterloo

“This investment by the Government of Canada through the Canada Accelerator and Incubator Program will help create and support hundreds of new globally-focused companies in Waterloo Region. We look forward to preparing those companies to do business internationally while creating more jobs in Canada.”

Iain Klugman, president and CEO, Communitech

Additional Links

Contact

Media Relations Team
National Research Council of Canada
613-991-1431
1-855-282-1637 (24/7)
media@nrc-cnrc.gc.ca
Twitter: @nrc_cnrc

Erica Furtado
Director of Communications
Office of the Honourable Gary Goodyear
613-943-7599

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Date modified:: 2015-07-21

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Minister Goodyear Announces Support to Help Canadian Tech-Businesses Grow and Prosper

News Release

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