Ontario Budget 2024 replenishes existing funds and innovation centers and allocates funding for medical technology procurement

The state hinted that the OSC is developing new rules to support angel investors.

The Ontario government's latest annual budget, while sparse in new innovation funding, included some notable new initiatives for the province's technology sector.

Ontario has pursued a variety of innovation-related policies in recent years, with only a passing mention of technology in its budget. The 2024 budget proposal, which was tabled on March 26 amidst the continuing difficult economic situation, included further similar content. Ontario expects slower growth, inflation and higher interest rates to hurt the economy this year, delaying balancing the budget until 2026 and prioritizing investments in infrastructure and health care.

Innovators understand that there are competing priorities and different challenges. [Ontario] is navigating.

This came as no surprise to the Canadian Council of Innovators (CCI), which represents technology scale-ups across the country. CCI President Benjamin Bergen said in a statement that the Ontario government has been an ally of innovators in recent years, advancing meaningful policies around intellectual property, data governance, labor market regulation and procurement reform.

Innovators understand there are competing priorities and different challenges that the Ontario government is working on, and they did not expect 2024 to be an innovation-focused budget, Bergen said. added.

On the technology and innovation front, the Ontario Conservative government announced several initiatives, including an additional C$100 million to the Ontario Investment Fund (IOF), plans to create a new health tech procurement fund, and new capital commitments for Ontario regions. He shared some noteworthy items. Innovation Center (RIC) and Advanced Research Computing, news that the Ontario Securities Commission (OSC) is developing rules to support angel investor groups.

Ontario reveals plans to allocate an additional $100 million to IOF, created in 2020 to attract foreign investment and help companies expand in the province, prioritizing companies in advanced manufacturing, life sciences and technology did. This investment is in addition to his $100 million pledged in 2023, bringing the size of IOF to $600 million.

The state also outlined plans to create a $12 million Health Technology Acceleration Fund to help health care providers purchase and use promising new technologies to improve patient care. The Ontario government says the fund will accelerate the exploration and implementation of health tech solutions and give innovators in the sector, including Ontario companies, more opportunities to partner with healthcare companies.

Related: Saskatchewan government doubles tax credit limit for startup investors to $7 million

While the new fund probably won't make headlines, it could be a promising avenue for Ontario medical technology companies to sell innovative products and services to the province's health system, said Skydra, CCI's Ontario director. Puoziusunas said in a statement. This is the kind of mechanism innovators have been looking for, and we hope this new program will become a model for more funding and better government procurement as it gains a foothold.

The province also shared plans to invest an additional $1 million annually in Ontario's RIC and create a new RIC in Barrie. He has also allocated an additional $18 million over the next three years to support the continued operation and maintenance of Ontario's Advanced Research Computing System.

The government will also commit $5 million to explore the use of digital twins to deliver public infrastructure projects, as well as Critical Minerals Innovation to fund activities such as technology and technology research, development and commercialization. He pledged to pay an additional $5 million a year to the fund. , processes and solutions for the critical minerals sector.

Ontario also noted that the OSC is working on developing rules to support angel investor groups and expand their potential sources of funding by adopting a self-certifying prospectus exemption. To help smaller companies secure funding, the OSC also intends to expand the participation of investment dealers in prospectus offerings.

Related: Federal Fall Economic Statement promises to expand eligibility for Canadian payments, introduce Open Banking Act in 2024

Mark Lawrence, interim executive chair of Angel Investors Ontario (AIO), welcomed the move as positive news for the local angel investing ecosystem on LinkedIn. Lawrence's comments come at a time when AIO's own long-term future is uncertain, with federal funding drying up and AIO seeking new support from the province of Ontario.

Government procurement has been a priority for CCI for some time. Bergen noted that Ontario has been a national leader in innovation reform with the creation of Supply Ontario and implementation of the Building Ontario Business Initiative. He said CCI expects an update on these measures in 2024, but will continue to work with Ontario on these fronts.

Whether it's advanced research computing facilities or experimenting with digital twins for public infrastructure, domestic procurement from Ontario technology companies throughout this budget can improve government services while also driving real economic benefits. Examples are being seen, Puoziusunas said.

Featured image courtesy of Pixabay.Photo by Jermaine Will

Sources 1/ https://Google.com/ 2/ https://betakit.com/ontario-budget-2024-tops-up-existing-funds-and-innovation-centres-allocates-funding-to-healthtech-procurement/ The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos