High-growth tech companies across southern Ontario gain gov’t support
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MP Vaughan announces $2 million for Ontario Centre of Innovation to scale 30 tech companies through OneEleven accelerator
Adam Vaughan, Member of Parliament for Spadina–Fort York, announced a $2-million FedDev Ontario investment for the Ontario Centre of Innovation (OCI) to support the relaunch of programming at tech accelerator, OneEleven. This investment will support 30 high-growth scaling companies and 450 jobs across southern Ontario. FedDev Ontario’s investment will also leverage nearly $1.2 million in additional private investment.
OneEleven fills a niche in Toronto’s innovation ecosystem with its focus on supporting high-growth companies that have already received initial seed financing and early stage incubation supports and that are now ready to pursue more substantive capital raises. OneEleven’s unique approach to programming brings together peers from high growth companies at similar stages of growth to collectively tackle barriers to scaling their companies. This has been a proven recipe for success for the companies previously accelerated through OneEleven.
Canadian digital technology firms continue to generate significant momentum coming out of the COVID-19 pandemic, bringing innovative new products to market and raising record levels of investments. Within Toronto’s innovation ecosystem, OneEleven plays a critical role in helping the next generation of high growth tech companies reach their full potential.
High-growth companies to navigate challenges
“The scale-up programming offered by OneEleven will help high-growth companies to navigate challenges brought on throughout the COVID-19 pandemic and provide them with technical advice needed to succeed while continuing to raise capital,” says Adam Vaughan, Member of Parliament for Spadina–Fort York. “Thanks to FedDev Ontario’s investment, through OCI, OneEleven will be able to support 30 high-potential tech firms and 450 jobs with in the GTA and across southern Ontario.”
FedDev Ontario support will enable OneEleven to augment its programming and extend its digital reach to high-growth SMEs located in smaller communities across southern Ontario. With a commitment that at least 25 percent of new digital membership participants will be located outside of the GTA, this will create unique connections between urban- and rural-based tech companies. In addition, federal funding will contribute to creating an inclusive tech sector, with a commitment to supporting companies led by members of underrepresented groups, including women and Black, Indigenous, People of Colour, 2SLGBTQ+ and Francophone professionals.
Canada’s innovation ecosystem
The innovative programming offered by OneEleven plays a key role within the Toronto tech ecosystem, presenting a unique opportunity to connect urban and rural high-potential firms to exchange ideas and share best practices as they scale their companies.
“As an original founding partner of OneEleven, OCI understands first-hand the vital role OneEleven represents to Canada’s innovation ecosystem,” says Dr. Claudia Krywiak, President and CEO, Ontario Centre of Innovation. “Now, with the pandemic’s acceleration of new technologies and the incredible influx of tech talent across Ontario, OneEleven’s role is more important than ever. Thanks to FedDev’s support of new scale-up programming, the reach of this impact can be expanded dramatically at a time when it is needed most.”