Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

June 15, 2016 09:50 ET

FedDev Ontario Supports Innovative Initiatives at the Innovation Centre at Bayview Yards

OTTAWA, ONTARIO--(Marketwired - June 15, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

A federal investment of up to $8 million will help early-stage companies bring their products and services to market faster, creating well-paying middle-class jobs for the National Capital Region.

The funding for the Innovation Centre at Bayview Yards, a business incubator and accelerator, was announced by Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario. The Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre and David McGuinty, Member of Parliament for Ottawa South, also participated in the announcement.

Due to open in the fall of 2016, the Innovation Centre at Bayview Yards will provide the office space and business supports for local entrepreneurs and early-stage firms to scale up faster. That includes getting faster access to global markets and supply chains.

FedDev Ontario's contribution will support the development and delivery of three of the centre's initiatives. They include the Advanced Digital Media Lab and Maker Space, which will provide a space for entrepreneurs and small- and medium-sized businesses to test products. The programs will also provide entrepreneurs with access to leading-edge tools, technologies and equipment. The Global Cybersecurity Resource Program will provide start-ups and small- and medium-sized businesses with access to cybersecurity expertise and resources, enabling them to build new international partnerships.

Initiatives supported through this funding will help strengthen four high-growth sectors: digital media; software; defence, aerospace and security; and clean technology. They will help strengthen the National Capital Region as a leader in the development and commercialization of next-generation technologies.

Quotes

"Companies need the right resources, at the right time, to bring innovative products to market. The Government of Canada is proud to invest in business incubators and accelerators, such as the Innovation Centre at Bayview Yards, to attract new investments and drive economic development."

  • The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

"Companies and talent are coming to Ottawa to develop ideas, build relationships and gain new tools for growth. Spaces like this represent the future of business in this city, and the careers of tomorrow's youth. Through FedDev Ontario-supported innovative programming at the Innovation Centre at Bayview Yards, start-ups and entrepreneurs will be able to access the resources that will help create good jobs in Ottawa Centre and across the entire National Capital Region."

  • The Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre

"Today's announcement illustrates the importance of supporting innovators and savvy entrepreneurs. With this project, the Innovation Centre at Bayview Yards will help companies gain access to the resources they need to test, develop, and market their products.

  • David McGuinty, Member of Parliament for Ottawa South

"This FedDev Ontario investment in the Innovation Centre will help start-ups and create jobs in Ottawa. The Government of Canada's contribution recognizes entrepreneurship and innovation as a critical way to grow our economy, and this supports the City's economic development strategy, Partnerships for Innovation."

  • His Worship Jim Watson, Mayor of Ottawa

"We are delighted to welcome the Government of Canada as a strategic partner and investor in the Innovation Centre. Ottawa develops some of the world's greatest technology firms and makes a significant contribution to our national economy. This funding will enable us to equip Ottawa firms with new capabilities in advanced manufacturing, digital media and cybersecurity. It will also increase their competitiveness in global markets, driving job and wealth creation across our region."

  • Steve West, Chair of the Board, Innovation Centre at Bayview Yards

Quick Facts

• The FedDev Ontario-supported program is expected to help about 1,200 businesses accelerate the development and commercialization of more than 200 products and services attract tens of millions in follow-on investment from participating companies and the region more broadly; and create over 200 new jobs.

• To date, the Innovation Centre has acquired $30 million in public investment, including $15 million in funding in-kind contribution of personnel and donated real-estate from the City of Ottawa and $15 million from the Government of Ontario. FedDev Ontario's $8 million non-repayable contribution to this new program will leverage more than $18.9 million of municipal and provincial investment and additional contributions from private, post-secondary and not-for-profit partners, and contribute to a local program valued at more than $26.9 million.

• The Innovation Centre at Bayview Yards, scheduled to open in fall 2016, will be a hub and launch pad for Ottawa's local technology talent and companies. It will be a one-stop business acceleration shop with technical, business and market services, resources and expertise to help entrepreneurs and companies grow and compete globally.

Associated Links

Investing in Regional Diversification

Innovation Centre at Bayview Yards

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