FedDev Ontario Announces Investment In YEDI
On Friday April 28th Michael Levitt, Member of Parliament for York Centre, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario announced an investment in the York Entrepreneurship Development Institute to support the delivery of our Incubator Track program. MP Levitt also celebrated the graduation of 15 entrepreneurs who participated in the first cohort of the program and also met entrepreneurs of the second cohort, which was launched on March 16, 2017.
“The Government of Canada recognizes the vital importance of skills development and growing new companies in making Canada a global centre for innovation. This investment in the York Entrepreneurship Development Institute will help 45 entrepreneurs to gain the necessary skills and access to capital, with a goal of creating innovative companies and jobs of the future.”– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
With this non-repayable contribution through FedDev Ontario’s Investing in Business Innovation initiative, we are providing much needed seed funding to support entrepreneurs in further commercializing their ideas and launching high-potential, early-stage businesses. During the ceremony, each of the 15 graduating ventures received a non-repayable, equity-free grant of $30,000.
“The York Entrepreneurship Development Institute is a key resource for entrepreneurs from any industry or sector. With the FedDev Ontario funding, the Institute will provide entrepreneurs with comprehensive training and mentorship to teach them the business skills they need to turn their innovative ideas into real solutions.”
– Michael Levitt, Member of Parliament for York Centre
We would like to thank FedDev Ontario for their generous investment, and thank all those who joined us on Friday for this wonderful announcement. As entrepreneurs establish and grow their businesses with help from this program, it is expected that up to 70 new full-time jobs will be created. Congratulations to all our newly funded entrepreneurs! We wish you continued success and are looking forward to sharing your results.
“We are extremely proud of the program and community of successful entrepreneurs we have created over the past few years. So far our hard-working graduates have one of the best survival rates of Canadian start-ups, and we believe that with this additional funding to help seed their ventures, they will be even more successful, and have long-term prosperity.”
– Dr. Marat Ressin, President, York Entrepreneurship Development Institute