- Recipient: Toronto Global
- Region: Toronto region
- Program: Regional Innovation Ecosystem
- Total funding allocated: $10 million
As Canadians, we have a tendency to be modest about our assets. But, Toronto Global's team of marketing experts and business advisors aren't shying away from showing the world's industry leaders why the Toronto region is one of the best places to do business.
Representing the cities of Toronto, Mississauga and Brampton, and the regional municipalities of Halton, York and Durham, the organization is making a name for itself as the number one advocate for the Toronto region and all of its attributes to potential international investors.
FedDev Ontario contributed $10 million to Toronto Global to capitalize on a growing global awareness of all the area has to offer. Toronto Global showcases the region's many advantages for growth, including access to vital trade corridors, a thriving culture of entrepreneurship and world-class education institutions enrolling more than 75 percent of Ontario's postsecondary students. In 2017, Toronto was the fastest growing market for tech jobs, creating 80,100 positions in the past five years. These factors are attractive to any investor.
"The Toronto region is certainly having a moment on the global stage and, with the support of partners like FedDev Ontario, we will ensure that we sharpen our competitive edge, create jobs and attract investment that will benefit the entire region," says Toby Lennox, CEO of Toronto Global. "We are inviting international companies to come and see what we're doing here, to access the most dynamic and innovative region in the world. It is crucial that we continue our collective work to ensure that the region remains top of mind for investors in an increasingly competitive global economy."
FedDev Ontario's support builds on a successful initial three-year contribution. Since the launch of the organization, Toronto Global has secured 60 investments in the Toronto region, creating 3,498 jobs and a capital expenditure of $495.6 million. The support will enable another 175 new investments over the next five years from new foreign companies, as well as global companies already established in the region. This will help support 100 additional businesses and create and maintain 1,225 more jobs.
"Thanks to the funding from FedDev Ontario, in addition to the support we receive from the Government of Ontario and our regional municipalities, Toronto Global is able to do something truly groundbreaking. Since we launched in 2017, the 24 municipalities have come together under one umbrella, one brand, and one unified voice to attract foreign direct investment to Canada, Ontario and the Toronto region," says Lennox. "The funding from FedDev Ontario allows us to employ the tools, techniques and tactics that bring the Toronto region value proposition directly to companies who may never have considered the Canada and Toronto region for their international expansion or relocation."
As Toronto Global matures, it is strengthening its ability to support businesses once they decide to come to the region. With services ranging from helping companies navigate the transition and assisting with site selection, to facilitating relationships with government representatives, the team doesn't stop at attracting investment. They see investors through the transition and ensure these businesses have the support, connections and information needed to thrive in one of North America's hottest markets.