The Federal Economic Development Agency for Northern Ontario has announced a CAD $1.05 million funding package to support two of NORCAT's programs designed to assist small and medium-sized enterprises (SMEs) in Northern Ontario.
The investment comprises two components, with CAD $700,000 earmarked for the Regional Artificial Intelligence Initiative. This initiative is focused on providing advisory services and funding to eligible SMEs across the region to encourage the adoption, integration, and commercialisation of artificial intelligence tools, products, and services.
Through this funding, NORCAT will be positioned to help regional companies address skill and productivity gaps associated with AI technology and work towards fostering in-house expertise. The program aims to enhance SME efficiency, innovation, and competitiveness. This includes support allocated to capital purchases and expansion, such as servers and cloud infrastructure, as well as targeted training, commercialisation expenses, and professional services.
Innovation Acceleration Program
The remaining CAD $350,000 of the funding will be directed towards the renewal of NORCAT's Innovation Acceleration Program (IAP), which will continue for another three years. The IAP is designed to provide financial assistance to SMEs in support of technical and business resources, enabling them to invest in key areas such as materials and equipment acquisition, staff expansion and training, research and development, commercialisation, and market expansion.
According to the announcement, these funds will support the development and commercialisation of new technology and are intended to help businesses in the region improve their operations, strengthen competitiveness, and generate employment opportunities. More than 35 SMEs in Northern Ontario are expected to benefit from the two initiatives, which are set to facilitate both innovation and skill development, as well as the modernisation and expansion of business operations within the region.
Patty Hajdu, Minister of Jobs and Families and Minister responsible for FedNor, made the comment as part of the announcement, highlighting the government's intention to keep Canada competitive on the global stage.
"Canada is a global leader when it comes to many industries, and to remain at the vanguard, we are supporting and fostering homegrown talent and homegrown organizations. These investments will help do exactly that, by providing resources to ensure our industries have what they need to stay on the cutting edge. When local partners succeed through innovation, new technology, and business development, so do our local economies," said Hajdu.
The FedNor funding is delivered through the Regional Economic Growth Through Innovation Fund and the Regional Artificial Intelligence Initiative for Northern Ontario, both designed to support business growth, market expansion, and technology adoption across the region.
Don Duval, CEO of NORCAT, addressed the role of technology and innovation in supporting local industry, stating, "Technology, innovation and entrepreneurship go hand in hand in building and supporting resilient local industry, and NORCAT is proud to be a regional leader on all these fronts."
These initiatives align with the Government of Canada's Prosperity and Growth Strategy for Northern Ontario, which emphasises investment in economic development capacity for municipalities and Indigenous communities in the area.
The funding package is anticipated to facilitate business growth and support the modernisation of key industries, reinforcing Northern Ontario's position in existing and emerging sectors.