Navdeep Bains, Minister of Innovation, Science and Economic Development, has announced more than $1 billion in funding for FedDev Ontario to invest in innovative businesses and networks in southern Ontario over six years. The funding will be channeled through three funding streams: a Business Scale-up and Productivity stream that provides no-interest repayable contributions for innovative and globally-oriented businesses looking to grow; a Regional Innovation Ecosystem stream that will support not-for-profit organizations focused on creating an entrepreneurial environment conducive to innovation and growth; and a Community Economic Development and Diversification stream targeting businesses or not-for-profit organizations in small communities. An initial sum of $100 million will go to projects in rural communities.

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Minister Bains is also seeking feedback from stakeholders in the region to help target new investments. The engagement process will focus on identifying southern Ontario’s key strengths and challenges, improving how governments and industry work together, encouraging the participation of women, Indigenous, new Canadians, youth and other underrepresented groups, and linking small communities to the region’s innovation and knowledge economies. Since its inception a decade ago, FedDev Ontario has invested nearly $2 billion in over 3,200 projects in southern Ontario.