Ontario Government Invests $15 Million in RAISE Program to Boost Racialized and Indigenous Entrepreneurship.

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EDUCAST, In a strategic move to foster economic inclusivity, Ontario’s Minister of Citizenship and Multiculturalism, Michael Ford, recently toured ‘Seed Nano Tech,’ a pioneering company in nanotechnology founded by Nepalese researcher Conrad Rizal. The visit showcased the province’s commitment to supporting innovative ventures.

Accompanying Minister Ford was Shermin Williams, Member of Parliament for Brampton, Ontario. Conrad Rizal, the CEO of Seed Nano Tech, delivered a comprehensive presentation on the company’s advancements in nanotechnology, research initiatives, and its dedication to supporting aspiring students.

The Ontario government’s latest initiative, announced last Wednesday, involves an additional investment of $15 million over three years into the Racialized and Indigenous Supports for Entrepreneurs (RAISE) program. Launched as a pilot in 2022, the program has already allocated $5 million to assist over 400 Aboriginal, Black, and minority entrepreneurs.

RAISE, designed to dismantle barriers hindering Indigenous, Black, and other racialized entrepreneurs, is now open for applications for the 2023-24 intake. Eligible entrepreneurs can expect online business development training, culturally responsive coaching, networking support, and a one-time grant of $10,000.

In a press release, Minister Michael Ford emphasized the vital role played by small businesses, stating, “Indigenous, black, and minority entrepreneurs make significant contributions to our economy, yet many continue to face systemic barriers.” The investment in the RAISE program, he noted, aims to equip diverse entrepreneurs with the necessary tools, resources, and capital to transform their ideas into successful businesses.

For the upcoming year, the government plans to provide 450 entrepreneurs with online training covering various aspects of business management, including cash flow management, operations, marketing, public relations strategies, and digital transformation.

Among the beneficiaries of the RAISE program is Seed Nanotech International, based in Brampton, specializing in nanotechnology applications across healthcare, energy, and the environment. Dr. Conrad Rizal, the company’s founder and director, expressed gratitude for the Ontario government’s commitment, highlighting the importance of the financial support received. He credited the RAISE grant for enabling the company to invest in cutting-edge equipment, software, and expand its international research and networking efforts.

The government’s continued support through initiatives like RAISE reflects a broader commitment to building a more inclusive and robust Ontario economy, empowering entrepreneurs from diverse backgrounds to thrive in the business landscape.