FedDev Ontario invests $5 million in Toronto’s Indigenous Centre for Innovation and Entrepreneurship – the first entrepreneurship hub of its kind in southern Ontario. According to the City of Toronto, the purpose of the ICIE is to provide space and support for Indigenous entrepreneurs looking to build businesses and social enterprises.
“The ICIE will work exclusively with the Indigenous community to help build a stronger entrepreneurial ecosystem that stimulates economic opportunities across southern Ontario and the entire country,” said Navdeep Bains, minister of innovation, science and economic development in the government’s press release. Bains is the minister responsible for FedDev Ontario.
Located at 200 Dundas Street East, the 20,000 square foot centre will offer business skills training, collaborative workspaces, access to funding, mentorship and peer support networks based on approaches designed by the Indigenous community.
The City is working closely with the local Indigenous community to develop the ICIE. Through FedDev Ontario’s investment, the entrepreneurship hub expects to support close to 420 Indigenous businesses and create 500 new jobs for Indigenous Peoples across the province.
“The centre will provide a space for Indigenous entrepreneurs to create, expand and excel in business ventures and help continue the momentum and contribution of a strong Indigenous economy in Canada’s largest city,” added JP Gladu, President & CEO, Canadian Council for Aboriginal Business in the release.
Construction of the ICIE is currently underway, with the centre expected to open by the end of 2020.
Image courtesy of the City of Toronto.