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Government of Canada investing in world-leading Canadian company to deliver cutting-edge new live media platforms
Wednesday, June 21, 2023
Investment of $49 million in Ross Video to develop cloud-based products for event production will support nearly 2,000 jobs
OTTAWA, ON, June 16, 2023 /CNW/ - The information and communications technology (ICT) sector is a key industry in Canada and an emerging area of growth. In 2021, the ICT's GDP contribution was $104.5 billion, accounting for 5.3% of national GDP. That is why the Government of Canada is investing in Canada's most innovative ICT firms and industries to help them become global leaders that create highly skilled and well-paying jobs.
Today, the Honourable Mona Fortier, President of the Treasury Board and Member of Parliament for Ottawa-Vanier, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $49 million in Ross Video Limited. This investment will support Ross Video's $236 million project to create a hybrid cloud event-production platform and suite of tools to transform live-event production. This project will develop more flexible and cost-effective solutions that will improve the ability to create high-quality live media that can be used in news, sports, concerts, cultural events, conferences, and government or corporate events. This investment is being made through the Strategic Innovation Fund (SIF) and is part of the Government of Canada's strategy to support intellectual property (IP) rich companies. The Government of Canada is committed to making sure Canadians can benefit from their innovations, so it continues to provide funding to Canadian IP-rich firms.
Ross Video's project will expand Canada's expertise in live-event production, manufacturing, hardware and IP in the media and entertainment industry. Ross Video already has the largest combined live production equipment offering in the world, with virtualized software and hardware-based products.
Ross Video will continue to manufacture its equipment in house, expand Canadian employment and establish itself as a leader in exporting products and services worldwide to the media and entertainment sector. This investment will support over 1,900 full-time jobs and 1,700 student co-op terms across Canada. In addition, the company will work with Indigenous communities to provide training, offer employment opportunities and support communities in gaining access to technology to undertake their own live-event productions and broadcasts to community members.
"Through forward-thinking processes and innovative partnerships, Canada's information and communications technology sector will certainly blossom. This contribution supports a project that will create significant opportunities for Canadians to contribute to this rapidly growing industry, supporting nearly 2,000 highly skilled and well-paying jobs. Thanks to companies like Ross Video, we are able to push the envelope as to what we are capable of achieving in this important industry."
- The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Since its founding in 1974, Ross Video, a Canadian family- and employee-owned company, has been an important member of the Ottawa corporate community. This partnership with the Government of Canada will help Ross Video achieve new heights of success as a major global tech firm while also creating thousands of great new Canadian jobs, including many in the Ottawa region. We look forward to seeing the cutting-edge live media solutions Ross Video will produce for a global market."
- The Honourable Mona Fortier, President of the Treasury Board and Member of Parliament for Ottawa-Vanier
"Ross Video's tremendous growth and global success are a great example of what can happen when technology companies and the Government of Canada get it right. I look forward to using this investment to not only create superb new products that delight customers but also create rewarding new jobs that will support our local communities."
- David Ross, CEO and Chairman, Ross Video
-- Ross Video is a world leader in video experiences, providing technology
and services to prominent global broadcast companies, which in turn
promotes Canada as an industry leader in science, technology and
entrepreneurship.
-- There are over 45,000 companies in the Canadian information and
communications technology sector, and the large majority (over 40,000)
fall within the software and computer services industries.
-- The Government of Canada is allocating funding to IP-rich companies
through the Strategic Innovation Fund to secure promising, strategic
firms and anchor them in Canada and to improve Canada's short-term
recovery and long-term growth.
-- Budget 2023 proposed further measures to support business innovation in
Canada, essential to long-term economic growth, and reaffirmed
commitments to IP.
-- Ross Video
-- Strategic Innovation Fund
Find more services and information at Canada.ca/ISED.
Follow Innovation, Science and Economic Development Canada on social media.
Twitter: @ISED_CA, Facebook: Canadian Innovation, Instagram: @cdninnovation and LinkedIn
SOURCE Innovation, Science and Economic Development Canada
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