Harper Government Supports New and Growing Businesses in London, Ontario, Creating Jobs and Economic Growth

LONDON, ONTARIO--(Marketwired - Oct. 15, 2014) - FedDev Ontario Minister Gary Goodyear and London North Centre MP Susan Truppe announced a total investment of $1.4 million in two London-based organizations, which will contribute to the growth of innovative businesses in London.

Voices.com will expand its capacity to grow on the global stage with an investment of up to $900,000 through the Investing in Business Growth and Productivity initiative. This innovative company offers an online marketplace that connects businesses with voice talent. It has been growing and creating jobs in London since 2004.

The Southwestern Ontario Angel Group (SWOAG) will increase its membership and its pool of investment funds and improve mentoring support to early-stage high-growth companies with an investment of up to $500,000 through the Investing in Business Innovation initiative.

Helping businesses grow and become sustainable is part of FedDev Ontario's mandate to develop a strong and diversified southern Ontario economy.

Quick Facts

• Voices.com expects to hire 45 full-time employees and will translate its products into six languages, which will help the company expand its global reach.
• The Southwestern Ontario Angel Group expects to increase its membership from 65 to 115 members, resulting in 40 additional companies receiving more than $10 million over the next five years.
• FedDev Ontario funding is currently available to businesses, not-for-profit organizations, post-secondary institutions and angel organizations.

Quotes

"Our Government, through FedDev Ontario, continues to invest in jobs, growth and prosperity by supporting start-up and early-stage businesses. Innovative start-ups need access to capital today to grow into the flagship businesses of tomorrow and we are creating that environment, right here, in London."

• Gary Goodyear, Minister of State for FedDev Ontario

"I'm proud that our Government recognizes that supporting entrepreneurs is critical to creating jobs and economic growth. I look forward to seeing the positive outcomes of our investments in Voices.com and the Southwestern Ontario Angel Group."

• Susan Truppe, Member of Parliament for London North Centre

"Thanks to the Canadian government, we will further participate in the strengthening of our local economy through the creation of meaningful work that makes a difference in the lives of Londoners and beyond. These funds will help us to tap more deeply into the rich and diverse human resources available in our city, a city that is well-positioned for excellence and economic growth."

• David Ciccarelli, Chief Executive Officer and Co-Founder, Voices.com

"The FedDev Ontario Investing in Business Innovation initiative has been instrumental in increasing and accelerating the start-up and growth of early-stage technology-based companies. The support of FedDev Ontario has allowed SWOAG to increase membership, increase private sector investment in business growth and enhance our abilities to guide, mentor and advise entrepreneurs."

• Carmen S. Gicante, Managing Director, Southwestern Ontario Angel Group

Related Products

Backgrounder: FedDev Ontario investments in Voices.com and the Southwestern Ontario Angel Group

Speech: Funding announcement for Voices.com and the Southwestern Ontario Angel Group

Associated Links

Investing in Business Growth and Productivity initiative

Investing in Business Innovation initiative

Voices.com website

Southwestern Ontario Angel Group website

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Backgrounder

FedDev Ontario investments in Voices.com and the Southwestern Ontario Angel Group

FedDev Ontario is investing a total of $1.4 million in two London-based organizations, which will contribute to the growth of innovative businesses in London.

Contribution to Voices.com

Voices.com, founded in 2004, operates an online marketplace where voice actors are matched with voice acting contracts. This business model offers a faster and more cost-effective alternative to traditional casting methods. The company also offers production management services for larger contracts that require multiple actors.

Voices.com is receiving up to $900,000 as part of a $3.6-million expansion project to broaden its customer base and expand into new geographic markets. Funding will be used for:

• Hiring business development specialists and account managers to handle growing demand;
• Translating websites, mobile applications and internal knowledge bases into Spanish, Portuguese, French, Japanese, Mandarin and German; and
• Installing new office technologies to support a growing workforce.

The repayable contribution is through FedDev Ontario's Investing in Business Growth and Productivity initiative, which is aimed at helping established businesses to expand their operations, invest in productivity improvements and compete globally.

Contribution to the Southwestern Ontario Angel Group

The Southwestern Ontario Angel Group was founded in 2008 and its founding board members have been involved with angel investing for a number of years. The network, which seeks and assesses early-stage investment opportunities, has to date made 28 investments in 13 companies for a total of $9.3 million.

The angel group is receiving up to $500,000 to support outreach and promotion activities, develop educational tools and seminars and improve reporting and monitoring systems. This will increase its capacity to identify, prepare and present better investment opportunities to its members, which will benefit businesses looking for capital. Beyond providing funding, angel investors also play a significant role in mentoring and coaching during the early stages of business growth.

The non-repayable contribution is through the Investing in Business Innovation initiative, aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.