The Accelerator Centre in Waterloo announced today it will receive up to $8 million in funding from the Federal Economic Development Agency for Southern Ontario to establish AC JumpStart, an incubation and mentorship program aimed at helping technology startups establish and grow their businesses.
The announcement was made today at the Waterloo Accelerator Centre by FedDev Ontario Minister of State Gary Goodyear, along with MP Peter Braid.
“Our Government is fostering economic growth in Kitchener, Cambridge and all of the Waterloo Region by investing in our innovative businesses,” Goodyear says. “Today’s announcement is a great example of how we are helping high-potential companies bring great ideas to market faster. Helping our entrepreneurs and original thinkers export their products and services to the rest of the world creates jobs, growth and economic prosperity here at home.”
AC JumpStart will be delivered in partnership with AC partners, Conestoga College, the University of Waterloo, and Wilfrid Laurier University. It will provide qualifying companies with $30,000 in seed capital (to be matched by recipient firms), mentorship, access to market research, and connections to investors. It is expected that 180 companies will participate in the AC JumpStart program over the next four years.
“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,” noted Paul Salvini, CEO, Accelerator Centre.
The AC JumpStart program is scheduled to run from January 2015 through the end of 2018. Each cohort will receive funding and mentorship over a 12-month period. It is scheduled to run from January 2015 through the end of 2018.