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Innovation & Job News

New VentureStart program aims to bring 905 innovation to market with $5-million boost from feds

Mississauga's Research Innovation Commercialization (RIC) Centre announced the launch of its VentureStart program last week. The program will help entrepreneurs and innovators in Mississauga, Brampton and Caledon launch their businesses with training and matching seed financing grants of up to $30,000.

In announcing the program, Pam Banks, executive director of the RIC Centre, said "it adds another dimension to our services in helping emerging entrepreneurs shorten the path to market success." The RIC Centre was launched in 2008 to support and incubate innovative businesses in the Peel region, and claims to have since helped more than 150 companies get their start; RIC stats show 46 per cent of those companies have gone on to find funding.

VentureStart got its own seed financing from the federal government, which provided a grant of just under $5 million to launch the program. Gary Goodyear, the minister in charge of FedDev, said that fostering innovation through grants like this one will lead to new jobs and a higher quality of life.

"How do we improve lives, create jobs and economic growth? Innovation. Our government recognizes the importance of investing in the ideas of graduates and providing them with the skills necessary to become innovators and successful entrepreneurs," Goodyear said in his statement. "Because innovation is about finding a solution to a problem, taking that idea and bringing it to market and getting it adopted by customers."

Writer: Edward Keenan
Sources: Stephanie Thomas, office of Gary Goodyear; RIC Centre

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