Government of Canada supports business innovation and inclusive economic growth for newcomer entrepreneurs
Over $3-million investment to support innovation and growth of 100 businesses led and/or owned by newcomer entrepreneurs
July 24, 2023 – Toronto, Ontario
Newcomers to Canada have tremendous potential to contribute to a thriving, diverse economy. The Government of Canada is committed to supporting newcomer entrepreneurs by providing the mentorship, resources, and tools they need to succeed in building and growing their businesses here in Canada while advancing an inclusive economic future.
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), along with James Maloney, Member of Parliament for Etobicoke-Lakeshore, announced an investment of nearly $3.3 million for Toronto Business Development Centre (TBDC) to provide support to 100 newcomer entrepreneurs as they seek to start and grow their companies in southern Ontario.
Through this project, TBDC, an Ontario-wide business incubator, will provide workshops, mentorship, and training to help participating entrepreneurs adopt new technologies and bring their products to market faster. This support will help entrepreneurs, primarily in the digital services, health, clean tech, advanced manufacturing, and agri-food industries, to set their businesses up for success in southern Ontario.
With this investment from the Government of Canada, 100 new businesses owned and/or led by newcomers to Canada will receive support, which is expected to result in the creation of 200 jobs, 80 new products or services, and 50 new intellectual properties.
Also, as part of this project, TBDC will develop a Digital Marketplace, which will allow newcomer entrepreneurs to connect with southern Ontario-based business advisors, giving them access to tailored guidance as they set up and grow their businesses. Participants will also have access to digital tools to help them adopt new technologies to support their businesses.
Today’s announcement demonstrates the Government of Canada’s commitment to investing in projects that support underrepresented entrepreneurs in achieving their full potential. Our government knows the importance of investments that empower and support people so they can reach their potential and turn possibilities into realities.
“Toronto Business Development Centre (TBDC) is providing critical support and services for newcomer entrepreneurs in Ontario. We are making smart investments in strong partner organizations like TBDC to ensure that newcomers have opportunities to grow their businesses and contribute to their communities. Our Government believes in investing in people, investing in their potential, and investing in the endless possibilities available for Canadians.”
– The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“Newcomers represent a dedicated, professionally-skilled and innovative workforce that is vital to the success of the Canadian labour market. We are proud to support Toronto Business Development Centre as they work to ensure newcomer entrepreneurs are supported with the resources and services available to establish themselves in southern Ontario.”
– James Maloney, Member of Parliament for Etobicoke-Lakeshore
“The investment announced today will enable TBDC to enhance its support for newcomer entrepreneurs in southern Ontario and help them overcome obstacles they encounter when accessing essential business supports and services. TBDC will bridge a significant gap and empower newcomers to capitalize on business opportunities, foster stronger communities, and generate high-quality jobs.”
– Vikram Khurana, Chairman, Toronto Business Development Centre
Established by the City of Toronto in 1990, TBDC is one of Toronto’s oldest not-for-profit multi-sector incubators that serves as a bridge between entrepreneurs worldwide and Ontario’s investors, industry associations and government. The network of members represents over 70 countries and over 20 sectors.
Since 2015, the Government of Canada, through FedDev Ontario, has invested over $620 million in more than 680 projects in Toronto, estimated to create over 25,000 jobs and maintain over 32,000 jobs.
Since 2015, the Government of Canada, through FedDev Ontario, has invested over $1 billion in more than 1,700 projects led by underrepresented groups, estimated to create or maintain over 65,000 jobs.
Since 2015, the Government of Canada, through FedDev Ontario, has invested nearly $300 million in more than 300 projects led by newcomers to Canada, estimated to create or maintain over 8,500 jobs.
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
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