November 28, 2014 – Mississauga, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
FedDev Ontario Minister of State Gary Goodyear, along with Mississauga-Brampton South MP Eve Adams, today announced up to $6.28 million that will help grow innovative businesses and generate job growth in the Toronto area.
FedDev Ontario is providing up to $6.28 million for nine companies to further develop and market a variety of products, from business software, to synthetic sapphire components for LED screens, to handheld infection detection, to underwater energy storage. These companies have attracted more than $18.7 million from venture capital and angel investors.
The Government of Canada’s contribution is through the Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
- The nine companies receiving funding expect to create approximately 124 jobs during the project period.
- Investing in Business Innovation funding is currently available for early-stage businesses with fewer than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.
- Through the first phase of Investing in Business Innovation launched in October 2010, FedDev Ontario invested nearly $57 million in repayable contributions to 86 companies, leveraging almost three times more in private sector investments. FedDev Ontario also invested more than $3 million in 13 angel networks and associations.
“Our government is fostering economic growth in the Toronto area by investing in innovative Canadian businesses. Today is just one example of how we are helping companies bring together a range of services and resources, moving Canadian ideas and products to markets around the world, ultimately creating jobs, growth and economic prosperity.”
– Gary Goodyear, Minister of State for FedDev Ontario
“The Greater Toronto area is recognized as a hotbed for innovation and I am proud our Government is providing the resources to help high-growth businesses to succeed and create jobs.”
– Eve Adams, Member of Parliament for Mississauga-Brampton South
Director of Communications
Office of the Honourable Gary Goodyear