TORONTO, ONTARIO--(Marketwired - Jan. 12, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, the Honourable Bardish Chagger, Minister of Small Business and Tourism, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, along with Rob Oliphant, Member of Parliament for Don Valley West, announced an investment up to $4.76 million in the Canadian Film Centre (CFC), to advance the development and commercialization of digital media products in southern Ontario.
The investment will help small- and medium-sized companies develop innovative new technologies and support their scaling up by providing them with access to industry partners, experts and investors, including large, multinational companies in the digital media and entertainment industry.
This contribution builds on FedDev Ontario's initial $3.5-million contribution in 2012, which enabled 51 companies to receive CFC support. The project resulted in the development of 50 new digital entertainment products and services, gaining 11 international awards and 25 nominations. Please see the backgrounder , for more information.FedDev Ontario's non-repayable contribution is through the Investing in Commercialization Partnerships initiative. The initiative encourages business-led partnerships with post-secondary institutions and not-for-profit organizations to create innovative products, technologies and services.
Quick Facts
- FedDev Ontario's investment will support CFC Catalyze - a new project of six linked activities which include: ideaBOOST Engage Program, ideaBOOST Production Labs, ideaBoost Portfolio Program, Digital Transformation Labs, Digital Entertainment Demonstration Projects and ideaBOOST Unleased.
- This project is expected to create up to 216 jobs by the project's completion and will support the development and commercialization of 46 digital media products.
- FedDev Ontario's contribution of $4.76 million will leverage an additional $4.76 million from the Ontario Ministry of Culture, Tourism and Sport; Corus Entertainment and other partners.
- The Ontario College of Arts and Design and the University of Waterloo will also support the project by linking students and resources through the various programs.
Quotes
"Our Government is focused on supporting businesses and helping the digital media and entertainment industries. We are doing this by investing in smart, collaborative partnerships that fuel growth. This project will open doors for a number of small- and medium-sized businesses, and will lead to the development of innovative products and technologies here in southern Ontario."
- The Honourable Bardish Chagger, Minister of Small Business and Tourism
"Today's announcement illustrates the importance of supporting innovators and savvy entrepreneurs. With this project, the Canadian Film Centre will be able to help companies gain access to the resources they need to test, develop, and market new media technologies and products, laying the groundwork for them to scale up and effectively grow the innovation ecosystem here in Canada."
- Rob Oliphant, Member of Parliament for Don Valley West
"The Canadian Film Centre (CFC) is grateful for the Government of Canada's recognition of our important role in increasing innovation in Canada's entertainment industry and making it accessible to Canadians. The CFC works closely with the private sector to position our emerging and diverse media professionals and companies for success. In collaboration with various industry leaders, the new CFC Catalyze project will help create sustainable jobs, support new digital media platforms, and commercialize these products, both at home and internationally."
- Slawko Klymkiw, CEO, Canadian Film Centre
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Backgrounder : Investing in Commercialization Partnerships Funding Announcement for Canadian Film Centre Inc.
Associated Links
- Investing in Commercialization Partnerships
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Backgrounder
About The Canadian Film Centre
The Canadian Film Centre (CFC) accelerates the careers of the brightest talent in film, television, screen acting, music and digital media. A charitable organization, CFC is committed to promoting and investing in Canada's diverse talent; providing exhibition, financial, and distribution opportunities, industry collaborations and creative partnerships for top creative content leaders. CFC makes a significant cultural and economic contribution to Canada by launching the country's most creative ideas and voices to the world.
The Canadian Film Centre's Media Lab (CFC Media Lab) is an internationally acclaimed digital media think tank and award-winning production facility. It provides a unique research, training and production environment for digital media content developers and practitioners, as well as acceleration programs and services for digital entertainment start-ups and related SMEs. Program participants have emerged as leaders in the world of digital media, producing ground breaking projects and innovative, sustainable companies for the digital and virtual age.
For more information, visit cfccreates.com .
Contribution to the Canadian Film Centre
The Canadian Film Centre is receiving a non-repayable contribution of up to $4,764,525 towards total project costs of over $9 million, through FedDev Ontario's Investing in Commercialization Partnerships initiative, to help small- and medium-sized enterprises (SMEs) develop and launch digital media products and technologies.
FedDev Ontario's investment will support CFC Catalyze, a new project of six linked initiatives including:
- ideaBOOST Engage Program : Multinational enterprises will work directly with emerging SMEs to develop product ideas and provide strategic guidance to help them navigate the development of their new technology.
- ideaBOOST Production Labs : SMEs will have the opportunity to test their prototypes.
- ideaBOOST Portfolio Program: The Centre will connect investors and multinational businesses to support the commercialization of technologies with global market potential.
- Digital Transformation Labs : Established production companies throughout the digital media production and distribution chain, including production companies, traditional broadcasters, and non-traditional broadcasters, and digital media agencies will be connected to identify opportunities for developing and adopting new technologies and new value chains enabled by digital technologies.
- Digital Entertainment Demonstration Projects : SMEs will participate in events to demonstrate the commercial value and potential of emerging technologies to relevant partners and multinational enterprises.
- idea BOOST Unleashed : The Centre will introduce small- and medium-sized enterprises that are ready to launch their product globally with high potential connections in the United States, United Kingdom and South America.
Investing in Commercialization Partnerships Initiative
The Investing in Commercialization Partnerships (ICP) initiative supports business-led partnerships with a focus on developing globally-competitive products and services, or innovation platforms that can demonstrate commercial value.
Under ICP, funding will be provided for projects that:
- Increase the capacity of the private sector to collaborate with existing and emerging innovation ecosystems within southern Ontario;
- Create innovative products, technologies and services through business-led collaborations;
- Develop commercially-relevant technology platforms; and,
- Support the development of a critical mass of research and development activity in emerging clusters in southern Ontario.
Post-secondary institutions and incorporated not-for-profit organizations, publicly-funded colleges and universities, research institutions, and industry associations located in southern Ontario are eligible to apply under this initiative for projects that are business-led and focus on new technologies or platforms with demonstrated commercial value.
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