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Archived - Minister Goodyear Announces Support for New and Growing Businesses in Waterloo Region

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Investments to Support Job Creation and Economic Growth

November 12, 2014Kitchener, OntarioFederal Economic Development Agency for Southern Ontario (FedDev Ontario)

FedDev Ontario Minister of State Gary Goodyear, along with MPs Harold Albrecht, Stephen Woodworth and Peter Braid, today announced up to $2.03 million that will help grow innovative businesses in the Waterloo region.

FedDev Ontario is providing up to $1.53 million for three companies to further develop and bring to market a variety of products, from customization of an unmanned vehicle, to a digital display advertising system to social media content analysis. These companies have attracted more than $3.1 million from venture capital and angel investors.

FedDev Ontario is also providing up to $500,000 for the Golden Triangle Angel Network to support the growth of the angel investor community in southern Ontario. This will enable businesses to benefit from more investment capital and coaching.

The Government of Canada's contributions, through the Investing in Business Innovation initiative, are aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.

Quick Facts

  • Clearpath Robotics, a global leader in the unmanned vehicle robotics industry for research and development, will develop software that will enable faster customization and upgrading of its unmanned vehicles.
  • In the Chat will expand its digital customer service software which enables large-scale enterprises to support and respond to their customers through text messaging and social media into the United States market.
  • WestonExpressions Inc. is finalizing the development of its interactive advertising display system called LINKETT that identifies consumer behaviours and provides that information to marketers. This makes in-store marketing more effective and measurable on a real-time basis.
  • The Golden Triangle Angel Network is expected to attract 100 new angel investors, which will help them invest an anticipated $40 million in 100 companies over a five-year period.
  • Through the first phase of Investing in Business Innovation launched in October 2010, FedDev Ontario invested nearly $57 million in repayable contributions to 86 companies, leveraging almost three times more in private sector investments. FedDev Ontario also invested more than $3 million in 13 angel networks and associations.
  • Investing in Business Innovation funding is available for early-stage businesses with fewer than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.

Quotes

"Our Government continues to invest in jobs, growth and prosperity by supporting start-up and early-stage businesses. Innovative start-ups need access to capital today to grow into the flagship businesses of tomorrow and we are creating that environment, right here, in the Waterloo region."

– Gary Goodyear, Minister of State for FedDev Ontario

"This investment in Clearpath Robotics will help to enhance its R&D capacity, enable further customization of its unmanned vehicles and expand its sales in global markets."

– Harold Albrecht, Member of Parliament for Kitchener-Conestoga

"The investment announced today will help WestonExpressions Inc. complete the final development of its digital display advertising system and to take its business to market."

– Stephen Woodworth, Member of Parliament for Kitchener Centre

"Today's announcements will help the Golden Triangle Angel Network to broaden its impact, and allow In the Chat Communications Inc. to expand to the U.S. and international markets."

– Peter Braid, Member of Parliament for Kitchener-Waterloo

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Associated Links

Contacts

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

Media Relations
FedDev Ontario
416-954-6652
FedDevMedia@FedDevOntario.gc.ca

Toll Free: 1-866-593-5505
Website: www.FedDevOntario.gc.ca
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