The federal government is beefing up investment along the Waterloo–Toronto–Ottawa corridor.
Speaking in Kitchener, Ont., on Tuesday, Prime Minister Justin Trudeau said the investment in a growth and innovation network brings together three top innovation hubs – Communitech, MaRS Discovery District, and Invest Ottawa.
As part of the investment, Communitech will receive $18 million, MaRS Discovery District will receive $17.5 million, and Invest Ottawa will receive $16.9 million.
The three organizations will pool resources to create and implement the Scale-Up Platform, a venture that will help 30 Ontario companies scale up and achieve revenues of $100 million or more by 2024, as well as provide services to thousands of others.
The start-up is designed to help innovative companies grow more quickly and create 18,000 high-quality, skilled jobs, Trudeau said.
The Platform will provide services to companies, from coaching and advice to access to capital, talent and global markets. It will also strengthen partnerships with post-secondary institutions, preparing young Canadians for the future world of jobs.
Southern Ontario is among only three start-up ecosystems in the world that is strong in four of the most in-demand areas in tech today: financial technology, artificial intelligence and big data, life sciences and advanced manufacturing and robotics.