The Kitchener-Waterloo based Accelerator Centre has announced today that it has received up to $8 million in funding from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The funding will be used to launch AC JumpStart, a new incubation and mentorship program for early stage KW and Cambridge-region startups.
Starting this January, AC Jumpstart will provide qualifying startups with $30,000 in seed capital (matched by recipient firms), along with mentorship, access to market research and – most importantly – investors. The AC Jumpstart program will run over four years, and the Accelerator Centre is expecting 180 startups to participate. Conestoga College, the University of Waterloo, and Wilfrid Laurier University have all signed on in partnership with the program.
“Our Government is fostering economic growth in Kitchener, Cambridge and all of the Waterloo Region by investing in our innovative businesses,” said Gary Goodyear, Minister of State for FedDev Ontario. “Today’s announcement is a great example of how we are helping high-potential companies bring great ideas to market faster. Helping our entrepreneurs and original thinkers export their products and services to the rest of the world creates jobs, growth and economic prosperity here at home.”
This will be the second JumpStart program launched through the Accelerator Centre, following the initial program launched in 2013.