CANADA NEWS RELEASE: Government of Canada Supports Business Growth in Ontario

Mississauga Board of Trade
Mississauga Board of Trade

Published

November 8, 2024

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NEWS RELEASE

Government of Canada Supports Business Growth in Ontario

Government of Canada investment in the Scale-Up Platform is helping Ontario businesses and entrepreneurs at all stages of growth

November 8, 2024

Federal Economic Development Agency for Southern Ontario
OTTAWA, ONTARIO – Ontario is home to a diverse network of promising entrepreneurs and businesses that drive the Canadian economy. Innovative businesses across the province work hard to unlock growth opportunities to anchor themselves in Canada and bring new Canadian-made products and services to market, while creating jobs and contributing to economic prosperity.Today, on behalf of the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Honourable Jenna Sudds, Minister of Families, Children and Social Development Canada and Member of Parliament for Kanata–Carleton; and Bryan May, Parliamentary Secretary to the Minister of Small Business and to the Minister responsible for FedDev Ontario, announced support for the continuation and expansion of the Scale-Up Platform.

Helping firms to scale-up in Canada is key to future economic growth. With support for thousands of innovative companies that range from start-ups to scale-ups, the Scale-Up Platform, led by Invest Ottawa, Communitech and MaRS Discovery District, is helping entrepreneurs across Ontario succeed and grow their businesses in high-growth sectors and global markets.

This includes supporting companies in accelerating their growth, helping to foster the development of Canadian anchor firms that generate $100 million in annual revenue, and attracting billions in investment.

These three regional innovation hubs are receiving a combined investment of over $47.5 million through the Government of Canada to continue to provide access to capital, talent and global markets while delivering mentoring programs and services. These enhanced efforts will support thousands of businesses and entrepreneurs as they scale and grow, create jobs and drive economic growth.

The Government of Canada is committed to supporting the growth of high-potential businesses as they scale and become strong Canadian companies.

Quick facts

  • Through the Scale-Up Platform, Invest Ottawa, Communitech and MaRS Discovery District will continue to offer regionally tailored programing, including support for equity-deserving groups.
  • Founded in 2013, Invest Ottawa is a not-for-profit corporation which acts as the lead economic development agency for knowledge-based industries in the Ottawa region, facilitating economic growth and job creation.
  • Established in 1997, Communitech is not-for-profit based innovation hub for the Region of Waterloo that supports technology companies at all stages of growth and development.
  • Established in 2001, MaRS Discovery District is a not-for-profit organization that offers business services, including hands-on advice and mentorship, assistance in making connections to capital, talent development, and augmenting customer growth in Toronto and Canada-wide.
  • Since November 2015, FedDev Ontario has invested more than $2.8 billion to support nearly 3,600 projects across southern Ontario.

Additional Resources

Media Contacts

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.Hutchinson@feddevontario.gc.ca

FedDev Ontario Media Relations
media@feddevontario.gc.ca
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