www.insurancerate.com StarBuzz Weekly, Toronto, Ontario — The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today delivered a keynote speech at the Creative Economy Summit where he announced a $4.85 million investment from the Government of Canada that will help eight Toronto-area start-up businesses get their innovative products and ideas to market faster, and create jobs and economic growth in southern Ontario.
Minister of State Goodyear announced the funding under FedDev Ontario's Investing in Business Innovation initiative, during his speech. The investment will allow the eight start-up businesses to leverage more than $15.2 million in additional private sector investments from venture capital and southern Ontario angel investors. This will result in the creation of more than 100 high quality jobs in the life sciences and information technology sectors in southern Ontario over the next two years.
"Ideas and innovation are what the creative economy is all about. Our government is helping to provide start-up businesses with access to the funding they need to bring their ideas and innovations to market," said Minister Goodyear. "This will create highly skilled jobs in southern Ontario, and have the potential to make a lasting impression on the economy of our region and beyond."
The Investing in Business Innovation initiative is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and bring them to market. This initiative is also designed to help angel investor networks and their associations attract new investment and support the growth of angel investment funds.
Please refer to the backgrounder for details about the funding and recipients.
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 .
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