Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

July 20, 2016 13:00 ET

Minister Chagger Announces Latest AC JumpStart Program Cohorts

WATERLOO, ONTARIO--(Marketwired - July 20, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, the Honourable Bardish Chagger, Minister of Small Business and Tourism and Member of Parliament for Waterloo, delivered the keynote address at the Accelerator Centre's (AC) Spark event. The event highlights some of the brightest entrepreneurial prospects in the Waterloo Region and provided the Minister with an opportunity to announce the third and fourth cohorts of the AC JumpStart program.

Since 2013, FedDev Ontario has provided more than $8.9 million to the AC JumpStart program, an innovative incubation and mentorship program aimed at helping Waterloo region technology start-ups to establish and grow their businesses. The latest cohorts consist of 51 high-potential technology companies, bringing the total to 95 companies supported through this program. Each AC JumpStart recipient will receive up to $30,000 in seed financing to be matched by the company and access to mentoring and coaching, market research and validation as well as introductions to investors and customers through program partners.

For a complete list of companies, please visit the Accelerator Centre website.

Quotes

"I'm excited that the AC JumpStart program continues to support entrepreneurs as they build innovative businesses and products. The Government of Canada is proud to support the Accelerator Centre in Waterloo and the start-up and scale-up of small- and medium-sized companies. Through the Government of Canada's Innovation Agenda, our Government will do more to help high-potential companies bring great ideas to market faster, and create quality middle-class jobs in Ontario and across Canada."

- The Honourable Bardish Chagger, Minister of Small Business and Tourism

"The AC JumpStart program is an incredible opportunity to bring together the Accelerator Centre's world-class programming with the teaching and research expertise of our academic partners, providing early-stage companies with the resources, funding, and mentorship they need to grow and scale their businesses globally."

- Paul Salvini, Chief Executive Officer, Accelerator Centre

Quick Facts

  • The Accelerator Centre in Waterloo, established in 2006 as a not-for-profit corporation dedicated to building and commercializing technology start-ups, has assisted more than 300 early-stage companies in the Waterloo region.
  • In January 2015, FedDev Ontario provided a non-repayable contribution of $8 million, through the Investing in Business Innovation initiative, to expand the AC JumpStart program. FedDev Ontario's funding will leverage $5.4 million from not-for-profit and private sector partners.
  • Through this project, the Accelerator Centre in Waterloo is expecting to help 180 high-potential businesses grow, which will result in the creation of an estimated 700 jobs. This will help diversify businesses in the region by boosting technology companies in fields like cloud computing, clean technology and financial technology.
  • In 2013, FedDev Ontario also provided the Accelerator Centre in Waterloo with $945,000 to pilot the AC JumpStart program, which assisted 30 start-up companies. These companies have created 212 new jobs in the Waterloo region, generated $3.9 million in combined revenue, and are expected to raise $5 million in private investment.

Associated Links

Investing in Business Innovation

Accelerator Centre - AC JumpStart

Canada's Innovation Agenda

Website: www.FedDevOntario.gc.ca

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