Backgrounder

From the Prime Minister's Web Site (http://www.pm.gc.ca/)

---

Backgrounder: Investing in Business Innovation program

Canada's Economic Action Plan

October 15, 2010
Vaughn, Ontario

The Harper Government is committed to creating jobs and making Canada's economy more robust, diversified and competitive. The Government seeks to provide Canadian businesses with the tools and advantages they need to prosper and create jobs and economic growth in today's modern, knowledge-based economy.

In keeping with these objectives, the Government will allocate up to $190 million over the next four years to FedDev's Investing in Business Innovation program, which will help start-up businesses in the region thrive and grow.

Investing in Business Innovation is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested the Government address funding gaps for emerging businesses.

The program will:

• Provide improved access to financing for start-up businesses: Start-up businesses (50 employees or less) are eligible to apply for up to $1 million in repayable funding if they have funding commitments from accredited angel or registered venture capital investors.

• Boost private sector investment in start-up businesses: Not-for-profit angel investor networks are eligible to apply for one-time non-repayable funding of up to $50,000 to support outreach and promotion activities. An angel investor network must be located in southern Ontario, registered with the National Angel Organization - Ontario or another reputable industry association, and planning to undertake defined investment attraction activities. Organizations representing southern Ontario angel investor networks are eligible to receive up to $2 million to help attract new investors and encourage the growth of investment funds.

• Help accelerate the research and development of new products and ideas and bring them to the marketplace: The program will help start-up businesses bring new services, processes and practices to consumers through increased private sector investment.

For more information, please refer to the Program Guidelines available on the web site at www.feddevontario.gc.ca.

---

The Prime Minister's Office - Communications
[Note: You are receiving this e-mail for information only, and because you have subscribed to our distribution list. To modify your subscription or to have your name removed from the list, go to: (http://www.pm.gc.ca/eng/subscribe.asp?login )]