Government of Canada Supports Innovative Entrepreneurs in Southern Ontario

WATERLOO, ONTARIO--(Marketwired - June 24, 2013) - The Accelerator Centre will provide entrepreneurship training and seed funding to help up to 30 science, technology, engineering, and math entrepreneurs launch new innovative start-up businesses, thanks to a new investment of $945,000 from the Government of Canada. The investment was announced today by Peter Braid, Member of Parliament for Kitchener-Waterloo, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

"Our Government's top priority is creating jobs, growth and long-term prosperity," said MP Braid. "This investment will support the Accelerator Centre's successful model that assists science and technology entrepreneurs in developing their business and management skills and launching promising start-up companies. Helping to bring these innovative ideas to market will benefit Waterloo Region and all of southern Ontario."

The investment is being provided through FedDev Ontario's Scientists and Engineers in Business initiative. The Accelerator Centre expects the project will create up to 30 new start-up businesses and 70 to 90 new full-time jobs, and anticipates up to $5 million in private investments could be generated for these new companies through its support. The Accelerator Centre will provide up to $750,000 in seed capital for the businesses.

"For early-stage companies seeking to bring their technologies to market, access to funding and mentorship at this formative stage can be a significant hurdle," says Tim Ellis, CEO of the Accelerator Centre and Accelerator Program Inc. "The JumpStart program addresses both of these challenges for start-ups. It provides essential funding, and through our Accelerator Program, offers these companies access to experts who can provide business guidance and mentorship. I firmly believe that because of JumpStart, many more early-stage companies will realize success in the market."

Scientists and Engineers in Business, one of FedDev Ontario's Southern Ontario Advantage initiatives, aims to improve the success rate of start-up businesses in southern Ontario by developing business skills of entrepreneurs in the fields of science, technology, engineering, and math, and providing targeted support to help them bring innovative ideas and products to market.

To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.

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. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.

As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of their streets and communities, their pride in being citizens of this country, and their personal financial security.

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IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.

This news release is available online at: www.FedDevOntario.gc.ca.