Minister Goodyear Highlights Benefits of Economic Action Plan 2015

TORONTO, ONTARIO--(Marketwired - April 29, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, FedDev Ontario Minister Gary Goodyear delivered the keynote address at the Business Innovation Summit 2015 and outlined key measures in Economic Action Plan 2015. Today's discussions also highlighted some of the initiatives of the Economic Action Plan 2015, including renewed support for innovation, small business growth and additional investments to strengthen the manufacturing sector.

Minister Goodyear also announced that the Harper Government is investing over $4.5 million dollars in eight high-growth companies in the Toronto area through FedDev Ontario's Investing in Business Innovation initiative. From technology that helps manufacturers with quality inspection, to a micro-ultrasound system that can be used to visualize prostate cancer, these companies have developed tools to improve processes in a variety of different industries. Together, they have also leveraged nearly $11.5 million from private investors. Company and project details are available in the backgrounder.

The Business Innovation Summit 2015: Connect, Collaborate, and Innovate Together is organized by the Conference Board of Canada. The annual conference brings together hundreds of key players from Canada's innovation eco-system, including start-ups, business leaders, accelerators, venture capitalists, academics, and government, to harness the power of collaboration to fuel innovation and help bring new products and services to market.

Quick Facts

• Economic Action Plan (EAP) 2015 proposes to reduce the small business tax rate to 9 per cent by 2019-putting an estimated $2.7 billion back into the pockets of job-creating small businesses and their owners between now and 2019-20.
• EAP 2015 proposes to improve access to financing through the Canada Small Business Financing Program.
• EAP 2015 will also invest in growing trade and expanding markets to help maximize the tremendous job-creating opportunities that they provide to Canadian businesses.
• Today's announcement brings the total of FedDev Ontario Investing in Business Innovation initiative announcements since April 1, 2014, to nearly $42 million in 47 projects.
• Since its creation in August 2009, FedDev Ontario has invested more than $1.4 billion, resulting in partnerships with over 12,000 organizations and more than $2 billion in additional leveraged investments to support businesses, organizations and communities.

Quotes

"As outlined in Economic Action Plan 2015, our Government remains committed to creating jobs, growth and long-term prosperity. We need to collaborate to innovate if we want Canada to thrive in the global, knowledge-based economy of the future. That's why we are making strategic investments such as supporting these eight companies with high-growth potential."

- The Honourable Gary Goodyear, Minister of State for FedDev Ontario

Related Products

Backgrounder: FedDev Ontario investments in Toronto area companies

Speech: Keynote address at the Business Innovation Summit 2015

Associated Links

Economic Action Plan 2015

Investing in Business Innovation initiative

Conference Board of Canada Business Innovation Summit

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