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In this video, we explore two key strategies for economic development: Foreign Direct Investment (FDI) Attraction and Economic Gardening or “Growth From Within”.
FDI focuses on bringing in financial resources, knowledge, and technology from abroad to boost job creation and infrastructure. Very often, this approach does not contribute a lot to building internal capacity and can potentially lead to dependency on foreign investors.
Economic Gardening, pioneered by Chris Gibbons in 1987, emphasizes nurturing local businesses and innovation. This strategy focuses on building effective policy and program framework, supports the growth of domestic enterprises, fostering long-term economic independence.
Watch this video to learn how these strategies can be integrated to build a resilient economy ready to compete globally.
This video is about providing an effective sector development strategy. Imagine a business environment where companies grow from small start-ups to large enterprises, driving innovation and creating jobs. These High-Growth Companies significantly contribute to productivity, export, and overall economic dynamism. We discuss how targeted support can help these companies scale and thrive.
Consider the Cleaner Production Initiative, which helps industrial companies reduce waste and improve profitability through innovative practices. Companies not only comply with environmental standards but also achieve significant cost savings and competitive advantages.
Watch the video to understand the importance of addressing the core economic problems, using the right business tools and technologies, and focusing on the real-world interests of sectoral stakeholders.
Building effective business and innovation support infrastructure is critical for economic growth. This includes networks of business and technology incubators, innovation centers and technology transfer agencies, techno- and industrial parks, universities and science cities, various financial, insurance and investment agencies, etc.
International best practices show that real business growth and innovation occur when all elements of institutional infrastructure are interconnected, forming a complex ecosystem known as a business and technology cluster.
In this video, we will explore the roles of governments and universities in promoting business and innovation. We will also examine the roles of both the market regulation and direct government intervention in establishing effective business and technology clusters.
In a knowledge-based economy, innovation and productivity are critical to economic and social growth. This video explores how to design and build an effective environment to enhance economic development through continuous business and technology innovation.
Key topics include: Innovation and Problem-Solving; Education and Universities; Employment of the Best Business Development Models and Practices; Talent Acquisition; Risk-Taking and Economic Diversification; High-Growth Firms and Economic Clusters.
In summary, fostering innovation and economic growth involves improving education, leveraging university research, managing talent effectively, encouraging risk-taking, and supporting high-growth firms through a robust business and innovation support infrastructure. Learn how this approach can ensure long-term economic resilience and global competitiveness.
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A BDC's (Business Development Bank of Canada) loan program for Tech companies that want to raise working capital for growth through financing from $250,000 to $35 million.
The SR&ED tax incentive program is the Government of Canada’s main indirect tool to support innovation. SR&ED uses tax incentives to encourage Canadian businesses of all sizes and in all sectors to conduct R&D in Canada. In 2019, the program provides more than $3 billion in tax incentives to over 20,000 firms annually, making it the single largest federal program that supports business R&D in Canada (Canada Revenue Agency, 2023).
Provides funding to companies engaged in advanced manufacturing and R&D activities.
Assists small and medium-sized enterprises (SMEs) in developing and adopting advanced manufacturing technologies (engineering, robotics, automation, and materials science).
Driven by the goal to help position Canada as a leader in smart manufacturing, the National Research Council of Canada's (NRC) Advanced Manufacturing program will assist transportation equipment manufacturers (aerospace and ground transportation such as light- and heavy-duty, train, mass transit and recreational) by spearheading breakthrough advanced manufacturing (AM) research to generate impact and reduce design, supply, processing and assembly costs.
An 8% refundable tax credit on a maximum of $3 million in eligible expenditures. OITC can be paired with the federal tax credit on the same annual claim for SR&ED.
A tax credit for Canadian corporations based in Ontario. These corporations can earn a 3.5% non-refundable credit on eligible R&D to offset corporate income taxes payable.
A federal program that provides innovators from Canadian organizations access to up to $75,000 in funding to assist with research and development for a single technology/ The program covers up to 75% of eligible costs to pursue and sign collaborative R&D agreements with international partners and investors.
Note: BERD stands for Business Expenditures in Research and Development
Businesses in Ontario can free up more capital for investments in business growth, innovation and productivity by writing-off a larger share of their capital costs in the investment year.
A program to help industrial consumers manage and conserve their energy usage better.
