Ontario Finance Minister Charles Sousa this week announced that the provincial government has comitted to investing $15 million in Communitech over the next three years.
Sousa visited the Communitech Hub in September, when he toured the facility and met with entrepreneurs from Waterloo.
“To encourage entrepreneurial activities, we will continue to invest in organizations like Communitech, a Waterloo-based innovation hub, to help turn more Ontario technology companies into global leaders," he said during a speech this week in the Ontario Legislature.
Communitech is working to help professionals laid off by BlackBerry launch new ventures or find work elsewhere in the region or within the province, "to ensure the continued vitality of the technology economy in Ontario."
“Communitech is proud to be a partner in the Ontario Innovation Agenda," says Communitech CEO Iain Klugman. "This additional support will help us to expand programming at the Communitech Hub to meet the significant demand for startup assistance and support Ontario firms as they scale.”
Along with the investment in Communitech, the province recently committed $15 million to support the creation of an Innovation Complex in Ottawa.