Regional innovation ecosystems (RIE) Stream

Overview of the Regional innovation ecosystems (RIE) Stream program:

The Regional innovation ecosystems (RIE) Stream aims to create, grow and develop strong and inclusive regional ecosystems that support business growth and innovation, as well as the entrepreneurial environment necessary to foster more innovative regional economies and increase the competitiveness of small- and medium-sized enterprises (SMEs). Through this program, FedNor seeks to: Grow and sustain strategic clusters and consortia to leverage regional strengths and support businesses to scale up and commercialize innovative products, technologies, and services. Enhance the development and reach of business accelerators incubators, and other organizations, which support entrepreneurs, start-ups, and innovative companies with high-growth potential. Support projects led by innovation-oriented organizations to increase and promote business productivity global competitiveness, and investment and talent attraction.

Benefits of the Regional innovation ecosystems (RIE) Stream program:

• Business and market development and/or expansion of programs and services.
• Commercialization services, networking, and mentoring opportunities.
• Financing programs and support.
• Business innovation support services for women, Indigenous (First Nation/Metis/Inuit) peoples, and young entrepreneurs.
• Improving the availability of risk capital to address a need in the region.
• Innovative models to support the first sale of new products and services.
• Training is needed to support the adoption or adaptation of innovative technologies, processes, and practices.
• Enhancing investment attraction, export readiness, and market diversification.
• Facilitating supply chain development.

Eligibility criteria of the Regional innovation ecosystems (RIE) Stream program:

• Not-for-profit organizations (e.g., sectoral associations, universities, colleges, and angel networks);
• Business Accelerators and Incubators (BAIs);
• A group of eligible recipients (e.g., alliance) that include not-for-profit organizations, small- and medium-sized enterprises ( SMEs ), post-secondary educational institutions, social enterprises; or a group or an alliance such as an industry association or consortium;
• A municipality and all other municipal-type organizations;
• Indigenous organization such as Indigenous-led not-for-profits and organizations that include but are not limited to First Nations as represented by their Chief and Council, Tribal Councils, Indigenous Representative Organizations, Metis and Inuit organizations, and Settlements as well as Indigenous (First Nation/Metis/Inuit) Settlement owned businesses;
• A crown corporation provided that the financial assistance is not or will not be used to fund the corporation's capital or ongoing operational requirements;
• An Ontario government department, crown corporation or organization or any other entity created by the provincial government or a provincial department.