News Summary

The Ontario government has released a 2025 budget that fails to meet the innovation demands of tech leaders, despite calls from 75 CEOs for increased support for homegrown innovation. The budget includes an additional $90 million in venture capital funding for Venture Ontario, with $50 million allocated to defense tech and AI and $40 million to life sciences. However, tech leaders like Able Innovations CEO Jayiesh Singh express concern that these commitments are insufficient against the backdrop of significant foreign direct investments like the $2.5 billion pledge to Honda. The budget also reaffirms a $750 million investment in STEM programs and adds $73 million to the Ontario Vehicle Innovation Network. The Council of Canadian Innovators (CCI) is disappointed by the lack of updates on the Health Innovation Pathway program. Despite some positive steps, such as the life sciences focus, the budget largely overlooks the transformative leadership needed to drive significant economic development and innovation within the province.