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.
