FedDev Ontario Announces New Funding for Innovative Start-Ups in Eastern Ontario

$1.1 million to build on success of Northumberland CFDC’s N1M program to accelerate early-stage technology companies

 

Cobourg, Ontario - Kim Rudd, Member of Parliament for Northumberland–Peterborough South, announced an additional FedDev Ontario investment of $1.1 million for the Northumberland Community Futures Development Corporation (CFDC) to expand its N1M program. MP Rudd made the announcement on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, during a visit to Northumberland CFDC headquarters at Venture13, Eastern Ontario’s newest centre for innovation and entrepreneurship.

 

With an emphasis in Northumberland and supporting a wide range of start-ups across eastern and southern Ontario, N1M provides high-potential idea and validation stage start-ups with seed funding, training and mentoring to help accelerate the growth of their businesses. For more information, including how to apply, visit the N1M website.

 

Announcement builds on a previous FedDev Ontario contribution of $1.1 million to launch N1M. To date, the program has supported over 30 start-ups and helped to create over 70 new full-time jobs. This new funding will support another 25 innovative start-ups, and as entrepreneurs establish and grow their businesses, it is expected that 17 additional jobs will be created.

 

The Government of Canada recognizes FedDev Ontario’s contribution to ensuring businesses, organizations and communities across southern Ontario are able to seize new opportunities created by an innovation economy. FedDev Ontario is now accepting new projects, using a single application form, through three simplified funding streams that have been designed to meet the needs of innovators and job creators. For more information, visit www.FedDevOntario.gc.ca.