For Immediate Release
Toronto, CANADA – The Water Technology Acceleration Project’s funding from Ontario’s Ministry of Economic Development, Job Creation and Trade (MEDJCT) was terminated in March as a result of the provincial government’s cost savings efforts. Therefore WaterTAP will cease operations on June 30, 2019.
WaterTAP was created by the Ontario Water Opportunities Act to promote and foster the growth of Ontario’s innovative water technology companies. Since 2012 WaterTAP has provided critical commercialization and business support to over 300 companies, helping to create and retain over 1600 high value jobs. The businesses WaterTAP supported have achieved compound average growth rates of 25%, three times the Canadian sector average of about 8%.
WaterTAP has helped Ontario achieve recognition as one of the world’s most well-known, and highly regarded water technology innovation hubs. WaterTAP is respected globally as a thought leader and has provided support to both Canadian and international water technology companies interested in establishing operations in Ontario.
WaterTAP is proud of its many support programs for Ontario’s water technology sector, that included hundreds of collaborations within the Ontario, Canadian and international water technology innovation ecosystems. Canadian companies need early access to global markets to scale because the domestic market is simply not big enough to support that growth. To facilitate that WaterTAP has worked with all levels of government including MaRS Discovery District, Global Affairs Canada (GAC), Trade Commission Service (TCS), Global Opportunities for Associations (GOA), National Research Council (NRC) and the Industrial Research Assistance Program (IRAP) to showcase Canada’s innovative companies internationally.
WaterTAP thanks its past and present Board members, its team, client companies, partner organizations globally, and the Ontario government, without which its impact on the Ontario sector and acknowledged success could not have happened.