While Toronto and other major Canadian centres try to reposition themselves as hotbeds for innovative entrepraneurs, an area in small town Ontario is using federal money as part of its own startup strategy.
The Globe and Mail profiled Prince Edward County’s use of the Community Futures Program, a 20-year-old government initiative that has given loans to local retailers, restaurants or small-scale manufacturers.
The money, which amounts to $8 million in loans, is being matched by a group of investors who have set up the Prince Edward County Innovation Centre. The group hopes to have 16 startups in place by next year and has nine already. Among them is Cibo Systems, a maker of restaurant management software, and Little Think Tank, the game developer profiled by the Globe.