$5 million in city funding for Brampton Venture Zone

The City of Brampton has committed $5 million in funding over the next five years to support the Brampton Venture Zone (BVZ).

Councillors approved the money this week, which is a continuation of funding of $1 million each year it has supplied since 2020.

The Brampton Venture Zone is a partnership between the city and Toronto Metropolitan University to initiate business technology startups by bringing together entrepreneurs, industry experts, backers, and customers.

Brampton’s role is to increase economic opportunities for the city by enabling those who have sound business ideas but may lack experience, funding and marketing expertise.

In a report presented to city councillors, it was pointed out that since its launch, BVZ has played a key role in strengthening Brampton’s entrepreneurial ecosystem.

It has mentored, incubated or accelerated 69 companies, engaged 206 new industry partners and delivered 1,731 training and information sessions to local businesses.

“A well, the BVZ’s programming has attracted 5,633 individual participants and supported 245 high-potential start-ups and subject matter experts. These achievements underscore BVZ’s impact in driving innovation, collaboration and business growth in the region,” the report reads.

The funds are included in this year’s city budget.