Innovation & Job News

Recently the federal government announced that it will be supporting two dozen innovation projects in and around Toronto, via the Federal Economic Development Agency for Southern Ontario.

"This investment will boost business innovation, skills and product development in the Toronto area," said Minister of State for Science and Technology Gary Goodyear when announcing the investment, "creating new full-time jobs and greater economic diversity within the region."

FedDev's contribution to the projects comes via a variety of the agency's funds, and will total approximately $18 million, roughly $13 million of the total investment is in the form of repayable contributions. The recipient projects have leveraged this government money to generate up to $55 million more from private sector investors. According to FedDev estimates, the projects are expected to lead to the creation of more than 800 local jobs.

A sampling of investment recipients: 

• Education software company Top Hat Monocle, which also closed an $8 million round of funding in the summer, and anticipates creating 30 jobs over the next two years.


• Medical diagnostic start-up Xagenic, which is working on a lab-free platform that will enable rapid testing for infectious diseases.


• The Canadian Coalition for Tomorrow's ICT (Information Communication Technology) Skills, which will use the funds to reach out to youth and encourage interest in science and technology careers. This investment will enable them to reach nearly 30,000 more students.

Writer: Hamutal Dotan
Source: Office of Gary Goodyear, Minister of State for Science and Technology