Ontario Launching New Fund to Develop Globally Competitive Clusters
Province Strengthening Regional Economies, Boosting Innovation and Productivity
Ontario is partnering with the Ontario Chamber of Commerce to launch a new fund to help develop globally competitive clusters that will fuel innovation and productivity across the province.
The Cluster Development Seed Fund offers grants of up to $100,000 to support networking activities or research and feasibility studies that will lead to the growth of more competitive clusters. A cluster is a geographic concentration of interrelated businesses and other organizations. Examples include Kitchener-Waterloo's information and communications technology cluster, the life sciences cluster in Toronto, and Sarnia-Lambton's chemical cluster. Strong clusters can help attract new investment and business to regions, creating more high-value jobs and economic growth throughout Ontario.
This fund complements Ontario's Partnerships for Jobs and Growth Act, which strengthens connections between organizations to drive the global competitiveness of emerging and established clusters.
Strengthening regional economies is part of the government's plan to build Ontario up. The four-part plan includes investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic, innovative environment where business thrives, and building a secure retirement savings plan.
- Developing competitive clusters is part of Ontario's Business Growth Initiative, which is helping to reshape Ontario’s economy to respond to the challenges and opportunities of rapid technological change and global economic forces.
- The Business Growth Initiative is focused on promoting an innovation-based economy, scaling-up small firms and modernizing regulations for business.
- The Ontario Chamber of Commerce will deliver the Cluster Development Seed Fund, capitalizing on its extensive network of stakeholders and members.
“This fund will help key regions in Ontario play to their strengths, while also supporting job creation and economic growth across the province. A key element of our strategy to keep Ontario companies competitive in an evolving global economy is developing clusters that can integrate disruptive technologies, accelerate innovation and boost productivity. We believe this fund will help accomplish that.”
“In an increasingly competitive global climate, entrepreneurs are looking for ways to collaborate and network in a mutually beneficial way. Clusters facilitate support networks of entrepreneurs and increase the nexus between research institutions and private firms, while expanding market reach and international market access.”