The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced an investment of $10 million for the Waterloo Accelerator Centre to launch the Venture Studio Innovation Program.
The program will help start-up innovation and technology companies across southwestern Ontario scale up and bring products to market faster through access to mentorship and financial support. The program aims to fast-track the growth of high-potential start-up companies in the cleantech, nanotech, and healthtech sectors.
The Waterloo Accelerator Centre will lead the program in partnership with five southwestern Ontario-based partners: WEtech Alliance, Innovate Niagara, SnapPea Design, Conestoga College and Uvaro.
Successful applicants will receive financial support, mentorship, marketing, sales and investment expertise to help increase their ability to grow to develop innovative Canadian technology solutions.
Up to 100 startups
The program will support up to 100 high-growth start-ups, and will provide high-potential businesses with additional, specialized opportunities to build, grow and scale their technologies. These participating businesses 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 being accepted until July 1, 2022.
Founded in 2006, the Waterloo Accelerator Centre (Waterloo AC) is a not-for-profit organization that enables clients to become sustainable innovative businesses that create jobs and stimulate economic activity.