Ontario is a critical contributor to the Canadian economy. It thrives through its special combination of resources, expertise, and innovation efforts. Ontario creates 37% of Canada’s GDP, while housing almost 50% of the country’s employees in high-tech, financially based, or any other knowledge-centric industry.
As Canada’s most populous region, with 12.3 million residents across 288 communities, southern Ontario is an undeniably significant element of the Canadian economy. Naturally, however, creating 37% of Canada’s GDP does not happen accidentally. Here is where FedDev Ontario helps. This initiative, established in 2009, committed $1 billion over a five-year period in government funding for businesses, communities, and not-for-profit organizations. This funding addresses unique challenges faced at the regional and global economic levels.
Since its introduction, FedDev has worked tirelessly towards the creation of new investments, jobs, and opportunities within the province. This led to the introduction of several new initiatives that have raised Ontario’s economic profile within the region and on a global stage.
Economic Action Plan
FedDev works in close proximity with stakeholders, investors, and Ontario communities for the identification and strengthening of the region’s assets, generating new opportunities and kick-starting economic initiatives.
FedDev operates as a delivery agent for a variety of funding opportunities, providing funding directly to businesses, or directing businesses towards the relevant funding initiatives. FedDev is helping Ontario springboard out of a recession by bringing products to market at a faster rate, supporting entrepreneurs, creating prosperity, and, importantly, improving capital access to those who need it most.
In 2013, Canada’s Economic Action Plan announced a further commitment to FedDev, providing a five-year $920 million contribution as a funding renewal for this initiative.
During the window for this secondary mandate, FedDev Ontario continues to work with a constantly fluctuating economic landscape in the region. It uses feedback from stakeholders and actual members of these communities (amongst others) to generate the best uses for the available funding to bring economic prosperity to the overall region.
In the coming years, look for FedDev Ontario to support sustainable projects that will continue to benefit the province in the long term. Ontario is not an isolated province: its success is Canada’s success.
Available Financial Programs
FedDev provides funding through a variety of mediums. Some of this funding comes directly from its own pool of funding, while others deliver funding received from the FedDev initiative.
There are a host of directly supported government funding opportunities for business available from FedDev for eligible businesses to pursue. Many focus on the introduction of new technologies to help improve production by increasing productivity, such as the Advanced Manufacturing Fund, or Investing in Business Growth and Productivity.
They also encourage collaborative initiatives, including partnerships between entrepreneurs and investors that support early-stage, globally oriented businesses to become world leaders in their respective sectors. FedDev supports the Investing in Business Innovation initiative in this respect.
Given the prominence of the Waterloo region, look no further than AC Jumpstart $8 million program, delivered by the Accelerator Centre. This initiative, supported by FedDev Ontario, provides funding that helps train companies in the Waterloo region to become more customer, market, and investment-friendly in their approaches and philosophies.
Whether through direct payments or third party delivery, any entrepreneur or business owner in the Ontario region should consider FedDev to help finance their next technological undertaking, training endeavour, or marketing opportunity. The above-mentioned list is far from exhaustive: FedDev Ontario has an extensive list of government funding for business opportunities. If you want to learn more about the program that works best for your business, get in touch with us at INAC today. We can help you get started with your application.