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Minister Bains Announces New Growth and Innovation Network to Support Scale Ups in Ontario

$52.4 million to position southern Ontario as global tech leader and help generate 18,000 jobs
Toronto, Ontario - Canadian businesses drive innovation, create good, middle class jobs and generate economic growth that improves the lives of all Canadians. To succeed in the global innovation race, we need to help promising companies take the next step and grow into global firms. That’s why the Government of Canada is investing in a growth and innovation network along the Waterloo–Toronto–Ottawa corridor.
Earlier today, the Right Honourable Justin Trudeau, announced a FedDev Ontario investment of $52.4 million to bring together three top innovation hubs—Communitech, MaRS Discovery District and Invest Ottawa. Together, they will implement the Scale-Up Platform to help innovative companies grow more quickly and contribute to the creation of 18,000 high-quality, skilled jobs.
Through this Platform—the first of its kind in Canada—the three organizations will pool their resources to help 30 Ontario companies scale up and achieve revenues of $100 million or more by 2024, as well as to provide services to thousands of others. From coaching and advice to greater access to capital, talent and global markets, the Platform will give businesses the tools they need to grow. It will also strengthen partnerships with post-secondary institutions, preparing young Canadians for the jobs of today and tomorrow.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible FedDev Ontario, was in Toronto to announce the $17.5 million that MaRS Discovery District is receiving as part of the overall funding, and to highlight the impacts that this new partnership will have on the region.
By making strategic investments in Canada’s technology sector, the Government of Canada is helping secure our position as a world leader in innovation and creating the right conditions for continued growth in our evolving economy.
Source : Government Of Canada

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