Technology companies are constantly innovating and transforming ideas into exciting new products and services. The Ontario technology sector is growing substantially with companies developing new products, and according to Invest in Ontario the IT sector here is the second largest cluster after California. Ontario’s IT cluster is centred on Kitchener-Waterloo, a region host to a variety of tech companies including Blackberry, Desire2Learn, Thalmic Labs, and Clearpath Robotics. Competitive business conditions and a strong infrastructure including leading research institutions, business accelerators, incubators, and venture capital make Ontario an ideal place to grow your tech business.
Early stage technology companies can take advantage of support from FedDev Ontario through their Investing in Business Innovation Program. This Canadian government funding program supports businesses who are commercializing new and innovative products. Through the first phase of the program, FedDev Ontario has invested nearly $57M to 86 companies. The program has helped numerous Ontario small businesses including HubHead and MappedIn, two of the most recent successes:
HubHead – $625,000 in Canadian Government Funding
Markham Ontario based HubHead Corp will receive $625,000 in funding from FedDev Ontario’s Investing in Business Innovation program. This funding will be used to help HubHead expand its market base and operations in Canada as well as target new customers in the energy, utilities, railing, mining, and manufacturing industries. In addition to the Canadian government funding HubHead is receiving, they will leverage $1.25M in angel investment. The project will have big impacts on the area, and they expect to maintain 45 jobs and create 10 full-time jobs by 2019.
MappedIn – $600,000 in Canadian Government Funding
MappedIn, a software company based out of Kitchener-Waterloo will receive up to $600,000 in Canadian government funding support to help strengthen their capacity for data analysis. The funding will help MappedIn commercialize and diversify sales of their indoor mapping software. In addition to funding from FedDev Ontario’s Investing in Business Innovation program, MappedIn will leverage $1.2M in private financing.
Investing in Business Innovation Eligibility
FedDev Ontario’s Investing in Business Innovation Canadian government funding program can be used in conjunction with private financing to support commercialization, market expansion, and business growth activities. Businesses must have less than 50 full-time employees and have the capacity to undertake commercialization activities. They must also secure two-thirds (66%) of funding from private sources (angel or venture capital investment).
Attend a Free Webinar or Workshop to learn more about Canadian Government Funding
Ontario small businesses interested in learning more about FedDev Ontario programs including Investing in Business Innovation can register for a free webinar or workshop hosted by a Mentor Works Canadian government funding expert. We’re constantly updating our list of business funding events so check back often. You can also contact us to arrange a complementary funding strategy session.