Toronto Economic Development Corporation (TEDCO) supports jobs and innovation with new Business Incubator in food processing industry



    TORONTO, Nov. 15 /CNW/ - The Toronto Economic Development Corporation
(TEDCO) through its Incubator Grant Program announced today the official
launch of the unique Toronto Food Business Incubator. Primary partners in the
effort include the City of Toronto's Economic Development Office and the
federal government's Agriculture and Agri-Food Canada. Toronto is a leader in
North American food production employing more than 40,000 people and
generating more than $20 billion in annual sales.
    The new Toronto Food Business Incubator will provide support resources
such as physical space, access to innovative business practices, mentoring and
networking connections to small food businesses and start-ups. Business
incubators are accepted worldwide as viable business development tools that
help bring new ideas and products to market. In Canada, two in three new
businesses do not survive to their fifth year. According to Statistics Canada,
companies who participate in a business incubation and commercialization
program have an 80 percent higher success rate.
    "TEDCO has provided close to $9 million over an 18-year period to create
jobs in the local economy by supporting incubation and commercialization in
Toronto," said Jeffrey Steiner, TEDCO's President and CEO. "We are proud to be
part of the Toronto Food Business Incubator launch and will continue to work
with our partners to develop businesses and jobs in Toronto."
    TEDCO also organized and co-hosted a recent symposium on Business
Incubation and Commercialization along with Toronto's Economic Development
Office, the Ontario Ministry of Agriculture, Food and Rural Affairs and the
Toronto Food Business Incubator. The symposium focused on innovative and best
practices for business incubation in the Food Processing Industry with experts
from New Jersey, Nova Scotia and Alberta.
    "TEDCO now provides financial and administrative support to three
incubators," said Judy Dunstan, TEDCO's Manager of Incubators & Economic
Development Programs. "In addition to the Toronto Food Business Incubator,
TEDCO also supports the Toronto Fashion Incubator - the first of its kind in
the world, and the Toronto Business Development Centre which provides
entrepreneurial support to new and early stage businesses."

    The Toronto Economic Development Corporation (TEDCO) is the principal
redevelopment corporation for the City of Toronto focused on commercial,
industrial and mixed-use projects. TEDCO's operations involve real estate
development, economic development, and property and environmental management
working with a range of public and private sector partners. TEDCO's city-wide
mandate as an Urban Development Corporation (UDC) is to work closely with its
shareholder and partners to aggressively and creatively pursue business,
employment and development opportunities.





For further information:

For further information: Eva Varangu, Director, Communications & Public
Affairs, Toronto Economic Development Corporation, (416) 981-3869,
evarangu@tedco.ca, www.tedco.ca

Organization Profile

TORONTO ECONOMIC DEVELOPMENT CORPORATION (TEDCO)

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