Government of Canada Supports McMaster University Graduates to Start Up Businesses in Southern Ontario

HAMILTON, ONTARIO--(Marketwire - Feb. 24, 2012) - David Sweet, Member of Parliament for Ancaster-Dundas-Flamborough-Westdale, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario, today announced up to $787,500 in Government of Canada funding that will allow McMaster University to provide graduates and graduate students in the fields of science, technology, engineering, and math (STEM) with entrepreneurial skills.

"Our government is committed to creating jobs and supporting economic opportunities in southern Ontario through investing in the ideas of graduates and providing them with the skills necessary to become successful entrepreneurs," said MP Sweet. "This funding for McMaster University will equip the students with the skills needed to bring their innovative, market-driven ideas to life, contributing to the growth of the southern Ontario economy."

The funding is being provided through the Federal Economic Development Agency for Southern Ontario's Scientists and Engineers in Business initiative, designed to assist graduates and graduate students in STEM fields in developing their business skills and launching or expanding their business ventures in southern Ontario.

McMaster University will use the contribution to provide up to 75 fellowships to eligible STEM students and graduates to help them successfully convert their ideas into new companies and create jobs in southern Ontario.

"This investment in student mentorships is critical to stimulate start-up companies by students who have the ideas and drive to start their own high tech ventures," says David Wilkinson, dean of McMaster's Faculty of Engineering, who expects the funding to assist in the creation of up to 30 companies. "These mentorships are vital components in building the next generation of entrepreneurs and each will give them the fighting chance to succeed."

For more information on the Scientists and Engineers in Business initiative, please refer to the website.

Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched 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 encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, visit www.feddevontario.gc.ca or call 1-866-593-5505.