Helping Youth Launch New High-Tech Companies
Ontario Announces Recipients of New Accelerator Fund
Ontario has announced the first recipients of the Youth Investment Accelerator Fund Program (Youth IAF). Launched in 2013 as part of Ontario's Youth Jobs Strategy, the program invests in technology-based start-ups founded by entrepreneurs under the age of 30.
The Youth IAF is designed to accelerate the commercialization of innovative technologies in Ontario by investing up to $250,000 per eligible company. The first recipients of funding are:
- PUSH - a sports-science technology start-up that helps optimize training by instantly transmitting feedback about an athlete's movements. PUSH allows customized workouts, performance monitoring and instant progress review.
- Rubikloud - a platform that processes massive amounts of e-commerce data and delivers insight into how revenue, conversions, traffic and application performance impact business.
- Soapbox - an innovation management tool that helps maximize engagement through ideas. Employees add ideas, vote, discuss and get a response. Leaders are able to make better decisions faster, while engaging with the people they employ.
- Greengage Mobile - helps organizations meet sustainability goals, such as decreasing their environmental footprint or improving the local community. Using a mobile device, employees can earn points, receive rewards and compete with co-workers, while helping the company reach its goals. Progress metrics are available on demand, so employee engagement and results are immediately tracked.
- The Youth IAF Program is one of two entrepreneurship programs launched under the Youth Jobs Strategy – the other is the Youth Business Acceleration Program.
- Technology-based start-ups from all sectors and regions of Ontario are eligible for the Youth IAF.
- Ontario is investing $295 million over two years in the Youth Jobs Strategy to help 30,000 more young people from across the province connect with the tools, experiences and entrepreneurial support they need to find employment or start their own businesses.
- Ontario has launched an advertising campaign for the Youth Jobs Strategy.
“Youth IAF start-up companies like PUSH, Soapbox, Rubikloud and Greengage Mobile are great examples of Ontario’s Youth Jobs Strategy at work. Our strategy aims to help 30,000 young people from across the province find work, build job skills or start their own business. This fund will help young entrepreneurs get their innovative products to market faster, while creating good jobs and building the economy of tomorrow.”
“The Youth IAF is an exciting new program from the province that will give young entrepreneurs a needed leg-up in helping to ensure their success. Not only will it provide young entrepreneurs with up to $250,000 in much needed seed capital, but MaRS IAF can assist in finding the necessary expertise and resources to bring their ideas to market.”
“We are delighted to have Youth IAF as an investor in PUSH. With Youth IAF's support, we'll be able to execute our vision of becoming a world-leading sport-science company that offers new and innovative tools for athletes to enhance and improve their training performance. The Youth IAF team’s support and dedication to help young Ontario entrepreneurs succeed is simply incredible.”