Government of Canada supports Waterloo Region businesses to scale-up and grow
Waterloo, Ontario (February 12, 2025) – The Government of Canada is investing in the growth and success of businesses in the Waterloo Region through the Regional Innovation Ecosystems (RIE) program. Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $10 million over five years to support the Scale-Up Platform, a key initiative of the Waterloo Region Economic Development Corporation (WREDC).
The Scale-Up Platform will provide tailored support to high-growth businesses in the region, helping them to scale their operations, access new markets, and create jobs. The platform will offer a range of services, including:
- Mentorship and coaching: Businesses will be matched with experienced mentors and coaches who can provide guidance and support on key business challenges.
- Access to capital: The platform will connect businesses with investors and other sources of financing to support their growth plans.
- Market intelligence: Businesses will have access to market research and analysis to help them identify new opportunities and make informed decisions.
- Networking and collaboration: The platform will facilitate networking and collaboration opportunities between businesses, investors, and other key stakeholders in the region.
“Our government is committed to supporting the growth and success of businesses in Canada,” said Minister Champagne. “The Waterloo Region is home to a thriving innovation ecosystem, and the Scale-Up Platform will help to build on this success by providing tailored support to high-growth businesses. This investment will help to create jobs, boost the economy, and position Canada as a global leader in innovation.”
“The Scale-Up Platform is a key part of our strategy to support the growth of our region’s economy,” said Mike Williams, President and CEO of WREDC. “By providing tailored support to high-growth businesses, we can help them to reach their full potential and contribute to the region’s economic prosperity.”
The Scale-Up Platform is expected to support over 100 businesses over the next five years. It is part of the Government of Canada’s broader RIE program, which is investing $950 million over five years to support the growth and competitiveness of regional innovation ecosystems across Canada.
About the Waterloo Region Economic Development Corporation (WREDC)
The Waterloo Region Economic Development Corporation (WREDC) is a not-for-profit organization that supports the growth and prosperity of the Waterloo Region. WREDC provides a range of services to businesses, including:
- Business attraction and investment: WREDC helps to attract new businesses to the region and supports existing businesses to expand and grow.
- Innovation and entrepreneurship: WREDC provides programs and services to support innovation and entrepreneurship in the region.
- Workforce development: WREDC works with partners to develop and deliver programs that support the region’s workforce needs.
About the Regional Innovation Ecosystems (RIE) program
The Regional Innovation Ecosystems (RIE) program is a $950 million investment over five years to support the growth and competitiveness of regional innovation ecosystems across Canada. The program provides funding to organizations that are delivering initiatives that support the development and growth of innovation ecosystems.
Media contact:
Peter Varga Media Relations Waterloo Region Economic Development Corporation pvarga@wredc.ca 519-575-4481
Government of Canada supports Waterloo Region businesses to scale-up and grow
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