As many businesses close the books on the first quarter, Waterloo Region is kicking off yet another growth season.
The area is alive with new investment deals, local companies shining with innovation and strategic programs designed to ensure fast and lasting business growth.
No matter where you look, there’s something sprouting up, and it’s adding even more colour and vibrancy to our tech and innovation scene.
Here’s a look at the top stories from April 2024:
$80M expansion enhances Waterloo’s nuclear sector
BWX Technologies, Inc. (BWXT) announced an $80M investment to expand its Cambridge nuclear manufacturing plant and establish a new facility in Kitchener last month.
The expansion, which further strengthens Waterloo’s reputation in nuclear technology and manufacturing, will increase the plant’s capacity for large nuclear components by 50% and will add over 250 skilled, unionized jobs to the local workforce.
Vidyard introduces AI Avatars
Kitchener-based video messaging leader, Vidyard, launched the industry’s first hyper-realistic AI Avatars. This development promises to revolutionize how sales and marketing teams interact with customers and prospects, offering personalized video messages that mimic the user’s appearance and voice.
The company also announced $15M in funding led by Export Development Canada, bringing its total funding to $90.7M to accelerate innovation and adoption of its platform.
Accelerating aerospace innovation in Waterloo
Last month, the Accelerator Centre (AC) announced the 10 startups selected for its first Aerospace Accelerator Program cohort. The program, a collaboration with the Region of Waterloo and NAVBLUE, aims to elevate the region’s status as a global innovation hub for aviation and aerospace.
The selected startups, including Aeroport AI, Pegasus Aeronautics Corporation and Nexus Lab, will benefit from access to NAVBLUE’s industry expertise, financial incentives and access to Waterloo’s supportive ecosystem.
EY invests in fintech and quantum innovation
Building on its sector-specific momentum, the AC, in partnership with EY Canada, also launched a groundbreaking corporate innovation program aimed at propelling innovation in fintech leveraging AI and quantum technologies.
Participating companies will undergo an intensive four-week curriculum, culminating in a demo day that showcases their solutions to industry leaders and potential investors.
Introducing the Future Cities Institute
In April, UWaterloo launched the Future Cities Institute, a visionary initiative supported by a $10M investment from leading real estate developer The Caivan Group. The interdisciplinary hub will tackle urban challenges, focusing on sustainable infrastructure, housing, mobility and city planning.
UWaterloo President Vivek Goel emphasized the institute’s role in combining academic excellence and practical expertise to effectively address complex urban issues: “This is the kind of innovative, forward-looking partnership we need to embrace if we truly want to solve humanity’s most challenging issues,” he shared.
“We need academic excellence; we need on-the-ground expertise; and we need those two things to work together. I’m proud that this is happening at Waterloo.”
Celebrating Waterloo’s entrepreneurial spirit
Velocity, the University of Waterloo’s entrepreneurship program, has released the first edition of Momentum.
The publication features stories from 157 student teams who are actively building early-stage startups, highlighting how Velocity equips founders with mentorship, resources and tailored support to transform innovative ideas into scalable businesses.
Mayor Berry Vrbanovic praised Velocity’s impact on Kitchener, noting its role in driving innovation and economic growth:
“Velocity continues to drive innovation by connecting emerging talent and next-generation entrepreneurs with the tools and resources needed to accelerate new ideas and technologies to the marketplace, driving our local, regional and national economies.”
UWaterloo launches climate change diploma
The University of Waterloo is setting a precedent with Canada’s first interdisciplinary graduate diploma in climate change.
The new program, open to all enrolled masters and doctoral students at no additional cost, allows them to work on climate change projects alongside their primary degrees.
“Our faculty has been at the forefront of building programs to fill the climate skills gap, so our students are prepared to thrive in this new reality when they graduate,” shared Professor Daniel Scott from the Department of Geography and Environmental Management.
UWaterloo fuels economic growth
In an interview with UWaterloo last month, Tony LaMantia, President & CEO of Waterloo EDC, spoke about the ripple effect the university has on local and global economic development.
Tony highlighted how UWaterloo is a central part of Waterloo’s unique ecosystem, which integrates innovative institutions, multinational companies, startups and a talent pool largely fed by its co-op program.
“This ecosystem facilitates the seamless flow of knowledge and technology across education, research and business – something that not many other locations can claim,” he shared.
" This ecosystem facilitates the seamless flow of knowledge and technology across education, research and business – something that not many other locations can claim. "
Tony LaMantia
President & CEO of Waterloo EDC
City of Kitchener invests in downtown innovation
In an ambitious move to revitalize downtown Kitchener and strengthen the local startup ecosystem, the City of Kitchener announced a significant investment in Communitech.
The proposed investment will allocate $500,000 per year from the City’s Economic Development Investment Fund in 2024 and 2025, with a possible extension of funding into 2026 and 2027.
“Our partnership with the City of Kitchener is rooted in collaboration and ignites our vision for a brighter tech future,” said Chris Albinson, President and CEO of Communitech.
“The City’s trust and support enables us to think big and be bold as we help founders start, grow and succeed, which has been our mission for over 25 years.”
Growth continues in Waterloo
Fortunately, growth isn’t seasonal in Waterloo. It happens all year long. With a thriving ecosystem that supports innovation and collaboration, it’s a place where companies can flourish. Considering expansion? Get in touch with our team to see what support and resources are available.
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