Backgrounder
November 6, 2009
Ontario And The Communitech Hub: Digital Media & Mobile Accelerator
The digital media and mobile computing sectors are among the fastest growing industries in the world economy. Ontario’s digital media industry already generates more than $1 billion annually – and is growing fast.
In order to take on competing jurisdictions, Ontario needs initiatives that will help emerging companies get to market fast – if not first. That’s why Ontario intends to invest up to $26.4 million to help launch The Communitech Hub: Digital Media & Mobile Accelerator.
Located in Waterloo Region and serving technology companies provincewide, The Hub will help hardware and software entrepreneurs bring new tools, technologies and applications to market. The Hub will focus on commercialization, business development, access to financing and connecting clients with other digital media hubs across Ontario and Canada. It will offer state-of-the-art research and development tools and lab space, with equipment and support provided by industry leaders including Open Text Corporation, Christie Digital Systems Canada Inc., Intel, Agfa Healthcare and Research In Motion.
The Hub represents a government-industry-academic partnership. Ontario is providing 24 per cent of the funding for the $107-million project, with the rest coming from private sector partners and other levels of government. Several postsecondary institutions are also involved: the University of Waterloo and the Stratford Institute, Conestoga College, Wilfrid Laurier University, and the Ontario College of Art and Design.
Today’s investment in The Hub supports Ontario’s Innovation Agenda. Backed by more than $3.2 billion, Ontario’s Innovation Agenda supports world-class researchers and innovative companies in areas where the province already is, or can be, a global leader. Ontario’s priorities are:
- Advancing the digital universe through new information and communications technologies
- Tackling climate change through bio-based, environmental, alternative energy and clean technologies
- Conquering disease through life sciences, biotechnology, advanced health technologies and pharmaceutical research.
Recent provincial support for information and communications technology and other high tech companies includes:
- $10 million to support the creation of the Stratford Institute, a University of Waterloo initiative dedicated to the advanced study in global business and digital media
- $9.3 million to support the Ottawa-based Coral CEA, an initiative that will help Ontario companies compete for a part of the growing global demand for Communications Enabled Applications
- $4.5 million to support ten start-up high tech firms across the province through the Investment Accelerator Fund
- Launch of the $250-million Ontario Emerging Technologies Fund , designed to help innovative technology companies find the capital they need to grow in Ontario. This complements the $205-million Ontario Venture Capital Fund, a partnership between Ontario and leading corporate and institutional investors that is investing in venture capital and growth equity funds that support innovative, high-growth companies.
See also:
- News Release: Ontario Gives Boost To Digital Economy
