Ontario funneling $61.2M into two new growth programs for SMBs
by Canadian Manufacturing.com Staff
Pair of programs will help firms scale up, test products or services in Ontario
TORONTO—The Ontario government has announced plans to introduce a pair of growth programs designed to help the province’s small- and medium-sized businesses keep in step with the rapid pace of technological change.
First, the Scale-Up Voucher program will offer companies access to certain resources at “pivotal” moments in their development. The province is supporting the program with $32.4 million over four years, and says it will help companies fund projects such as talent development and recruitment, new market assessments and intellectual property protection services.
Meanwhile, the government will set aside $28.8 million for the Small Business Innovation Challenge. Designed to spur the development of new technologies, the program will allow companies to test their products and services in a real-world environment within the public sector. The province said it modeled the Innovation Challenge on similar successful programs in the U.K. and U.S.
Announced during the 2016 Ontario Economic Outlook earlier this week, further program details are expected to be released shortly.
