In the waning days of 2013, when most of us were distracted by holiday shopping and trips back home, some promising information was released about a new set of economic programs for southern Ontario. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced details of the Southern Ontario Prosperity Initiatives (SOPIs), which collectively will provide $530 million in the region.
There are four separate initiatives that have been launched:
- Business Innovation, for young ventures. This program targets new enterprises, providing them with business support to help increase their odds of success in the marketplace. Funding in this stream is available for non-profits that offer support to new businesses, early stage businesses that have less than 50 employees, and angel investor networks.
- Business Growth and Productivity, for established businesses. This stream of funding aims to help companies that are already developed expand further and create new jobs. Small- and medium-sized enterprises with at least 15 employees, and non-profits that provide productivity support services to those enterprises, are eligible.
- Commercialization Partnerships Initiative, which targets collaborative projects between businesses and researchers. This program aims to help major institutions work closely with business partners to help translate research innovations into market success. Among those eligible: post-secondary institutions and industry associations.
- Regional Diversification Initiative, which targets underdeveloped sectors of the regional economy. This stream of funding is open to non-profits with an economic development focus, and that have private sector or community partnerships that work on capacity-building initiatives.
For more information, visit
FedDev Ontario.
Writer: Hamutal Dotan
Source: FedDev