Joint Statement on the Success of 500 Startups
Today Brad Duguid, Minister of Economic Development, Employment and Infrastructure, and Reza Moridi, Minister of Research and Innovation, released the following statement:
"On behalf of the Government of Ontario, we wish to congratulate 500 Startups on the launch of their new $30 million micro-fund, 500CAN. This is an exciting addition to Ontario's business ecosystem that will provide later-stage capital to some of this province's most ambitious start-up companies.
The expansion of 500CAN to Ontario is an indication that measures put in place by this Government have put us on the right path and raised the province's attractiveness as a place to start and grow a company. It aligns with the government's Business Growth Initiative, which makes it easier for companies to innovate and scale up right here in Ontario.
This government's top priority is to grow the economy and create jobs; 500CAN will help support this work.
For the past two years Ontario has been the number one destination in North America for foreign capital investment. We plan to continue that trend in 2016. 500CAN's presence here will help ensure our startups will continue to be able to grow, advance and succeed right here.