Archived — Government of Canada Invests in Jobs, Growth and Innovation in Southern Ontario
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For immediate release
May 7, 2012
Toronto, Ontario – Wladyslaw Lizon, Member of Parliament for Mississauga East-Cooksville, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced a contribution of up to $787,500 for The Next 36 that will provide graduates in the fields of science, technology, engineering and math (STEM) with the skills and support they need to start their own businesses.
"Our government is investing in the ideas of STEM graduates and graduate students to provide them with the skills they need to become successful entrepreneurs," said MP Lizon. "With this funding, The Next 36 will help create 30 new STEM-based businesses in southern Ontario, and 90 new highly skilled jobs. This project will have a significant positive impact on our region, creating jobs for our people, and growth for our communities."
The funding is being provided through the Federal Economic Development Agency for Southern Ontario's Scientists and Engineers in Business initiative, designed to assist graduates and graduate students in the STEM fields in developing their business skills and support their efforts to commercialize innovative products and ideas.
The investment will allow The Next 36 to provide business and entrepreneurship training, as well as access to seed financing, for 10 STEM graduates per year for the next three years. This will allow them to launch and manage their start-up businesses. Each participant in the program will be matched with complementary mentors and given the leadership, academic foundation, business skills workshops, and networks needed to increase their likelihood of becoming successful entrepreneurs.
"Canadian prosperity depends on our ability to generate high impact entrepreneurs to drive this country forward," said Claudia Hepburn, co-founder and Executive Director of The Next 36. "This funding will help The Next 36 transform Canada's most promising students into entrepreneurs and nation builders who see opportunities where others see roadblocks."
For more information on The Next 36 and the Scientists and Engineers in Business initiative, please refer to the backgrounder.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.feddevontario.gc.ca or call 1-866-593-5505.
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For more information, contact:
Director of Communications
Office of the Honourable Gary Goodyear
The Next 36
The Next 36 is a not-for-profit organization located in Toronto that strives to help launch the careers of Canada's most promising and innovative undergraduates. The organization identifies these students through a rigorous national selection process, and gives them the academic foundation, practical skills, role models and networks to become Canada's next generation of entrepreneurial leaders. Participants, including graduates in the STEM fields (science, technology, engineering, and math), build Ontario-incorporated ventures together, while living, studying and working at the University of Toronto.
Through the Scientists and Engineers in Business initiative, FedDev Ontario is contributing up to $787,500 for a project coordinated by The Next 36 that will provide 30 STEM graduates and entrepreneurs with training, advisory services and seed financing to launch new start-up businesses in southern Ontario. These new businesses are projected to create 90 new jobs in the STEM fields.
More information about The Next 36 is available at www.thenext36.ca.
Scientists and Engineers in Business
Scientists and Engineers in Business is designed to improve the success rate of start-up businesses in southern Ontario by developing business skills of entrepreneurs in the STEM fields and providing targeted support to help them bring innovative ideas and products to market.
The initiative provides funding to not-for-profit organizations that administer and/or provide:
- Business skills development programs, such as training workshops, conferences, peer networks and other learning opportunities focusing on skills needed for entrepreneurs who are graduates or graduate students of STEM programs to start a business; and
- Seed financing and mentoring services to help entrepreneurs launch sciences or engineering-related businesses.
Not-for-profit organizations are eligible to receive funding of up to 50 per cent of their direct eligible costs, to a maximum of $35,000, for each entrepreneur they support. The remaining 50 per cent of costs must be contributed in the form of cash by or on behalf of the entrepreneur. The STEM entrepreneurs' cash contribution may include contributions from other investors recruited by the entrepreneur (e.g.
family, friends, other lenders).
Post-secondary Institutions — Commercialization Fellowships
This initiative also provides funding for post-secondary institutions to support up to 50 per cent of the cost of commercialization fellowships up to $30,000 per fellowship. Fellowships must be focused on assisting recent science or engineering graduates and graduate students to commercialize their innovations and start high-technology firms.
Applications will be accepted and assessed on an ongoing basis and applicants will be notified as their projects are approved. All project activities must be completed prior to March 31, 2014.
For more information, please refer to the Initiative Guidelines available on the web site at www.feddevontario.gc.ca.
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