PRESS RELEASE
STRATFORD, ONTARIO–(Marketwire – March 15, 2011) – Powernoodle Inc. will have greater opportunities to thrive and grow in the global marketplace, thanks to a new investment by the Government of Canada, announced today by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for southern Ontario (FedDev Ontario). Gary Schellenberger, Member of Parliament for Perth-Wellington, joined Minister Goodyear for the announcement.
“Our government is investing in the people, businesses and communities of southern Ontario to create jobs and encourage economic growth,” said Minister Goodyear. “This investment in Powernoodle Inc. will give the company better access to capital so it can get its ideas into the marketplace and expand its business.”
With a repayable contribution of $961,067 through FedDev Ontario’s Investing in Business Innovation initiative, Powernoodle Inc. will expand its web-based, interactive meeting tool that clients can use to manage their meetings more effectively in a virtual environment.
“We recognize that innovation holds the key to long-term economic stability for southern Ontario, and for all of Canada,” said MP Schellenberger. “Our government is working to make the most of our opportunities to innovate, adapt and grow, and secure a prosperous future for the region.”
“We are thrilled with the Investing in Business Innovation program which will enable our product roadmap and growth by investing in the local economy through jobs and services,” says Powernoodle Inc. President and CEO Deb Krizmanich. “Powernoodle is a global product, serving a global market and solving global organizational issues and FedDev Ontario’s’s support in combination with funding from the Golden Triangle Angel Network (GTAN) investors will enable us to excel on that global stage.”
The Investing in Business Innovation initiative 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 addressing funding gaps for emerging innovative businesses.
FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second 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 call 1-866-593-5505.
Backgrounder
Investing in Business Innovation
FedDev Ontario’s Investing in Business Innovation initiative is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds.
Applications for funding are being accepted and assessed on an ongoing basis. For more information and to apply, please refer to the program guidelines available on the FedDev Ontario web site at www.feddevontario.gc.ca.
Contribution to Powernoodle Inc.
FedDev Ontario is providing Powernoodle Inc. with a repayable contribution of $961,067 to allow the company to expand its web-based software service and achieve greater market reach. The funding being provided by the Agency is being matched 200 per cent by funding from investors who are members of the Golden Triangle Angel Network.
Powernoodle Inc. is a Software as a Service company that allows organizations to run virtual and asynchronous meetings online. The company was officially launched in February 2011. More information is available at www.powernoodle.com.
For more information, please contact
Office of the Honourable Gary Goodyear
Gary Toft
Director of Communications
613-943-7599
or
FedDev Ontario
Media Relations
519-571-6879
