Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

April 14, 2014 13:10 ET

FedDev Ontario's Minister Goodyear Talks Innovation in Waterloo

WATERLOO, ONTARIO--(Marketwired - April 14, 2014) - Federal Economic Development Agency for Southern Ontario (FedDevOntario)

Minister Goodyear opened the second Waterloo Innovation Summit by highlighting the Government of Canada's commitment to supporting entrepreneurs. He spoke about some groundbreaking and innovative projects funded by FedDev Ontario, including the Mac App Store's top photo app, Flixel.

The Minister also outlined a series of new funding initiatives, launched in December 2013 that will continue to fuel business innovation in the region. More than $530 million over five years is available through the four Southern Ontario Prosperity Initiatives, aimed at retaining, attracting and growing businesses in southern Ontario to increase the region's global competitiveness. This includes the Investing in Business Innovation initiative, aimed at fostering a more competitive southern Ontario economy by providing business support to new entrepreneurs, helping them transform their ideas into globally-competitive products and services, and increasing their access to private sector investment and advice.

Quick Facts

  • Ontario's Information and Communications Technology, or ICT, industry directly employs more than 200,000 people, representing almost half of the sector employment in Canada. The region is home to more than 1,000 technology companies, which generate more than $30 billion in revenues annually. There are over 30,000 tech professionals in the area, more than 17,000 employed specifically in ICT locally.FedDev Ontario's $985,000-contribution to Aeryon, along with funds raised through the Golden Triangle Angel Network, has helped them bring a new small Unmanned Aerial System-the SkyRanger™-to market. Total project costs were over $4.1 million with projected leveraged investments of nearly $3.2 million.

  • FedDev Ontario contributed $283,333 to Flixel, toward total project costs of $850,000. This helped accelerate the commercialization of their Cinemagraph software, which allows the creation of hi-res photos with moving elements. The company leveraged up to $566,667 from a syndicate of partners that include Mantella Venture Partners and the MaRS Angel Network.

Quotes

"Our Government understands that Canadian innovators need our support in order for their game-changing ideas to compete in a fast paced competitive global market. To that end, our Government, through FedDev Ontario is investing in the newest and brightest ideas that will not only help Canada to compete, but to lead global innovation."

Gary Goodyear, Minister of State for FedDev Ontario

"Helping our small- and medium-sized businesses access the tools they need to stay productive and competitive is imperative. An essential part of this goal is support for innovation."

Peter Braid, Member of Parliament for Kitchener-Waterloo

Related Products

Address to the Waterloo Innovation Summit

Flixel Demo

Associated Links

- Southern Ontario Prosperity Initiatives

- Flixel

- Aeryon

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