Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

December 07, 2010 10:27 ET

Minister Goodyear Outlines Plan for Jobs, Growth and Innovation in Southern Ontario

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2010) - The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today highlighted the government's new plan for economic development and growth in southern Ontario, during a keynote speech at the Canadian Innovation Exchange 2010 in Toronto.

The Minister emphasized to business and community leaders the important role that innovation has in promoting productivity, competitiveness and creating new jobs.

The Canadian Innovation Exchange is a one-day conference and gathering of key players in the innovation economy. It showcases the development of technology-based innovation in Canada.

"Our government is committed to creating jobs and economic growth in southern Ontario," said Minister Goodyear. "We are helping businesses develop promising new ideas and get those innovations into the marketplace so that families in our region and across the country can benefit."

During his speech, Minister Goodyear discussed the importance of innovation in Canada, and highlighted FedDev Ontario's accomplishments over the last year in support of southern Ontario communities and businesses.

FedDev Ontario has recently announced new investments of up to $625 million over four years for initiatives designed to position southern Ontario to compete in the global, knowledge-based economy. For more information on these initiatives, please see the attached backgrounder.

Through these new initiatives, the Agency is working to expand the skills of the people of southern Ontario; provide greater access to the knowledge required to help small- and medium-sized enterprises and businesses get their ideas into the marketplace; improve the environment for entrepreneurs by supporting increased access to financing; and boost productivity, diversification and competitiveness throughout southern Ontario.

FedDev Ontario was created as part of Canada's Economic Action Plan to support businesses and communities in southern Ontario. To learn more about the Agency and the work it is doing to support innovation and economic growth, please visit www.feddevontario.gc.ca or call 1-866-593-5505.


Southern Ontario Advantage Initiatives

The Federal Economic Development Agency for Southern Ontario has recently launched six new initiatives designed to create a Southern Ontario Advantage to place southern Ontario in a strong position to compete in the global economy.

These initiatives include:

  • Investing in Business Innovation, which is providing up to $190 million to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and bring them to market. Funding is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds;
  • Graduate Enterprise Internship, which is providing up to $80 million to eligible not-for-profit organizations and post-secondary institutions in southern Ontario to arrange internships with structured mentoring opportunities for graduate students and recent graduates of programs in science, technology, engineering and mathematics with small- and medium-sized companies in southern Ontario;
  • Scientists and Engineers in Business, which is providing up to $50 million to help recent graduates and graduate students in the STEM (science, technology, engineering and mathematics) fields develop their business skills so they can bring innovative ideas to market and help grow the southern Ontario economy;
  • the Technology Development Program, which is providing up to $75 million to encourage research and innovation organizations, the private sector, post-secondary institutions and not-for-profit organizations to work together to accelerate the development of large-scale, advanced technologies that will result in new market opportunities for southern Ontario businesses;
  • Youth STEM, which is providing up to $20 million to eligible not-for-profit organizations to expand, enhance and coordinate the reach and impact of educational outreach programs in science, technology, engineering and mathematics (STEM) for children and youth in kindergarten through grade 12; and
  • the Prosperity Initiative, which is providing up to $210 million to encourage businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy in the region. Funding is available for projects that enhance productivity, diversify the regional economy, and build a competitive advantage for southern Ontario.

For more information, please refer to our web site at www.feddevontario.gc.ca, email info@feddevontario.gc.ca or call 1-866-593-5505.

Contact Information

  • Office of the Honourable Gary Goodyear
    Gary Toft
    Director of Communications
    FedDev Ontario
    Media Relations