Ontario gov’t creating two new growth programs for SMEs
With a total value of $61 million, the programs will help Ontario firms scale up and test products and services.
The Ontario government is introducing two new programs designed to help the province’s small- and mid-size enterprises keep up with the rapid pace of technological change.
The first program, called the “Scale-Up Voucher” initiative, will offer companies access to certain resources at “pivotal” moments in their development. The province is supporting the program with $32.4 million over four years, and says it will help firms fund projects such as talent development and recruitment, new market assessments, and intellectual property protection services.
Second, the “Small Business Innovation Challenge” involves the government setting aside $28.8 million to help spur the development of new technologies. The program will allow companies to test their products and services in a real-world environment within the public sector. The Ontario government modeled the Innovation Challenge on similar successful programs in the U.S. and U.K.
Further details of the programs will be released shortly, the government said.