Ontario’s Business Scale-up Program funding has decreased by 13% (or $8M) from 2022 to 2023, impacting Software companies the most.
Here is the data:
In 2022, 34 companies were funded for a total of $63.4M.
In 2023, 30 companies received a total of $55.5M.
Sector Analysis:
– Manufacturing remains a priority with 70% of the funding.
– Cleantech, automation, and robotics companies saw an increase in funded companies from 19 in 2022 to 24 in 2023.
– Software companies saw a significant decline, from 8 funded companies ($11.8M) in 2022 to just 3 ($4.8M) in 2023.
– This accounts for nearly all the $8M decrease in overall funding.
This shift highlights a strategic refocusing towards manufacturing innovations, particularly in emerging technologies, while presenting challenges for the software sector.
Program Opportunities:
Federal Development (FedDev) Ontario offers up to $10M in zero-interest, non-dilutive funding to established companies for:
1. Developing new products and services.
2. Enhancing productivity.
3. Scaling up and expanding into new markets.
The next intake for applications closes on June 24, 2024.
See the link here https://lnkd.in/gGE9b5XR.
Let’s chat if you want to learn more about the program and explore options for your business. www.meicho.ca
Source: https://open.canada.ca/en
