FedNor funds will enable NORCAT to deliver critical innovation support to eligible companies across the region
Viviane Lapointe, Member of Parliament for Sudbury, today announced that FedNor is investing $1,050,000 in support of two important NORCAT initiatives. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for FedNor.
Of the FedNor investment, $700,000 will support NORCAT in delivering the Regional Artificial Intelligence Initiative, which aims to provide advisory services and funding to innovative small- and medium-size enterprises (SMEs). The project will support the adoption, integration, and commercialization of AI tools, products, and services. This project will help companies address skill and productivity gaps related to AI technologies and foster in-house expertise in Northern Ontario, and support SMEs to enhance efficiency, innovation and competitiveness. FedNor funds will also enable capital purchases and expansion, including servers and cloud infrastructure; targeted training, commercialization expenses, professional services.
The remaining $350,000 will support the renewal of NORCAT's Innovation Acceleration Program (IAP) for an additional three-year period. The IAP provides financial assistance to SMEs to support access to technical and business resources. This initiative enables SMEs to invest in impactful growth activities such as materials and equipment acquisition, labour expansion and training, research and development, commercialization and market expansion, and other business expenses related to the development and commercialization of new technology. The IAP is a critical support program in the region that helps businesses enhance operations, improve competitiveness, and create new jobs.
These two investments will help drive innovation and critical skill development in Northern Ontario and will support the modernization and expansion of over 35 SMEs in the region. These initiatives will help ensure that Canada remains on the forefront of new industries and technologies, and that Canadian enterprises have the resources they need to thrive and to meet the demands of Canada and the world.
