Innovation network in Ontario to help create 18K jobs
by Canadian Manufacturing.com Staff
The federal government is investing $52.4 million in the Scale-Up Platform to help 30 Ontario companies scale up
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.