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Archived - Minister Goodyear Announces Investment to JumpStart Waterloo Region Businesses
January 15, 2015 – Waterloo, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Entrepreneurs in the Waterloo Region will benefit from up to $8 million announced today by FedDev Ontario Minister Gary Goodyear, along with Kitchener-Waterloo MP Peter Braid.
The Harper Government is providing the Waterloo Accelerator Centre with up to $8 million to expand its AC JumpStart Program.
AC JumpStart provides seed funding and skills training to help local companies become more market, customer and investment-ready. The program, originally piloted from 2013 to 2014, will now include the addition of regional post-secondary institutions Conestoga College, University of Waterloo and Wilfrid Laurier University as delivery partners.
The new funding for AC JumpStart is expected to help 180 high-potential businesses grow, which will result in the creation of an estimated 700 jobs. This will help diversify businesses in the region by boosting technology companies in fields like cloud computing, green energy and eCommerce.
FedDev Ontario's Investing in Business Innovation initiative is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
- The Waterloo Accelerator Centre's pilot JumpStart program, also supported by the Government of Canada, assisted 30 start-up companies. These companies have created 212 new jobs in the Waterloo Region, generated $3.1 million in combined revenue, and are expected to raise $5 million in private investment.
- Through the first phase of Investing in Business Innovation (IBI) launched in October 2010, the Government of Canada invested nearly $57 million in repayable contributions to 86 companies, leveraging almost three times more in private sector investments. More than $3 million was also invested in 13 angel networks and associations.
- IBI funding is currently 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.
"Our Government is fostering economic growth in Kitchener, Cambridge and all of the Waterloo Region by investing in our innovative businesses. Today's announcement is a great example of how we are helping high-potential companies bring great ideas to market faster. Helping our entrepreneurs and original thinkers export their products and services to the rest of the world creates jobs, growth and economic prosperity here at home."– Gary Goodyear, Minister of State for FedDev Ontario
"The Waterloo Region is recognized as a centre for innovation and I am proud that our Government is partnering with the Waterloo Accelerator Centre, once again, to help innovative businesses to succeed. The AC JumpStart program will provide the critical funding and training that local entrepreneurs need in order to grow their businesses and, in turn, grow the economy."– Peter Braid, Member of Parliament for Kitchener-Waterloo
"AC JumpStart allows us to extend the reach of the Accelerator Centre's world-class incubation programming and mentorship beyond the four walls of our facility to help hundreds of young companies across Waterloo Region."– Paul Salvini, CEO, The Accelerator Centre
- Backgrounder: FedDev Ontario's Contribution to the Waterloo Accelerator Centre's AC JumpStart Program
- Speech: Investing in Business Innovation Initiative Funding Announcement for the Waterloo Accelerator Centre
- Photos: Minister Goodyear Announces Investment to Jumpstart Waterloo Region Businesses
Director of Communications
Office of the Honourable Gary Goodyear
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