Five Quinte area high-tech companies have received federal start-up funding, creating 22 new jobs.
The announcement of $500,000 under the Eastern Ontario Development Program was made by Bay of Quinte MP Neil Ellis and Rick Holmes of the Northumberland Community Futures Development Corporation in the Loyalist College Digital Media Centre, on Tuesday.
The funding will be matched by $616,000 in incremental private investment by the start-up companies.
Ellis says it’s difficult for new companies and there’s a fine window of opportunity.
Holmes says people have great ideas and unless their companies get off the ground they will go to other countries.
The five companies, Nectar Desk, Tire Wizard, Komodo OpenLab, Marion Surgical, and Screaming Power will each provide matching funds.