Ontario promoting businesses to take new technology to global markets

This project, which was announced in 2016, will provide access to IBM resources -- including cognitive business technology, a cloud-based development platform, and the company’s substantial customer network -- to local small and medium businesses (SMBs) to grow and compete in the global marketplace.

Bob Chiarelli, Member of Provincial Parliament (MPP) for Ottawa West-Nepean, Ontario and Minister of Infrastructure, announced at the opening of the IBM IIP, which included five co-located innovation spaces across Ontario at Invest Ottawa, that this centre was made possible through a partnership with Ontario Centres of Excellence (OCE), IBM Canada and Invest Ottawa,

“Investing in Ontario’s innovators is one of the most reliable and rewarding ways to create growth in our economy...will help the region’s SMEs compete in a global market that stands to gain immeasurable value from Ottawa’s world-class talent,” Chiarelli was quoted by the media as saying.

“Our ongoing collaboration with OCE and Invest Ottawa provides an opportunity to empower small businesses with leading cloud and cognitive capabilities, and turn the brightest ideas into reality. At IBM, we believe the path forward is that of engagement and openness to the world. By bringing together entrepreneurs, developers and organizations from all sectors, we can together transform industries and solve some of Canada’s most complex problem,” media quoted Allen Lalonde, Senior Innovation Executive, IBM Canada.

To foster innovation and growth, as part of Ontario's plan to create jobs, boost economy and help people in their everyday lives, Ontario's reported investment of $22.75 million last year through the Jobs and Prosperity Fund  for the IBM IIP, supported IBM's additional investment of $24.75 million.

Jobs and Prosperity Fund facilitates businesses, business associations and entrepreneurs to acquire funds to enhance productivity for their projects so that they can compete in the global marketplace.

With investments by participating new and emerging companies, the total investment, according to official reports, is expected to exceed $410 million.

“Entrepreneurship and innovation are at the heart of our government’s plan to create jobs and grow our economy. That's why we are pleased to support IBM Innovation Spaces, which will help Ontario businesses access the tools they need to scale up quickly to meet demand in a fiercely competitive global economy,” Brad Duguid, Minister of Economic Development and Growth was quoted by the media as saying.

According to official reports, OCE -- a provincial coordinator and member of the Ontario Network of Entrepreneurs that works with industry, academia and government to stimulate business-led innovation -- will be responsible for overseeing the operations of the IBM IIP and coordinate industry partnerships.

Reza Moridi, Minister of Research, Innovation and Science said that these kinds of collaboration spaces is expected to help entrepreneurs access expertise and advanced technologies and allow Ontario's innovators to test, develop and commercialize their ideas and connect to global markets.

“Ottawa is already a leader in today’s global, knowledge based economy, being home to one of the most educated work forces in North America. IBM’s investment will provide our small- and medium- sized enterprise community access to the technology and opportunities they need to pioneer revolutionary technologies at home, and abroad,” Yasir Naqvi, MPP for Ottawa Centre was quoted by media.

Global networks and large customers are being supported with mentorship opportunities by the Government of Ontario, IBM and OCE, said Tom Corr, President and CEO, OCE, which will boost Ontario SMEs to rise and enter global markets.

IBM IIP controls IBM's technical resources and helps SMEs fast-track the launch of new technologies and products -- including cognitive business technology and a cloud-based development platform, as well as its physical space and network of customers -- to international clients, and is expected to help SMEs create up to 2,600 jobs by 2020.

(Reporting by Asha Bajaj)

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IBM Innovation Incubator Project: Facebook

Bob Chiarelli: Twitter