Province announces $1.2 million for Communitech on day new hub officially opens
Posted Jul 21, 2016 12:38:07 PM.
This article is more than 5 years old.
A major funding announcement for Communitech. The province is dishing out $1.2 million to support startups in our region.
This comes as the expanded, three-level, 80,000-square-foot Communitech Hub officially opened.
Reza Moridi, Minister of Research, Innovation and Science says, “This new space is going to provide much more capacity and much more opportunity for startup companies to grow and to become multi million-dollar companies, billion-dollar companies.”
The expanded Hub is a partnership between Communitech, Google Canada, the University of Waterloo, the City of Kitchener and the province.
The larger space will allow Communitech to expand services for startups, provide more work space and run more training programs.
Communitech CEO Iain Klugman says, “Overall, it provides the foundation to meet our goal of helping to build 10 new $100-million companies in Waterloo Region over the next 10 years.”
The City of Kitchener also put cash behind the new space. Earlier this year, city council committed $300,000 towards the expansion.
