Government of Canada to Announce Support for Scale-up and Growth of Waterloo Region Businesses
Waterloo, ON – February 11, 2025 – The Government of Canada today announced significant support for the growth and scale-up of businesses in the Waterloo Region. The announcement was made by the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, during a visit to Communitech, a leading technology hub in the region.
Investment in Scale-up Ecosystem
The Government of Canada is investing $100 million over five years in the Waterloo Region Scale-up Ecosystem. This investment will support a range of initiatives, including:
- Incubators and accelerators to help early-stage companies grow and scale
- Mentorship and advisory programs for high-potential startups
- Access to capital and financing for scale-up businesses
Support for Talent Attraction and Retention
The government also announced measures to attract and retain top talent in the region:
- Expanding the Global Talent Stream to streamline the immigration process for skilled workers with expertise in high-growth sectors
- Funding for initiatives to encourage graduates from local universities to stay in the region and contribute to the workforce
Collaboration with Local Partners
The government is collaborating with local partners, including Communitech, the University of Waterloo, and the Waterloo Region Economic Development Corporation, to deliver these support measures.
Quotes
“The Waterloo Region is a hub of innovation and entrepreneurship,” said Minister Ng. “Our government is committed to supporting the growth and scale-up of businesses in this region, creating new jobs and opportunities for Canadians.”
“This investment will help Waterloo Region become a global leader in technology and innovation,” said Iain Klugman, CEO of Communitech. “We are grateful to the Government of Canada for recognizing the potential of our region and supporting our efforts to build a thriving ecosystem for businesses.”
Additional Notes
- The Waterloo Region is home to over 20,000 tech companies and is recognized as one of Canada’s leading innovation hubs.
- The region has produced several successful tech companies, including Shopify, BlackBerry, and OpenText.
- The government’s investment is expected to support the creation of thousands of new jobs and contribute to the long-term economic prosperity of the region.
Government of Canada to announce support for scale-up and growth of Waterloo Region businesses
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