WATCH: PM Stephen Harper makes the announcement in Kitchener while visiting tech company, Communitech
KITCHENER, Ont. – Prime Minister Stephen Harper has unveiled a list of organizations that have moved one step closer to gaining funding under a government program designed to help small and medium sized Canadian companies succeed.
Harper announced the development in the Canada Accelerator and Incubator Program in Kitchener, Ont., at Communitech, a high tech organization that helps entrepreneurs commercialize their technologies.
Harper says the advanced products he was able to see today are the kind that will help drive the jobs of the future.
Fifteen organizations from across the country have been chosen to move forward in the program, which was established in 2013 to help “accelerators and incubators” deliver their services to promising firms.
Accelerator and incubators – which the government believes play an important role in the venture capital system – give innovative early-stage entrepreneurs resources, facilities and expertise to help them develop.
The program will provide support to organizations over a five-year period in the form of non-repayable contributions of up to $5 million a year per company.
Recipients are required to match contributions on at least a one to one ratio during the funding period.
The government estimates up to $90 million will be allocated to eligible organizations through the program.
© The Canadian Press, 2014