Ontario authorities publicizes $100 million fund to assist tech firms

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The Ontario authorities is offering $100 million in enterprise capital funding to assist know-how firms develop and compete.

Ontario Minister of Economic Development Vic Fedeli made the announcement throughout the Invest Canada 2021 convention.

The Venture Ontario Fund will probably be overseen by the Ontario Capital Growth Corporation (OCGC), the province’s enterprise capital company. The fund will put money into tasks centered on aggressive sectors together with life sciences, medical units, clear know-how, info know-how and synthetic intelligence.

“As our global competitors emerge from the COVID-19 crisis, they will be working in overdrive to attract investment and spur economic recovery,” the minister mentioned in an announcement.

“OCGC has a strong track record of investing in technology-driven companies that make Ontario more competitive and create high-value jobs and grow our innovation ecosystem.”

The authorities notes that the funding will assist firms innovate whereas additionally boosting the province’s long-term competitiveness. It additionally goals to assist create jobs and drive financial development.

Further, it notes that firms which have obtained enterprise capital by way of Ontario’s enterprise capital investments have recorded $9.45 billion in income and devoted $2.59 billion to analysis and growth.

Image credit score: @vicfedeli

Source: Government of Ontario 

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