Government of Canada invests $10 million to support innovation in the technology sector

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Today the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of 10 million Canadian dollars for the Waterloo Acceleration Center (Waterloo AC) to launch the Venture Studio innovation program.

The program will help start-up technology companies in southwestern Ontario grow and bring their products to market faster through access to mentorship and financial support.

The Waterloo Accelerator Center will lead the delivery of the program, in partnership with five partners in southwestern Ontario. These partners are WEtech Alliance (WEtech), Innovate Niagara, SnapPea Design, Conestoga College and Uvaro.

The program aims to accelerate the growth of high-potential start-up companies in the clean and sustainable technology, nanotechnology and health technology sectors. Successful applicants will receive financial support, mentorship, marketing, sales and investment expertise to help them grow and develop innovative technology solutions to help drive the Canadian economy.

FedDev Ontario’s investment will support up to 100 start-ups, create and maintain up to 1,000 jobs and commercialize 75 new products or services.

“As with all of our programs, we are committed to ensuring that AC Studio addresses equity and diversity in our community,” said Jay Krishnan, CEO of the Accelerator Center. “As members of the Government of Canada’s 50-30 Challenge and through our own action plan, we will ensure that 50% of our programming is offered to women-led businesses and that 30% of these resources are directed at startups. that were founded by members of equity-deserving groups.

The Waterloo AC ranks among the top accelerators in Canada, having been named Canada’s Accelerator of the Year in 2018 and 2019. The center has also been recognized by UBI Global, a Swedish intelligence firm specializing in innovation hubs, as one of the top five private business accelerators in the world.

“Today’s investment in the Waterloo Accelerator Center and Venture Studio innovation program will provide Canadian entrepreneurs with access to the support, mentorship and services they need to grow and succeed,” said the Minister. of the Honorable Helena Jaczek, Minister responsible for the Federal Economic Development Agency. for southern Ontario. “Supporting Canadian jobs and economic growth in Canada’s technology sector is a priority for the Government of Canada. We are proud to support this program, which will create good jobs for Canadians and help secure Canada’s place as a world leader in the technology sector.

Applications for the Venture Studio Innovation Program are accepted until July 1, 2022.

For more details and information on the application process, click here.

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