An initiative that supports large electricity consumers by charging global adjustments based on their contribution to the top five peak demand hours in a year, rather than on the total volume of electricity consumed.
A program that assists Northern Ontario’s largest industrial electricity consumers to reduce energy costs and sustain jobs. This program provides electricity rebates to qualifying participants that commit to the development and implementation of a comprehensive Energy Management Plan and work to achieve energy efficiency and conservation targets.
The Green Industrial Facilities Manufacturing Program (GIFMP) provides financial assistance to support the implementation of energy efficiency and energy management solutions designed to maximize energy performance, reduce greenhouse gas (GHG) emissions, and increase competitiveness for industry in Canada. GIFMP offers cost-shared financial support for a holistic and comprehensive suite of energy efficiency measures to be completed by March 2027 and is being delivered through two separate tracks: Track 1: Energy Efficiency Solutions; Track 2: Industrial Facility.
A Ontario-wide funding program available to businesses that are investing in technology, equipment, or skills to improve their competitiveness. Funding amount is up to 15% of eligible costs.
A funding program available to businesses based in Eastern Ontario that are expanding operations. Funding amount is up to 15% of eligible costs.
An agency of the Ontario government with funding programs for businesses, businesses looking to relocate and communities looking to promote and stimulate economic development, all in Northern Ontario. Funding can be in the form of conditional contributions and loans, depending on the program criteria.
A program that helps established Southern Ontario businesses scale-up and assist with adopting new, innovative technologies that support productivity.
A funding program available to businesses based in Southwestern Ontario that are expanding operations. Funding amount is up to 15% of eligible costs.
Source: Statistics Canada
Receive one-sixth of eligible training costs, to a max of $10,000 per person to train new or existing employees in Ontario.
Hire business-ready undergrad, master’s and PhD talent from Ontario universities and colleges with help from this 25-30% refundable tax credit (to a max of $3,000 per placement).
Companies looking to develop new products are eligible to hire an intern to work on R&D innovation products.
An internship Program for Ontario R&D projects covering 50% up to $15,000 and a postdoctoral fellowship program for companies looking to develop an in-house R&D team covering 50% of the $60,000 stipend per fellow per year.
A fund for innovative projects that address challenges to hiring, training or retaining workers, including apprentices, to drive Ontario’s economic growth.
The intent of this program is to strengthen and develop Northern Ontario’s workforce through business partnerships by offering internships. This program covers salaries/wages and the employer’s portion of Mandatory Employment Related Costs (MERCs) for a limited-term internship position of 52 weeks.
A federal program that provides financial assistance to SMEs to develop new opportunities. The program reimburses up to 50% of eligible expenses (between $10,000 and $50,000 in funding per project).
A federal program that helps businesses acquire more financing to expand their sales into a new market. The guarantees can not exceed $10 million.
In addition to 1:1 export advisory services and exporter preparation workshops, the Ontario government organizes and delivers virtual and in-person export business missions, incoming buyers missions, and market and sector-specific webinars for Ontario businesses looking to export outside Canada.
Source: Statistics Canada
A new $3.5 billion, 5-year agreement (April 2023 – March 2028) between the federal, provincial and territorial governments to strengthen the competitiveness, innovation and resiliency of the agriculture, agri-food and agri-based products sector.
An Ontario government program that provides funding for strategic investment in the forest sector that improve productivity and innovation, enhance competitiveness, support new market access, provide benefits to Ontario’s broader forest sector.
This fund is aimed at strengthening and stimulating economic growth in the interactive digital media sector. Programs include Concept Definition and Production, Global Market Development, Marketing Support and Industry Development.
A fund supporting projects that help strengthen Ontario’s critical minerals sector. It provides a maximum of 50% of eligible project costs, up to $500,000 per project.
A refundable tax credit based upon eligible Ontario labour expenditures for a qualifying Ontario production. Generally combined with the Canadian Film or Video Production Tax Credit and jointly administered by Ontario Creates and the CRA.
A refundable tax credit based on eligible Ontario labour expenditures and eligible marketing and distribution expenses claimed by a qualifying corporations with respect to interactive digital media products.
Programs that support small and medium-sized enterprises in developing, testing and validation innovative technologies and connects them with partners to advance the commercialization of products and solutions.
A fund that supports Canadian women-led technology companies of any size and at every stage of growth.
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