Today, at the LatAm Startups Conference, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced a non-repayable contribution of over C$3 million for LatAm Startups (LatAm) to scale a business support network and help international start-ups in the technology sector to incorporate, do business, and create jobs within southern Ontario.
With this investment, LatAm, in partnership with three regional economic development organizations: TechPlace, located in Burlington, Haltech, located in the Halton Region, and Innovation Factory in Hamilton, is delivering Startup Programs for eligible international entrepreneurs.
The main focus of LatAm’s project is to support underrepresented groups in the innovation economy by promoting the talents of women, youth, racialized individuals, and Indigenous Peoples. The project will connect entrepreneurs with local talent through partnerships with community groups as they prepare to staff in the region.
“Through this investment, LatAm Startups is strengthening our local economy and supporting a resilient southern Ontario as we continue to advance economic development. This project will create good and secure jobs for Canadians and provide international entrepreneurs looking to establish themselves here in the region with the tools they need to succeed,” said Julie Dzerowicz, Member of Parliament for Davenport.
The program aims to offer entrepreneurs in key sectors such as manufacturing, cleantech, and health and life sciences access to tailored business advisory services, networking opportunities, culture coaching, gender-based analysis plus training (GBA+), and local market insight, to help them start and grow in southern Ontario.
New businesses participating in the program will create job opportunities, strengthen Canada’s tech sector, and add to local supply chains.
This project will support 100 new international businesses, which are expected to create 180 jobs and file 100 intellectual property registrations.
Additionally, they are expected to generate C$50 million in revenues, including C$5 million from cleantech sales, and contribute to the commercialization of new clean technologies in southern Ontario.
“We are looking forward to working together with our partners TechPlace, Haltech and Innovation Factory,” said Miryam Lazarte, chief executive officer and co-founder of LatAm Startups. “This project will not only have positive impact on our startups, but it is expected to support a number of technology companies to expand, generate more jobs and build a stronger and diverse community in Ontario.”