To support the development and commercialization of digital media products in southern Ontario, the Canadian government announced today that it would invest $4.76 million in the Canadian Film Centre.
The funding is meant to help small and medium-sized businesses in the digital media industries develop innovative new technologies and scale up. Through the CFC, entrepreneurs will have access to industry partners, experts and investors, which include multinational companies in the digital media and entertainment industry.
“Our government is focused on supporting businesses and helping the digital media and entertainment industries,” said minister of small business and tourism Bardish Chagger. “We are doing this by investing in smart, collaborative partnerships that fuel growth. This project will open doors for a number of small and medium-sized businesses, and will lead to the development of innovative products and technologies here in southern Ontario.”
The funding will support CFC Catalyze, a project of six linked initiatives which include support for ideaBOOST, CFC’s business accelerator. ideaBOOST programs that will be funded include Engage, Production, and Portfolio programs, which allow multinational enterprises to work directly with small businesses to develop product ideas, and eventually connect these small businesses to investors and larger enterprises once it’s ready to scale. Digital Transformation Labs and Digital Entertainment Demonstration Projects, two initiatives dedicated to showcasing emerging technology to media agencies, will also be funded.
“The CFC is grateful for the government’s recognition of our important role in increasing innovation in Canada’s entertainment industry and making it accessible to Canadians. The CFC works closely with the private sector to position our emerging and diverse media professionals and companies for success,” said Slawko Klymkiw, CEO of the CFC. “In collaboration with various industry leaders, the new CFC Catalyze project will help create sustainable jobs, support new digital media platforms, and commercialize these products, both at home and internationally.”