The Waterloo Accelerator Center has received a $10 million investment from FedDev Ontario to launch the Venture Studio innovation program, which aims to help start-up innovation and technology companies in southwestern Ontario develop and bring their products to market faster through access to mentoring and financial services. Support.
The Waterloo Accelerator Center will lead the delivery of the program, in partnership with five Southwestern Ontario partners: WEtech Alliance (WEtech), Innovate Niagara, SnapPea Design, Conestoga College and Uvaro. The program aims to accelerate the growth of high-potential start-ups in the clean technology, nanotechnology and health technology sectors. Successful candidates will receive financial support, mentorship, marketing, sales and investment expertise to help them increase their capacity for growth to develop innovative Canadian technology solutions faster, create quality jobs for Canadians and stimulate the growth of the Canadian economy.
The program will support up to 100 high-growth start-ups and provide high-potential companies with additional and specialized opportunities to develop, develop and scale their technologies. These participating companies are expected to create and maintain up to 1,000 jobs and commercialize 75 new highly innovative products or services. Applications for the Venture Studio Innovation Program are currently accepted until July 1, 2022.
“There is no doubt that the number one thing startup founders need is better access to capital, especially seed funding. AC has long played an important role in providing this access to start-ups in Waterloo and across southern Ontario,” said Jay Krishnan, CEO, Accelerator Centre. “We are proud to be able to continue to work with our partners to advance innovation in the clean technology, nanotechnology and health technology sectors. Through this program, we will provide founders with the funding, mentorship and tactical supports they need to build businesses that thrive and create global impact.
- Founded in 2006, the Waterloo Accelerator Center (Waterloo AC) is a not-for-profit organization that enables its clients to become sustainable innovative businesses that create jobs and stimulate economic activity.
- Waterloo AC ranks among the top accelerators in Canada, having been named Canada’s Accelerator of the Year in both 2018 and 2019. Waterloo AC has also been recognized by UBI Global (a Swedish intelligence company specializing in innovation centers) as one of the top five private business accelerators in the world.
- The Regional innovation ecosystem initiativedelivered by FedDev Ontario, aims to create, grow and develop strong and inclusive regional ecosystems that support business growth and innovation, as well as
the entrepreneurial environment needed to foster more innovative regional economies and increase the competitiveness of SMEs.
- Since 2015, the Government of Canada, through FedDev Ontario, has invested more than $400 million in nearly 180 technology-related projects in southern Ontario.
“Today’s investment in the Waterloo Accelerator Center and Venture Studio innovation program will provide Canadian entrepreneurs with access to the support, mentorship and services they need to grow and succeed,” said Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Supporting Canadian jobs and economic growth in Canada’s technology sector is a priority for the Government of Canada. We are proud to support this program, which will create good jobs for Canadians and help secure Canada’s place as a world leader in the technology sector.