CITO unveils new $1-million loan program

Communications and Information Technology Ontario (CITO) has unveiled a new program designed to speed up the development of research ideas into viable business opportunities. The CITO Accelerator Investment Program commits $1 million over the next 18 months. Between $75,000 and $150,000 will be invested in 7 to 10 companies with the aim of attracting equal-sized investments from early seed investors. CITO will have an option to convert its loans into common share equity. The first firm to receive the new assistance is TenXc Wireless Inc, an Ottawa-based developer of wireless network antenna technology....