The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced a contribution of up to $5 million for the Research Innovation Commercialization Centre that will provide graduates in the fields of science, technology, engineering and math (STEM) with the skills and support they need to start their own businesses.
With this funding, the Research Innovation Commercialization Centre will provide mentoring and financial support for 160 innovative new start-up businesses in southern Ontario.
The funding is being provided through the Federal Economic Development Agency for Southern Ontario's Scientists and Engineers in Business initiative, designed to assist graduates and graduate students in STEM fields in developing their business skills and drive them toward the commercialization of their product or service idea.
In addition, the Research Innovation Commercialization Centre will use the contribution to provide business skills development and entrepreneurship training to up to 450 graduates, and help them develop their ideas and launch new start-up businesses. This will improve the entrepreneurs' access to the financing and business mentoring needed to commercialize their innovations and successfully manage their businesses.
The Centre has teamed up with the Canadian Innovation Centre and Communitech in Waterloo, MaRS in Toronto, Lead-to-Win in Ottawa, and Conestoga College in Kitchener, to develop and deliver the online tools that will provide learning opportunities and business development support to eligible graduates in all parts of southern Ontario.
Entrepreneurs who successfully complete the training may be eligible for up to $30,000 in support to launch their businesses. The Research Innovation Commercialization Centre has deemed 30 entrepreneurs from Ottawa, Toronto (5 MaRS clients were announced today) and Waterloo as already eligible for support under the program.