In the past week, the Canadian and Ontario governments made two announcements as part of an ongoing effort to better embrace digital processes. Here are the latest two developments.
Ontario seeks fund managers to help clean tech companies grow
As part of the Ontario government’s broader effort to support business growth, the 2016 Budget committed $55 million as venture capital for the province’s cleantech sector.
Last week, Ontario’s provincial venture capital agency, the Ontario Capital Growth Corporation (OCGC) also published a call for Expressions of Interest (EOI) to identify fund managers for Ontario’s Clean Tech Venture Capital Fund.
OCGC is looking for fund managers who will form and manage the cleantech fund, a fund that aims to provide venture capital to cleantech startups and firms looking to scale their businesses. The cleantech fund is a part of the Ontario Business Growth Initiative, Ontario’s four-part plan to drive innovation in the province.
Earlier this year, the federal government announced a $130 million commitment over five years to specifically support cleantech research and development.
“We need to strengthen Ontario’s innovation ecosystem to help more high-growth companies access the risk capital they need to remain competitive in today’s global economy,” said Reza Moridi, the minister of research, innovation, and science. “This is why our government is supporting the development of new venture capital funds that will invest in clean tech companies, help create good jobs, and keep our environment clean and healthy for all Ontarians.”
Those interested in getting involved can find out more here.
Canada and Ontario invest $15.6 million to renew infrastructure at George Brown College
Canada’s federal government and Ontario’s provincial government have announced a $15.6 million investment into George Brown College to support students interested in entrepreneurship.
The funding will be directed towards the Innovation Exchange, which will house training programs and research facilities at George Brown College that develop, incubate, and commercial innovative products. In addition to the Canadian government’s investment $15.6 million, George Brown College will contribute an additional $43 million.
”This new funding is great news for George Brown College and its students,” said Han Dong, a member of the provincial parliament. “George Brown has been an incredible institution for the city of Toronto. This funding, along with Ontario’s continued investments in post-secondary education, will help equip Ontarians with the skills they’ll need to meet the labour demands of our changing economy.”
In March 2016, the federal government announced that it was dedicating $2 billion over three years to infrastructure projects in universities and colleges across Canada as part of its innovation agenda.
Last summer, the federal and provincial government dedicated $189.8 million to the University of Toronto towards infrastructure. At the time, University of Toronto president Meric Gertler said that the renovated spaces would encourage “interdisciplinary cross-collaboration”.