In an announcement at Communitech on Thursday, Bardish Chagger, House leader and member of Parliament for Waterloo, along with Raj Saini, member of Parliament for Kitchener, said the investment will help attract global investment in a wide range of sectors including information and communication technology and financial and business services. It will come from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Meanwhile, FedDev Ontario also announced an investment of $5 million for a new incubator lab in Markham on Thursday. (The Record)
Talking point: Out of 22 funding announcements made by FedDev Ontario since April, six investments totaling over $72 million were specific to the Waterloo Region, which has a population of just over 600,000. Prime Minister Justin Trudeau has called the region an important place for innovation in Canada, saying that the region’s success has a ripple effect across the country. In April, FedDev Ontario invested $18 million in Communitech, $41 million toward quantum and artificial intelligence research in the region, and invested $6.8 million to help scale three local firms. In May, it invested 2.5 million to help Nicoya, a nanotechnology company, scale up operations and it invested $750,000 in Kitchener, Ont.-based Bridgit, a project management platform company.