Government of Canada supports businesses and entrepreneurs across Ontario
November 12, 2024
Today, the Government of Canada announced a major investment to support businesses and entrepreneurs across Ontario. The investment includes $200 million for the Regional Innovation Ecosystem (RIE) program, which will help businesses access the resources and support they need to grow and succeed.
The RIE program is a key part of the government’s Innovation and Skills Plan, which is designed to help Canada become a global leader in innovation. The program will provide funding to organizations that support businesses in key areas, such as:
- Research and development
- Commercialization
- Business development
- Exporting
“This investment will help businesses across Ontario grow and succeed,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. “The RIE program will provide businesses with the resources and support they need to compete in the global economy.”
The RIE program is open to a wide range of organizations, including:
- Universities
- Colleges
- Research institutions
- Business incubators
- Accelerators
- Angel investor networks
Organizations can apply for funding through the RIE program until March 31, 2025.
In addition to the RIE program, the government also announced a number of other initiatives to support businesses and entrepreneurs in Ontario. These initiatives include:
- The Venture Capital Catalyst Initiative (VCCI), which will provide $400 million to venture capital funds that invest in Canadian technology companies.
- The Scale-Up Platform, which will provide $100 million to help Canadian companies scale up and become global leaders.
- The Canadian Trade Commissioner Service (TCS), which will provide support to Canadian businesses looking to export their products and services.
“These initiatives will help create jobs, boost economic growth, and make Canada a more competitive place to do business,” said Bains.
For more information on the RIE program and other government initiatives to support businesses and entrepreneurs, please visit: www.ic.gc.ca/rie.
Government of Canada supports businesses and entrepreneurs across Ontario
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