TORONTO – The federal government is investing $52.4 million in three Ontario innovation hubs for a new program that will give a leg up to start-up companies plus contribute to the creation of 18,000 new jobs.
Communitech, MaRS Discovery District and Invest Ottawa will come to together to implement the Scale-Up Platform, pooling their resources to help 30 Ontario companies grow and achieve revenues of $100 million or more by 2024, plus provide services to thousands of others. From coaching and advice to greater access to capital, talent and global markets, the platform will help fledgling businesses to scale up plus strengthen partnerships with post-secondary institutions.
Prime Minister Justin Trudeau and ISED Minister Navdeep Bains were in Kitchener and Toronto respectively on Tuesday for the announcement.
Made possible through FedDev Ontario, the Platform will see Toronto’s MaRS Discovery District receive $17.5 million, Kitchener’s Communitech receive $18 million, and Invest Ottawa receive $16.9 million.
“We’re providing our homegrown businesses the support they need to succeed because they will play a key role driving our economic growth and creating tomorrow’s good jobs”, said Minister Bains, in the announcement. “By partnering with these top innovation hubs with a demonstrated track record of scaling up innovative companies, we are giving innovators in this ecosystem every chance we can to scale up, strengthen their footing at home, and compete in global markets.”
Photo from Tuesday’s announcement in Toronto via Minister Bain's Twitter account
