Background

The Business Growth Initiative will focus on:

  1. Growing business: helping small and medium-sized businesses grow and expand to compete in international markets
  2. Creating an innovation-driven economy: accelerating °ÄÃÅÓÀÀû’s transition to the 21st century, innovation-driven economy that thrives on the initiative, creativity, education and skills of its people
  3. Modernizing °ÄÃÅÓÀÀû’s regulatory system: removing regulatory barriers to growth and establishing new, modern regulatory practices

Modernizing °ÄÃÅÓÀÀû’s regulatory system

To help build a smarter regulatory environment for businesses we are updating our Open for Business strategy to include:

  • a Red Tape Challenge — a public consultation for Ontarians to identify and work with the government to reduce regulatory burdens while protecting public interest
  • a Regulatory Centre of Excellence to identify regulatory best practices from around the globe and promote them in the province
  • a Regulatory Modernization Committee to oversee the review of our existing regulatory environment
  • a Government Modernization Fund that will help improve service delivery and regulatory processes for businesses owners
  • a Regulatory Burden Reduction Team to address regulatory bottlenecks

Supporting business growth

Small and medium-sized businesses are an important part of °ÄÃÅÓÀÀû’s business landscape, but often face challenges as they look to expand into new markets and grow. The Business Growth Initiative will:

  • help businesses develop, test and model innovative solutions for government
  • support businesses’ competitiveness by increasing access to the capital, resources and expertise they need to grow

°ÄÃÅÓÀÀû Tech Opportunities Platform

Selling your products and services to the public sector is an excellent way to grow your business. The Government of °ÄÃÅÓÀÀû is seeking to benefit from the talent available in the province’s small- and medium-sized tech-focused companies.

The °ÄÃÅÓÀÀû Tech Opportunities Platform on Magnet can provide your technology-focused small or medium business with government resources, tailored to meet your company’s needs. Answer a few questions to create your company’s profile and receive customized information about procurement opportunities, networking events and conferences.

Small business innovation challenge

Develop an innovative solution to a public-sector challenge through the new (SBIC) program.

If you run a small- or medium-sized company in °ÄÃÅÓÀÀû, you can submit a proposal to develop, test and demonstrate technology that helps us deliver better services and programs.

In partnership with °ÄÃÅÓÀÀû Centres of Excellence, the program will have two phases:

  • Phase 1 – feasibility and merit (up to $100,000 in funding)
  • Phase 2 – product development and demonstration (up to $1,000,000 in funding)

The total amount of funding available through the SBIC is $28.8 million.

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Companies that successfully complete phase 2 may be invited to test their solutions in a real-world setting through an optional prototype procurement phase. Information on prototype procurement will be available after phase 2.

°ÄÃÅÓÀÀû scale-up voucher program (OSVP)

Eligible companies can get:

  • specialized scale-up advisory help to develop and execute a tailored growth plan
  • some companies may also be eligible for a voucher (grant) of up to $250,000 to overcome specific scale-up challenges

To be eligible for the program companies must generate between $1 million and $50 million in revenue, and be in the following sectors:

  • clean technology
  • internet and communications technology (ICT)
  • advanced materials and manufacturing
  • life science

The OSVP is delivered by MaRS Discovery District, in partnership with Invest Ottawa and Communitech.

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Creating an innovation-driven economy

The Business Growth Initiative will make significant investments in innovation and research and development (R&D), including the commercialization and adoption of new disruptive technologies (e.g artificial intelligence, advanced robotics, and the Internet of things). Initiatives include:

  • technology hubs within existing industrial clusters (e.g., biochemical, auto sector, clean technology and mining) where we already have a competitive advantage
  • partnerships among businesses, universities and colleges that promote, nurture and reward innovation, new technologies, products and services
  • a one-window point of entry or strategic investment office to attract investment, improve licences and permits, better coordinate services and expand site-selection services