12th November 2009

Ontario Gives Another Boost to Digital Economy

OntarioToronto – Ontario is supporting a new commercialization centre that will help digital media entrepreneurs build new companies and create jobs. The province plans to invest more than $26 million in The Communitech Hub: Digital Media & Mobile Accelerator (“The Hub”), a new centre that will help emerging digital media companies grow and succeed in the global market. In particular, The Hub will look beyond the entertainment sector to focus on companies creating hardware and software for industries, including advanced manufacturing, healthcare and finance.

Based in Waterloo Region, The Hub expects thousands of jobs could be created over the first five years by serving entrepreneurs across the province. This investment supports Ontario’s Innovation Agenda, the province’s plan to make innovation a driving force of Ontario’s economy. The Hub will focus on commercialization, business development and access to financing. It will offer state-of-the-art 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.

“Ontario is already recognized as a global leader in the digital media sector and today we are sending a clear signal to digital entrepreneurs everywhere – Ontario means business. The Hub will strengthen our ability to support innovators across the province, as they work to turn new ideas into new jobs and globally competitive businesses,” said John Milloy, Minister of Research and Innovation.

“Digital media and mobile computing are the future of Canada’s technology industry. The Hub is a place where entrepreneurs and business leaders can make connections, start companies, and create jobs for Ontario,” said Iain Klugman, President and CEO, Communitech.

Worldwide, the digital media sector is one of the fastest growing industries in the knowledge economy, and its double-digit growth rate will help drive the global media market up to US$2.2 trillion by 2012. Ontario has the third-largest entertainment and creative sector in North America, after California and New York. Ontario’s digital media industry generates more than $1 billion annually.

This entry was posted on Thursday, November 12th, 2009 at 9:21 am and is filed under Business News, Government. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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