MP Vaughan announces $2 million for Ontario Centre of Innovation to scale 30 tech companies through OneEleven accelerator and support 450 jobs, including targeted support for underrepresented groups
August 12, 2021 Toronto, Ontario Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Canadian digital technology firms continue to generate significant momentum coming out of the COVID-19 pandemic, bringing innovative new products to market and raising record levels of investments. Within Toronto’s innovation ecosystem, OneEleven plays a critical role in helping the next generation of high growth tech companies reach their full potential.
Today, Adam Vaughan, Member of Parliament for Spadina–Fort York, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a $2-million FedDev Ontario investment for the Ontario Centre of Innovation (OCI) to support the relaunch of programming at tech accelerator, OneEleven. This investment will support 30 high-growth scaling companies and 450 jobs across southern Ontario. FedDev Ontario’s investment will also leverage nearly $1.2 million in additional private investment.
OneEleven fills a niche in Toronto’s innovation ecosystem with its focus on supporting high-growth companies that have already received initial seed financing and early stage incubation supports and that are now ready to pursue more substantive capital raises. OneEleven’s unique approach to programming brings together peers from high growth companies at similar stages of growth to collectively tackle barriers to scaling their companies. This has been a proven recipe for success for the companies previously accelerated through OneEleven.
FedDev Ontario support will enable OneEleven to augment its programming and extend its digital reach to high-growth SMEs located in smaller communities across southern Ontario. With a commitment that at least 25 percent of new digital membership participants will be located outside of the GTA, this will create unique connections between urban- and rural-based tech companies. In addition, federal funding will contribute to creating an inclusive tech sector, with a commitment to supporting companies led by members of underrepresented groups, including women and Black, Indigenous, People of Colour, 2SLGBTQ+ and Francophone professionals.
The innovative programming offered by OneEleven plays a key role within the Toronto tech ecosystem, presenting a unique opportunity to connect urban and rural high-potential firms to exchange ideas and share best practices as they scale their companies.
“The scale-up programming offered by OneEleven will help high-growth companies to navigate challenges brought on throughout the COVID-19 pandemic and provide them with technical advice needed to succeed while continuing to raise capital. Thanks to FedDev Ontario’s investment, through OCI, OneEleven will be able to support 30 high-potential tech firms and 450 jobs with in the GTA and across southern Ontario.”
Adam Vaughan, Member of Parliament for Spadina–Fort York
“With today’s announcement of support for Ontario Centre of Innovation’s OneEleven tech incubator, our message is clear: we’ve been here for businesses and organizations with immediate measures during the COVID-19 crisis, and we continue to support all workers and all sectors, ensuring we create good opportunities for all Canadians.”
The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“Ontario’s innovation community and tech entrepreneurs were some of the first to come forward with ideas and solutions at the outset of the pandemic, and they will be at the forefront of driving our economic recovery. We thank OneEleven for the vital support and programming they provide to promising high-growth companies, especially in rural communities. OneEleven’s role in fostering growth and acceleration in Ontario’s innovation ecosystem will continue to be essential in taking high-potential companies into the next stage of their development.”
The Honourable Victor Fedeli, Minister of Economic Development, Job Creation and Trade
“As an original founding partner of OneEleven, OCI understands first-hand the vital role OneEleven represents to Canada’s innovation ecosystem. Now, with the pandemic’s acceleration of new technologies and the incredible influx of tech talent across Ontario, OneEleven’s role is more important than ever. Thanks to FedDev’s support of new scale-up programming, the reach of this impact can be expanded dramatically at a time when it is needed most.”
Dr. Claudia Krywiak, President and CEO, Ontario Centre of Innovation
“Today’s investment by FedDev will allow OneEleven to continue evolving our programming supports to meet the challenges of the pandemic, ensuring that we can support the most promising post-seed technology companies.”
Matthew Lombardi, Managing Director, OneEleven
- Ontario Centre of Innovation, established in 1987 as Ontario Centres of Excellence, is a not-for-profit organization that drives collaboration between industry and academia to conduct leading-edge research, commercialize technologies and services that enhance quality of life, and help build a globally competitive, job-creating economy in Ontario.
- Established in 2013, OneEleven has a proven track record of supporting highly successful companies, including Borrowell, Wealthsimple and Tulip, which are now global companies.
- · Over 45 percent of in-person business leaders of OneEleven member companies are Black, Indigenous, People of Colour, 2SLGBTQ+ and Francophone professionals, with a commitment made that half of its participants of the FedDev Ontario supported new digital membership project will be women-led or -owned companies.
- · Through the recently announced Canada Community Revitalization Fund, Major Festivals and Events Support Initiative, Jobs and Growth Fund and the Tourism Relief Fund, Canada’s regional development agencies continue to be trusted partners delivering targeted support for economic recovery in the region. Applications can be submitted to these programs in southern Ontario through FedDev Ontario.
- · Since November 2015, FedDev Ontario has invested nearly $710 million in 280 projects technology-related projects across southern Ontario.
Ontario Centre of Innovation