WEtech Alliance announced it has received $1.275 million in funding over four years from the Federal Economic Development Agency for Southern Ontario to build a new partnership with Kitchener-based Communitech and expand its Scale-Up Accelerator program.
Article content
Article content
“It further connects us into strong ecosystems, which have excellent programming and networks,” said WEtech Alliance president/CEO Yvonne Pilon.
Advertisement 2
Article content
“It’s strengthening that Windsor-Waterloo corridor.
“It brings us more funding to extend our existing award-winning Scale-Up program from four months to six months and take in almost double the amount of companies.
“Next year, the Scale Up Accelerator program will expand to Waterloo as well as Windsor, Chatham companies.”
The Scale Up program was established in 2019 by the three biggest innovation centres in Canada – Invest Ottawa, Communitech and MaRS Discovery District – with nearly $50 million in federal government funding. The aim of the program is to grow new companies into anchor firms for the Ontario economy by helping them access capital, talent and customers.
Of the $1.275 million in funding, $400,000 has been earmarked to support female and non-binary innovators and founders.
“Our goal next year is to support 30 companies and up to 50 women and non-binary founders with expertise and capital,” Pilon said.
Pilon added that as part of the application to receive the $1.275 million, WEtech had to find matching dollars from partners. The funding effectively doubles the value of the grant.
Advertisement 3
Article content
Libro Credit Union has been a major partner in the program and recently re-upped its sponsorship for another four years.
“We’re focused on strengthening people’s financial well-being and we know that Canada’s entrepreneurs deserve the best possible support to achieve sustainable growth,” said Libro’s purpose integration Manager Liz Arkinstall.
“We’re achieving that through partnerships like this one with WEtech Alliance.”
Other partners include Invest WindsorEssex and the City of Windsor, which is sponsoring a new award worth $2,500.
In its current form, the Scale Up Accelerator takes in five new companies and offers them access to expertise, mentors and funding support for four months. The companies then compete at a final pitch day for the opportunity to win $20,000 and ongoing support for their operations.
The eighth cohort of the program is currently underway with the final pitch day coming on Feb. 6.
Aside from the financial benefits to local entrepreneurs, Pilon said the growing of the Windsor-Waterloo corridor is invaluable.
“Our longstanding partnership with Communitech, as part of our role as a regional innovation centre and member of Canada’s Tech Network, reinforces our dedication to ensuring founders have seamless access to a comprehensive range of programs and resources — no matter where they are located,” Pilon said.
Advertisement 4
Article content
“This new collaboration bridges Windsor-Essex and Kitchener-Waterloo, fostering a more interconnected ecosystem that empowers high-growth and early-stage founders to start, scale, and drive Canada’s leadership in the global innovation economy.”
Pilon said startups play a critical role in diversifying and making the economy nimbler.
She noted that the 34 companies that have graduated from the local Scale Up program since 2019 have created 191 jobs, generated $31 million in revenue and produced 162 products.
Among the notable grads are firms such as Optimotive, Cedar Valley, Red Piston, Picsume, Growliv Bilogicals and Resimate.
“Startups are organic farming,” Pilon said. “You start small, but they can be the next unicorn (company valued at over $1 billion).
“They attract investment and create job diversification.”
Twitter.com/winstarwaddell
Article content
Paylaş
