A great endorsement of Communitech and the momentum of the Waterloo Region tech cluster today, as Ontario Finance Minister Charles Sousa announced the government’s commitment to invest $15 million in Communitech over the next three years. The news came as part of today’s mid-year economic outlook and fiscal review.
Sousa visited the Communitech Hub in September, when he toured the facility and met with entrepreneurs from Waterloo Region. During today’s speech in the Ontario Legislature, Minister Sousa said “To encourage entrepreneurial activities, we will continue to invest in organizations like Communitech, a Waterloo-based innovation hub, to help turn more Ontario technology companies into global leaders.”
The announcement comes a critical time for the Waterloo Region tech community, as its largest company, BlackBerry, is shedding tech talent. Communitech is working to help those professionals launch new ventures or find work elsewhere in the Region or within the province, to ensure the continued vitality of the technology economy in Ontario.
The economic outlook unveils a new three-part plan that aims to create jobs and support economic growth. The three priorities of the Province’s plan are investment in people, building modern infrastructure and supporting a dynamic and innovative business climate.
Communitech CEO Iain Klugman welcomed the news of new investment in the organization "Communitech is proud to be a partner in the Ontario Innovation Agenda. This additional support will help us to expand programming at the Communitech Hub to meet the significant demand for startup assistance and support Ontario firms as they scale.”
The economic update highlights Waterloo Region along with Ottawa and the Greater Toronto Area as the primary hubs along the information and communications technology (ICT) corridor for the Province. Along with today’s investment in Communitech the Province recently committed $15 million to support the creation of an Innovation Complex in Ottawa.
