March 31, 2006 17:41 ET

Communitech Welcomes Ontario Government Initiatives to Support Startup Companies and Waterloo Research Institutes

WATERLOO, ONTARIO--(CCNMatthews - March 31, 2006) - Communitech, the Waterloo Region's Technology Association, welcomes the Ontario government announcement in last week's budget that it is making significant investments in two Waterloo-based research institutes and supporting the growth of innovative startup companies in the province.

In the budget speech last Thursday, the government pledged $50 million for the University of Waterloo's Institute for Quantum Computing (IQC) and an additional $50 million for Perimeter Institute for Theoretical Physics (PI).

Over the next four years, the province will also provide substantial support for startup companies to assist in the commercialization of innovation. This includes $46 million to help startups become investor-ready and assist them in achieving early-stage milestones such as technical and market feasibility.

"The budget includes some fantastic news for this region," said Communitech president Iain Klugman. "It champions innovation at all stages from pure research to productization. The support for our two new world-class research facilities is phenomenal and we're very encouraged by the support announced for startup companies, which often need some assistance to develop to a point where they can attract investors."

Through its Entrepreneurial Venture Support Program, Communitech helps startups and early-stage entrepreneurs grow their businesses at every stage of the innovation process from concept to product. At no charge to entrepreneurs, the association provides one-on-one consultations to startup companies, acts as a liaison with the venture capital community, and helps connect entrepreneurs with a wide range of resources in the community.

In partnership with WatStart, the Waterloo Technology Startup Network, Communitech also identifies entrepreneurs at the earliest stages and helps immerse them into the local high-tech business community.

"Encouraging and supporting startups and helping them become investor-ready is a major part of our role in Waterloo Region," said Klugman. "We're extremely pleased to see the Ontario government's emphasis on early-stage technology companies in this budget."

"This region is known across the province and around the world for generating innovative companies," added Klugman. "We look forward to working with the Ontario Ministry of Research and Innovation as it refines the processes for delivering the visionary policies set out in this budget."

About Communitech

Communitech is a member-based organization driving the growth and success of Waterloo Region's tech sector through a vibrant network of leadership, connections and promotion. For more information, please visit

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