On December 3, 2018, The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister announced a new funding program that will be dedicated to carrying out business scale-up and assist high potential Canadian businesses to thrive in the future.
As mentioned by Navdeep Bains, the said funding Regional Economic Growth Innovation (REGI) program will be accessed in all regions of Canada as he believes that innovation doesn’t only happen in big cities.
The new program will provide consistent support to regions across the country to ensure that innovative businesses anywhere in Canada will have the opportunity to grow, have access to global markets and adopt new technologies and processes. In which will eventually fuel the economy.
Under REGI, innovation funding programs across all of Canada’s six RDAs will focus on these new streams:
- Business scale-up and productivity
Investing in and supporting businesses at various stages of development, including high-growth firms, to accelerate their growth, assist them in scaling up and enhance their productivity and competitiveness in both domestic and global markets.
- Regional innovation ecosystems
To create, grow and nurture inclusive regional ecosystems that support business needs and foster an entrepreneurial environment conducive to innovation, growth, and competitiveness.
While REGI will focus on these streams, Regional Development Agencies, such as FED Dev Ontario will continue to support businesses and communities through existing programming to foster economic development opportunities and diversification in their regions.
Learn more about the regional programs by Fed Dev Ontario & see how EVAMAX can help you succeed in your application for funding.