Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

October 13, 2010 10:11 ET

Government of Canada Launches New Program to Help Graduates Start Innovative Businesses

Economic Action Plan Invests in Southern Ontario Future Leaders

ST. CATHARINES, ONTARIO--(Marketwire - Oct. 13, 2010) - Science and engineering graduates with innovative, market-driven ideas will benefit from a new program to build their business skills. The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced the new Scientists and Engineers in Business initiative at an event today at Brock University in St. Catharines.

"Our government recognizes the importance of investing in the ideas of recent graduates and graduate students and providing them with the skills necessary to become successful entrepreneurs," said Minister Goodyear. "By providing the necessary tools, we will create jobs and fuel business innovation and growth in southern Ontario."

Scientists and Engineers in Business will provide up to $50 million over four years to not-for-profit organizations and post-secondary institutions to help build the entrepreneurial skills of recent graduates and graduate students in the science, technology, engineering and mathematics fields who have developed fresh ideas for business start-ups, and support them as they bring their ideas to market, launch or expand their businesses.

"This is a strategic program that complements other initiatives aimed at accelerating a knowledge-based economy in central Canada," said Brock University President Jack Lightstone. "By helping recent graduates overcome economic barriers, more competitive products, processes and services will make it onto the market."

Scientists and Engineers in Business is a direct result of feedback from business leaders, academics and community leaders across the region, who suggested FedDev Ontario take a leadership role in building a link between technical knowledge and business skills to help foster innovation. For more information on this initiative, please refer to the backgrounder.

"Our government understands that science powers commerce. To remain at the forefront of the global economy, we will continue to invest in the people, labs, facilities and ideas that will produce tomorrow's breakthroughs," said Rick Dykstra, Member of Parliament for St. Catharines.

FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency is launching a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.

Contact Information

  • Office of the Honourable Gary Goodyear
    Gary Toft
    Director of Communications
    613-943-7599
    or
    FedDev Ontario
    Media Relations
    519-571-6879