FedDev Ontario investment to support nearly 200 businesses and 100 entrepreneurs in the region
November 12, 2024 – Toronto, Ontario
Small- and medium-sized businesses play a vital role in the success of Canada’s economy. The Government of Canada is committed to supporting entrepreneurs, business owners and the organizations that support them to strengthen Canada’s economy and create good jobs for Canadians.
Today, on behalf of the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), Bryan May, Parliamentary Secretary to the Minister for Small Business and to the Minister responsible for FedDev Ontario, visited Toronto Global, a not-for-profit organization that attracts global investment projects to the Greater Toronto Area and helps international businesses to establish their ventures, make connections and access talent in the region.
While there, PS May announced a combined total investment of $11 million in three organizations that help entrepreneurs as they establish their businesses, scale up and grow in Ontario: Toronto Global, Downsview Aerospace Innovation & Research, and Toronto Business Development Centre. As part of this, Toronto Global is receiving a $5 million investment to continue to offer value-added services to attract international investment to the GTA region. The project also aims to strengthen regional clusters and value chains by connecting local suppliers with international businesses, leading to enhanced business productivity and global competitiveness.
With a $4-million investment, Downsview Aerospace Innovation & Research (DAIR) is delivering a combination of new and enhanced programming such as DAIR Tecnomatix, and the enhanced DAIR Green Fund and DAIR Supplier Development Initiative to grow Ontario’s aerospace sector and enhance access to global aerospace supply chains. Through their programming suite, DAIR aims to support businesses’ technology readiness and commercialization, reduce the environmental footprint of the aerospace sector, and enhance business productivity and supplier-customer relationships.
With an investment of $2 million, Toronto Business Development Centre will enhance access to their programming and services to better support newcomer businesses; creative entrepreneurs; and small- and medium-sized enterprises. These enhanced services will provide entrepreneurs with much needed support while building capacity.
In addition, this combined investment will support nearly 200 businesses and 100 entrepreneurs. The Government of Canada is investing in businesses and the organizations that support them to ensure that entrepreneurs have access to the programming and services they need to grow and succeed for years to come.
Quotes
“Businesses and entrepreneurs and the organizations that support them are an integral part of what keeps Canada’s economy strong. Today’s investment will support businesses and entrepreneurs in their ventures and attract new investments to the region. Our government is pleased to help businesses that will strengthen our economy and create meaningful new job opportunities for Canadians.”
– The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“All of our businesses play a key role in keeping our economy strong and creating good jobs for Canadians. Today’s investment will provide these organizations with the support that they need to expand their programming and meet the needs of the diverse businesses they serve in a variety of sectors.
– Bryan May, Parliamentary Secretary to the Minister for Small Business and to the Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
“The Toronto Region is the economic engine of Canada and a global centre for investment, talent and innovation. Along with our regional partners, Toronto Global has partnered with the Government of Canada and the Province of Ontario to provide international investors with a customized experience as they expand into North America’s fastest growing market. Our partnership with FedDev Ontario has been instrumental in helping Toronto Global deliver results year after year, and set the Toronto Region apart on the international stage.”
– Mark Cohon, Chair of the Toronto Global Board of Directors
“DAIR is grateful for the continued support of FedDev Ontario for programs critical to the success of the southern Ontario aerospace and innovation ecosystem. The new iterations of the DAIR Green Fund and Supplier Development Initiative provide key support for SMEs and align with our mission to revolutionize the collaboration environment by catalyzing innovation in aerospace and beyond. The addition of the DAIR Tecnomatix offering, in partnership with Siemens, complements our existing programs and provides access to digital technology tools to enhance productivity and optimize operations. We are excited to showcase the positive impact these programs will have towards sustainability, innovation and supplier productivity throughout the aerospace sector.”
– Phil Arthurs, Executive Director, Downsview Aerospace Innovation & Research
“This FedDev Ontario funding recognizes the significant potential of Canadian entrepreneurs to create jobs, drive innovation, and boost our exports. By supporting these startups, FedDev Ontario is helping build the next wave of business leaders who will strengthen Canada’s economy and expand our global reach. TBDC is grateful to FedDev Ontario and committed to equipping these entrepreneurs with enhanced mentorship, market-entry guidance, and strategic networks for them to realize their full potential.”
– Vikram Khurana, Chairman, Toronto Business Development Centre
Quick facts
- Launched in 2017 with support from all three levels of government, Toronto Global focuses on attracting global investments and attracting businesses to set roots in the Greater Toronto Area which leads to job creation and boosts the economy. To date, the organization has helped over 280 companies set up operations in the region, creating over 36,000 jobs and generating tax revenue of over $1.4 billion.
- The Downsview Aerospace Innovation & Research hub brings together academics, companies, research organizations and government stakeholders to support the growth of the southern Ontario aerospace sector and advance Canada’s global industry leadership through targeted programs and its physical innovation hub in Toronto. FedDev Ontario has previously provided $2.6 million to DAIR to improve the aerospace sector’s overall environmental footprint and help SMEs enhance operations to meet customer needs and become more competitive in the global supply chain.
- Since 1990, the Toronto Business Development Centre (TBDC) has served as an Ontario-wide business incubator, helping businesses launch, grow and scale. TBDC has supported entrepreneurs representing over 70 countries and over 20 sectors. In 2023, FedDev Ontario provided $3.3 million to TBDC to help 100 newcomer entrepreneurs start and grow their businesses.
- Since November 2015, FedDev Ontario has invested more than $2.8 billion to support over 3,600 projects across southern Ontario.
