Toronto?start-up?businesses Wave Accounting and Guardly will have greater opportunities to develop and bring their innovative products to market thanks to new Government of Canada investments of nearly?$1 million. The announcement was made today by Mark Adler, Member of Parliament for?York-Centre, on behalf of theHonourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
?Our government is providing the tools businesses need to succeed and expand into promising new areas,? said?MP?Adler. ?The investments in Guardly and Wave Accounting will help the companies to develop new technologies so they can grow their businesses and create jobs.?
Wave Accounting?Inc.?will receive a contribution of up to?$755,039, throughFedDev Ontario?s?Investing in Business Innovation initiative, which will help the company to further commercialize its online accounting and financial management tool for the growing small business market. With the expansion of several new features,Wave Accounting?s?clients will be able to manage their financial information from any device with a browser, such as collaborating with business partners and accountants, logging, generating and sending invoices or categorizing expenses. With increase in product demand, the company plans to double its size by the end of 2012.
?This support from?FedDev Ontario?allows us to make the best strategic decisions for the long-term viability and success of?Wave,? said Kirk Simpson, CEO and co-founder of Wave Accounting. ?By helping Wave Accounting at this early stage,?FedDev Ontario?puts us in a position to build a truly global enterprise, with impactful innovation and significant future growth here in the Toronto area.?
Guardly?s platform for emergency communication facilitates rapid social, mobile and location-aware responses to calls for assistance. With a contribution of up to?$237,500through?FedDev Ontario?s Investing in Business Innovation initiative, Guardly will focus on developing the functionality of its personal safety platform for commercial users, enabling businesses in health monitoring, seniors care, residential homes and security industries to extend their alerting and collaboration capabilities.
?I am extremely pleased to receive this federal funding through Investing in Business Innovation,? said Josh Sookman, Founder and Chief Executive Officer of Guardly. ?ThisFedDev Ontario?program has provided Guardly with an opportunity to accelerate the development and deployment of its emergency alerting, communication and resolution platform to partners looking to add similar functionality to other products or devices.?
Investing in Business Innovation?is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested?FedDev Ontario?take a leadership role in encouraging entrepreneurs and investors to take the risks necessary to put southern Ontario businesses on the map.
For more information, please refer to the?backgrounder.
FedDev Ontario?was created as part of Canada?s Economic Action Plan to support businesses and communities in southern Ontario. Now in its third year of operation, the Agency has launched a number of initiatives to create a?Southern Ontario Advantage?and place the region in a strong position to compete in the global economy. These initiatives are designed to support businesses and other organizations through partnerships and investments in skills and training; innovation; research and development; and increased productivity. To learn more, please visit?www.feddevontario.gc.ca?or call1-866-593-5505.
Tagged: Angel investing, entrepreneurship, FedDev Ontario, Gaurdly, Wave Accounting 
Source: http://taica.org/2011/09/15/government-of-canada-invests-in-business-innovation/
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