Today, the Government of Canada, through FedDev Ontario, has announced it is investing $52.4 million in an Ontario wide scaleup platform. As part of the investment, Waterloo Region will receive $18 million in funding to be shared between project partners Communitech, the Accelerator Centre, Velocity, and Wilfrid Laurier University’s Launchpad...
Waterloo, Ontario - April 16, 2019 - Today, the Government of Canada, through FedDev Ontario, has announced it is investing $52.4 million in an Ontario wide scaleup platform.As part of the investment, Waterloo Region will receive $18 million in funding to be shared between project partners Communitech, the Accelerator Centre, Velocity, and Wilfrid Laurier University’s Launchpad with the goal of creating at least 30 startup companies with annual revenues of at least $100M by 2024. Locally, the partners will support companies as they create 6,000 new jobs, generate $2B in new revenues, and attract more than $750M in new investment capital.
“When it comes to innovation, Canada is home to countless success stories. We have all the right ingredients to lead the future, a future where tech and innovations are engines of prosperity. Where we have traditionally faced a challenge in Canada, is companies scaling up from $5 million to $100 million dollars. We know, talking to many entrepreneurs and startups leaders, that they would love to scale up and stay in Canada; they don’t want to have to sell out to global investors and Silicon Valley. We recognize the benefits of them scaling up at home are enormous…we want to help them grow into the global platforms we know that can be.” - The Right Honourable Justin Trudeau, Prime Minister of Canada
The Accelerator Centre will utilize funding to focus on two key areas:
The Accelerator Centre has a long track record of successfully supporting scaling firms. Over the its 13-year history, over 200 companies have completed Accelerator Centre programming. These companies, including rapidly scaling tech powerhouses like Kik, Miovision, Axonify, TopHat, eleven-x and SSIMWAVE, are exemplary of the Accelerator Centre’s motto: Built to Scale and represent the kind of companies the new scale up project hopes to create.
“With the funding provided by through FedDev Ontario, the Accelerator Centre will continue to do what we do best; leverage our experience and award-winning program to help startup companies grow and scale quickly. In order to be truly successful and win globally, these high potential companies need intensive learning opportunities, meaningful mentorship, and one-to-one support. The Accelerator Program is unique in that it provides these supports in a structured model that has been proven to give startup companies the highest probability of long-term success. We are excited to be working as a partner in the Waterloo scaleup project as we work together to achieve the goal of creating at least 30 new $100M startup companies by 2024.” - Dr. Paul Salvini, CEO, Accelerator Centre
For more information contact:Tabatha LavertyManager, Marketing and Communications
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