Archived — Government of Canada Supports Innovative Start-Up Business in Southern Ontario

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For immediate release
June 26, 2012

Toronto, Ontario —  Young entrepreneurs in the fields of science, technology, engineering and math will receive skills support and seed financing to start their own businesses, thanks to an investment of more than $1.1 million in Ontario Centres of Excellence's (OCE) Centre for Commercialization of Research (CCR), announced today by Kellie Leitch, Member of Parliament for Simcoe–Grey, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

"Our government is committed to creating jobs, growth and long–term prosperity for southern Ontario," said MP Leitch. "This investment will help graduates to develop their business and management skills so they can launch promising start–up businesses, and bring their innovative ideas to market."

With a contribution of up to $1,102,500 through FedDev Ontario's Scientists and Engineers in Business initiative, CCR aims to improve the business and management skills of 30 graduates and graduate students in the science, technology, engineering and mathematics (STEM) fields by providing them with access to financial and business support services, such as training, advisory services and seed financing. It will indentify and target 30 high potential STEM entrepreneurs with promising innovations, and help bring their innovations to market. The project is expected to result in the launch of up to 30 new STEM companies in southern Ontario.

"CCR is proud to be the catalyst that will enable these bright innovators to turn their ideas into new businesses," said Dr. Mario Thomas, Managing Director, Centre for Commercialization of Research (CCR). "Our team of highly qualified, dedicated and well–connected business experts will offer tremendous support and mentorship to these innovators to help them nurture and develop their academic discoveries into sustainable, commercial ventures."

Scientists and Engineers in Business is designed to improve the success rate of start–up businesses in southern Ontario by developing the business skills of graduates and entrepreneurs in the STEM fields and providing targeted support to help them bring innovative ideas and products to market.

OCE is a not–for–profit organization founded in 1987 to create working partnerships between university and college research departments, research hospitals and Ontario businesses. OCE's mission is to facilitate economic growth through support for industrially–relevant research and development and to open new market opportunities through the commercialization of leading–edge discoveries. OCE is a member of the Ontario Network of Excellence (ONE), which is a collaborative network of organizations across Ontario that aligns Ontario's suite of programs and resources to help innovators turn viable ideas into globally–competitive products and services.

The Centre for Commercialization of Research, which operates under the umbrella of the OCE, will manage the project. The Centre supports the commercialization of new technologies and knowledge by helping high–potential technology–based companies build the capacity to become sustainable global competitors.

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.

Follow us on Twitter @FedDevOntario

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For more information, contact:

Michele-Jamali Paquette
Director of Communications
Office of the Honourable Gary Goodyear
613-947-2956

Media Relations
FedDev Ontario
519-585-2917

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