Ontario's Ministry of Economic Development and Trade has set aside $1.15 billion to fund digital media, game and tech companies who create jobs, use "green" manufacturing processes and who move or create a location in the province.
Ontario's Ministry of Economic Development and Trade has set aside $1.15 billion to fund digital media, game and tech companies who create jobs, use "green" manufacturing processes and who move or create a location in the province. 'The Next Generation of Jobs Fund' guarantees a decision within 45 days to businesses that apply, and also offers cash payments and tax incentives to qualifiers. The program is often supported by other venture capital for businesses looking to utilize Ontario’s R&D, innovation programs, facilities and workforce to expand their operations. Ontario claims the "most generous R&D tax credits of any G7 country," promising overall savings up to 60 percent, and says its incentive programs to attract digital media companies aim to help the province in "dominating the world when it comes to creating video games." Despite the relative generosity of Ontario's incentive programs, a new report recently called for increased tax credits and more reliable funding to support the 850 developers currently employed in the region at mid-sized console developers and small PC studios including Unreal Tournament developer Digital Extremes and Dragon’s Lair 3D developer Digital Leisure. The province generated only $70 million in video game revenue in 2006.
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