In a significant move to boost Ontario’s economy, the provincial government has announced an update to the Building Ontario Businesses Initiative (BOBI) to increase public procurement opportunities for Ontario-based businesses. This move will not only break down barriers and provide provincial companies with greater access to public procurement opportunities, but will also foster job creation, boost Ontario’s economy and strengthen our supply chain resiliency to better prepare for future emergencies.
BOBI will have a broad impact, affecting public sector procurements across various institutions, including ministries, agencies, hospitals, school boards, and universities. Through comprehensive training programs, these entities will be equipped to utilize BOBI effectively, unlocking new avenues for local businesses to thrive.
What sets BOBI apart is its inclusive evaluation criteria, which goes beyond traditional metrics to consider social and economic factors. This approach levels the playing field for Ontario businesses, recognizing the value of ethical practices and community impact in procurement decisions.
Furthermore, legislative amendments like the Fewer Fees, Better Services Act and the Building Ontario Businesses Initiative Act underline the government’s commitment to supporting local enterprises, with a target of $3B in contracts annually for Ontario businesses by 2026. This will create further economic opportunities for Ontario and ventures based in this province.
Our continued advocacy to create opportunities for businesses in Southwestern Ontario resulted in this initiative, which epitomizes the symbiotic relationship between innovation and economic progress. This lays the groundwork for a prosperous future for Ontario-based businesses.
TechAlliance is reporting this announcement to our community because the outcomes of the announcement are a direct response to TechAlliance’s joint advocacy, alongside other Canadian incubators and accelerators. We know that innovative ventures need access to capital and opportunities to continue scaling and we stand ready to support businesses in seizing the opportunities presented by BOBI. For tailored guidance and support, we encourage entrepreneurs to connect with our Venture Growth team today.
Apply for an open procurement contract here.