The Federal Economic Development Agency for Southern Ontario (FedDev) Minister of State, Gary Goodyear, and MPs, Harold Albrecht, Stephen Woodworth and Peter Braid, were in Waterloo on November 12th to announce a $2 million investment in innovative local businesses. An investment of $1.53 million will be shared by three businesses, and an additional investment of up to $500,000 will support the Golden Triangle Angel Network to further support the growth of the angel investor community in southern Ontario, enabling local businesses to benefit from more investment capital and coaching.
Investments in Local Business to Spur Job Creation and Economic Growth
Contributions from the federal government pledged to support the growth of these three innovative Waterloo region businesses is coming by way of the Investing in Business Innovation initiative. This is aimed at strengthening the innovation ecosystem in Southern Ontario through the support of high growth early-stage businesses and angel investors.
One of the recipients of IBI funding in the Kitchener-Waterloo region is Clearpath Robotics, a global leader in the unmanned vehicle robotics industry for research and development. Clearpath will use these funds to develop software that will enable faster customization and upgrading of its unmanned vehicles.
Weston Expressions will utilize its share of IBI funding to help finalize its development of an interactive advertising display system called LINKETT. LINKETT identifies consumer behaviours and provides that information to marketers, making in-store marketing efforts more effective and measurable on a real-time basis.
In the Chat
With the support of federal government money In the Chat will expand its digital customer service software which enables large-scale enterprises to support and respond to their customers through text messaging and social media into the United States market.
Learn More about Investing in Business Innovation (IBI) and other Funding for Small Business Programs
Think your business might benefit from federal funding for early-stage businesses? Or would your established small to medium-sized firm be able to take on more aggressive expansion plans with the help of grant and or loan funding through provincial/ federal levels of government? Sign up for a Canadian Government Funding Workshop or Webinar to learn more about how to get started with Canadian government grants and loans.