COBOURG, Ontario--(BUSINESS WIRE)--Northumberland Community Futures Development Corporation (CFDC) and Kim Rudd, Parliamentary Secretary to the Minister of Natural Resources and Member of Parliament for Northumberland−Peterborough South, announced three new initiatives that directly support and impact the coordinated innovation-driven attraction and business development strategies of both Northumberland and Eastern Ontario.
Announcements took place at the Northumberland Innovation in Action reception event held at Victoria Hall, Cobourg on May 17th. The event featured many of Northumberland CFDC’s inspiring clients, friends and collaborative partners together in one room to share successes through the lens of multiple program and initiatives delivered by the Northumberland CFDC and the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The event was capped off with three announcements that cement the foundation for continued forward collaboration through innovation and entrepreneurship across the region.
“To lead in innovation it is imperative that we equip Northumberland with the right resources and tools needed to provide financing and strategy to entrepreneurs both locally and in Eastern Ontario to ensure success and sustainable growth,” said Wendy Curtis Executive Director of Northumberland CFDC. "The Northumberland CFDC, with support from the Federal Eastern Ontario Development Program, continues to be key drivers of Eastern Ontario's "Rural Renaissance," said Kim Rudd, Parliamentary Secretary to the Minister of Natural Resources and Member of Parliament for Northumberland−Peterborough South. “It's projects and funding like this, from the Northumberland Community Futures Development Corporation and FedDev Ontario that are leading the way to create the economic opportunities and the jobs of tomorrow, today."
The three announcements released included:
1. Northumberland CFDC Drives Innovation Forward with N1M Program: Twenty-three startup companies working in digital, clean-tech and new economies benefited from a total investment of up to $691,000 with support from FedDev Ontario’s Investing in Business Innovation (IBI) program, through the Northumberland CFDC N1M program. Funds target the acceleration of promising technology startups and innovation-driven SMEs in southern Ontario with particular emphasis in Northumberland. This initiative is expected to result in up to 31 new full-time positions, 11 new products commercialized, seven patents generated and up to $1,639,000 in incremental sales.
2. Northumberland CFDC announces New Venture Fund Program: A new addition to the current Northumberland CFDC's program offerings, the NVenture fund program with an investment of up to $1,050,000 will be leveraged to invest in next-generation, innovative and knowledge-based startups, while addressing the early-stage investment gap widely evidenced in Ontario and will attract, retain and develop local business focused on innovation.
3. Northumberland Venture 13 Centre Announced: The Town of Cobourg received $400,000 through the Eastern Ontario Development Program funding under the Collaborative Economic Development Projects stream to invest in the creation of the Northumberland Venture 13 Centre. The Centre is a 30,000 square-foot startup/SME intensive technology facility featuring business incubation areas, acceleration areas and services including non-dilutive start-up capital (debt/equity) supports, and higher learning centres. The Centre is equipped with state-of-the-art technologies facilitating global connectivity through a 77 person lecture hall, meeting rooms and maker spaces for design, prototype and creation. The total project cost will amount up to $1,520,000 and will result in the creation of up to 72 new full-time jobs and provide business expansion for up to twenty firms over a 24-month period.
These joint initiatives align and demonstrate FedDev Ontario’s mandate to help create, retain and grow businesses, cultivate partnerships and build strong communities. The initiative also contributes to the Government of Canada's Innovation and Skills Plan, an agenda to drive economic growth that leads to better skills, jobs and opportunities for all Canadians.
Following the Northumberland Innovation in Action reception, the Northumberland CFDC opened the doors to the public for the Fifth Annual N100 Startup Competition Pitch Contest where ten entrepreneurs are vying for the competitive opportunity to receive up to $100,000 in startup capital.
About Northumberland CFDC
Northumberland CFDC is an independent business development organization focused on supporting innovation and entrepreneurship as pathways to economic development and diversification. Northumberland CFDC provides financing and strategy to entrepreneurs through a suite of programs including the Government of Canada’s Community Futures Program (CFP), the Eastern Ontario Development Program (EODP), N1M and N100 programs. For more, please visit: www.financingandstrategy.com.
About the Eastern Ontario Development Program (EODP)
The Eastern Ontario Development Program is a $48-million economic development initiative focused on addressing economic challenges in eastern Ontario and taking advantage of innovative opportunities in the region.