Feds target Southern Ontario business growth with $530M funding program
by Michael Ouellette
A total of four new programs are aimed at retaining, attracting and growing businesses in southern Ontario to increase the region's global competitiveness
Investing in Commercialization Partnerships
These are business-led partnerships with a focus on developing globally-competitive products and services through technology transfer between research and business to help bring new ideas to market.
This initiative supports large-scale collaborations between the private sector, post-secondary institutions and not-for-profit (NFP) research organizations.
Post-secondary institutions, including publicly-funded colleges and universities and incorporated NFPs, including research institutions, and industry associations located in southern Ontario, are eligible to apply under this initiative for non-repayable contributions of up to $20 million per project covering half of eligible project costs.
Eligible projects are business-led and aim to increase the capacity of existing and emerging innovation ecosystems within southern Ontario to collaborate with the private sector; create innovative products, technologies and services; develop commercially-relevant technology; or support the development of a critical mass of research and commercialization activity in emerging clusters.
Investing in Regional Diversification
Incorporated NFPs in southern Ontario whose mandate includes economic development are eligible to apply for non-repayable contributions of up to a maximum of $20 million per project for up to 50 per cent of projects that enhance business attraction, investment and employment opportunities in southern Ontario; strengthen regional businesses and clusters with economic diversification and sustainability; develop and expand collaborative efforts; and improve the economic circumstances of communities facing distress.
