For Immediate Release
December 13, 2007

MCGUINTY GOVERNMENT INVESTING IN JOB GROWTH AND INNOVATION IN THE WATERLOO REGION

New Funding For Accelerator Centre Gives Boost to Local Technology Companies

WATERLOO — The McGuinty government is helping create the jobs of the future by boosting cutting-edge companies in the Waterloo region, Minister of Research and Innovation John Wilkinson announced today.

“Our government is committed to helping local emerging companies grow and create high-value jobs right here in the Waterloo region and right across the province,” said Wilkinson. “Working together with the Waterloo Accelerator Centre, we are helping Ontario’s innovative thinkers take their ideas to the next level.  This will generate future prosperity and good, high-paying jobs that will benefit all Ontarians.”

The government is investing an additional $150,000 in the Waterloo Accelerator Centre, bringing the total provincial investment to $750,000. The centre works to accelerate the creation and growth of sustainable new technology companies. There are currently 19 start-up companies housed in the centre, as well as five innovation partners who are helping these companies develop their business and move new innovations into the marketplace.

“The Waterloo Accelerator Centre plays a critical role in helping entrepreneurs take innovative ideas and grow them into successful businesses,” said MPP for Kitchener-Centre John Milloy. “Today we are investing in generating new businesses and high-value jobs for a more prosperous Waterloo region, and a higher quality of life for all Ontarians, now and in the future.”

“I’m proud to be a part of a government that is committed to investing in future job growth and prosperity by investing in our local entrepreneurs and innovators,” said MPP for Kitchener-Conestoga, Leeanna Pendergast.

The centre capitalizes on the McGuinty government’s $150-million commitment to research and innovation in Kitchener-Waterloo, ensuring the ultimate outcome is a steady stream of new companies and jobs in the region.

“Ontario’s ongoing support has been vital to the creation and growth of the Accelerator Centre,” said Dr. Tom Corr, Accelerator Centre CEO. “We applaud the government’s ongoing commitment to the Accelerator Centre and to the larger innovation agenda through its various initiatives including the Regional Innovation Network program and the Ontario Centres of Excellence.”

“For Ontario to succeed in today's global economy, we need to build a culture of innovation in every sector and in every corner of our province,” said Wilkinson. “Our government is firmly committed to building the next generation of jobs and a prosperous economy, and the Waterloo Accelerator is an excellent example of the success we can accomplish when we work together.”

Investing in job creation through regional innovation is just one of the ways the McGuinty government is strengthening the economy and supporting Ontario families.  Other initiatives include:

• Encouraging strong job creation, with over 422,000 net new jobs since October 2003
• Committing to expand our Next Generation Jobs Fund to $1.15 billion to support job creation for Ontarians
• Launching the $160 million Ideas-to-Market strategy that supports emerging companies, which includes the Ontario Venture Capital Fund
• Establishing a six-year, $500-million Advanced Manufacturing Investment Strategy to help manufacturers invest in innovative new technologies, and
• Phasing out the capital tax and accelerating a five per cent rate cut in 2007, while working towards eliminating the tax altogether by July 1, 2010.

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