Today the Minister of State for the Federal Economic Development Agency for southern Ontario (FedDev Ontario) held a press conference announcing Powernoodle is the first company in the Investing in Business Innovation Initiative (IBI).
Gary Schellenberger, Member of Parliament for Perth-Wellington, joined Minister Gary Goodyear for the announcement. Frank Erschen represented the investors from the Golden Triangle Angelnet.
"Our government is investing in the people, businesses and communities of southern Ontario to create jobs and encourage economic growth," said Minister Goodyear. "This investment in Powernoodle Inc. will give the company better access to capital so it can get its ideas into the marketplace and expand its business."
With a repayable contribution of $961,067 through FedDev Ontario's Investing in Business Innovation initiative, Powernoodle plans to expand its web-based, interactive meeting tool that clients can use to manage their meetings more effectively in a virtual environment.
The Investing in Business Innovation initiative is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in addressing funding gaps for emerging innovative businesses.
FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, 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.