Waterloo (Ontario), CANADA, January 15, 2015 – The Accelerator Centre® (AC), an award-winning centre for the cultivation of technology entrepreneurship located in Waterloo, Ontario, announced today it will receive $8 million in funding from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to establish AC JumpStart, an innovative incubation and mentorship program aimed at helping technology start-ups establish and grow their business in Waterloo Region. The announcement, was made today at the Waterloo Accelerator Centre by FedDev Ontario Minister of State Gary Goodyear.
Quick Facts
- AC JumpStart will be delivered in partnership with AC partners, Conestoga College, the University of Waterloo, and Wilfrid Laurier University.
- AC JumpStart is a unique incubation and mentorship program targeting early stage technology companies.
- AC Jumpstart will provide qualifying companies with $30,000 in seed capital (to be matched by recipient firms), mentorship from experts in finance, sales, marketing, human resources, technology and product development, access to market research and connections to investors.
- In total, it is expected that 180 companies will participate in the AC JumpStart program over the next 4 years.
- The AC JumpStart program will begin in January 2015, with three cohorts of companies participating in the program in 2015, and two cohorts annually in subsequent years. Each cohort will receive funding and mentorship over a 12 month period.
- The AC JumpStart program is scheduled to run from January 2015 through the end of 2018
- This is the second AC JumpStart program to be launched through the Accelerator Centre. Startups participating in the 2013 AC JumpStart program have created 212 new jobs in Waterloo Region, have generated $3.1 million in combined revenue and are expected to raise $5 million in private investment.
Quotes
“Our Government continues to invest in jobs, growth and prosperity by supporting start-up and early-stage businesses. Innovative start-ups need access to capital today to grow into the flagship businesses of tomorrow and we are creating that environment, right here, in the Waterloo region."
- Gary Goodyear, Minister of State for FedDev Ontario
“AC JumpStart allows us to extend the reach of the Accelerator Centre’s world-class incubation programming and mentorship beyond the four walls of our facility to help hundreds of young companies across Waterloo Region.”
- Paul Salvini, CEO, The Accelerator Centre
“AC Jumpstart will provide critical financial support and professional mentoring for clients of Conestoga’s Centre for Entrepreneurship who demonstrate a solid commitment to developing successful technology start-ups with high potential for growth. This is an outstanding opportunity!”
- John Tibbits, President, Conestoga College
"We are very pleased with the federal funding we've received to support the University of Waterloo's future entrepreneurs. Building on the successful Scientists and Engineers in Business program that helped 17 of our graduates commercialize a technology - ranging from innovations that help surgeons improve accuracy during hip replacements to skates that elevate performance on the ice for elite hockey players - we are eager to see the new Waterloo innovations grow into thriving businesses."
- Dr. Feridun Hamdullahpur, president and vice-chancellor, University of Waterloo
“This program is a positive step in advancing our partnership with the Accelerator Centre. It is a clear example of the importance we put on supporting young entrepreneurs who have a proven track record of success. I know that with this assistance several of our companies will move through the startup stage to become successful growth companies in our region.”
- Max Blouw, Laurier President and Vice Chancellor
AC JumpStart Recipient Quotes
“JumpStart provided essential building blocks that helped us to establish a scalable and sustainable company,” said Jim Moss, Founder and Chief Happiness Officer of Plasticity Labs, and 2013 AC JumpStart funding recipient.
About the Accelerator Centre
The Accelerator Centre® (AC) is dedicated to building and commercializing technology startups. The AC provides an essential combination of mentorship, educational programming, professional office space, and access to funding. Since 2006, the AC has developed 130 early-stage start-ups that have created 1200 new jobs and generated $350 million in revenue and funding. For more information visit www.acceleratorcentre.com.
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