Latest news with #InnovationFund
CTV News
6 days ago
- Business
- CTV News
Ontario ‘scales up' Critical Minerals Innovation Fund to strengthen mining supply chain
Ontario boosts its Critical Minerals Innovation Fund with $7 million to cut the industry's reliance on the U.S. by supporting mining supply chains. The provincial government is providing $7 million for a new round of the Critical Minerals Innovation Fund (CMIF). It's meant to help strengthen and secure mining supply chains so they're not so dependent on the United States. Politicians and stakeholders were at Science North in Greater Sudbury on Wednesday when Minister of Energy and Mines, Stephen Lecce, announced the launch of the new intake for private sector businesses. Leece said it will help stimulate investment in critical minerals exploration, mining development, production and processing of domestically sources critical minerals. 'Our idea is to scale up which is why we're adding additional funding and making a commitment to maintain this program, not just for this year but for the year to come,' said Lecce. 'We're doing that because ultimately innovation is what's going to drive down cost, it's going to increase competitiveness and the productivity of our mines,' he added. Lecce said the province wants to strengthen a made-in-Canada supply chain that attracts investment and creates good-paying jobs at home, which will in turn reduce reliance on the U.S. He added, that to do that, the province needs to embrace innovation and technologies. The Mirarco Mining Innovation is a past recipient of the critical mineral funding, which Nadia Mykytczuk, the company's president and CEO, said allowed them to unlock value from mine waste that can drive battery metal production. Nadia Mykytczuk Nadia Mykytczuk, the president and CEO of Mirarco Mining Innovation, talks at a press event at Science North in Greater Sudbury, Ont., on July 23, 2025, about the Ontario Critical Minerals Innovation Fund. (Angela Gemmill/CTV News Northern Ontario) She added the future of the mining industry depends not only on what Ontario extracts, but how it innovates. 'Together we can pilot technologies moving them from the lab and into mine sites,' she said. 'These collaborations, backed by strong government support like the CMIF are what make progress possible.' 'If not us then really who?' said Chris Scott, parliamentary assistant to the Minister of Energy and Mines, and the MPP for Sault Ste. Marie. 'Global demand for these critical minerals is only going up. With recent developments such as the rising U.S. tariffs and increasing pressures on international supply chains. Ontario's role in securing a stable domestic supply has never been more important,' Scott added. 'Ensuring that the future such as batteries, semi-conductors, clean energy technologies and so much more depends on the minerals we have right here in Northern Ontario and the know-how we have in Greater Sudbury,' said Greater Sudbury Mayor Paul Lefebvre. Leece announcement at SN Leaders, politicians and industry stakeholders at a press event at Science North in Greater Sudbury, Ont., on July 23, 2025, where Minister of Energy and Mines, Stephen Lecce, announced $7 million for the province's Critical Minerals Innovation Fund. (Angela Gemmill/CTV News Northern Ontario) The fund contributes a maximum of 50 per cent of eligible project costs up to $500,000 per project. Applications will be accepted until Oct 1. When the Critical Minerals Innovation Fund first launched in 2022, 20 Ontario-based projects were funded. Lecce said those are making a difference. He said he suspects, given the trade dispute with the U.S., the Critical Minerals Innovation Fund will attract a lot of interest from applicants all across Ontario.
CTV News
6 days ago
- Business
- CTV News
Ontario opens more critical minerals funding to reduce U.S. dependence
Northern Ontario Watch Ontario boosts its Critical Minerals Innovation Fund with $7 million to cut the industry's reliance on the U.S. by supporting mining supply chains. Applications are open from July 23 to Oct. 1. Angela Gemmill has more.
Miami Herald
21-07-2025
- Business
- Miami Herald
Popular bank makes investing in ChatGPT and SpaceX stock possible
If you've ever wondered how you could own shares of the world's most compelling pre-IPO businesses, look no further. These privately held companies aren't publicly traded like many well-known stocks, so you can't simply buy shares through a stock exchange using your normal brokerage account. Previously, access to invest in these businesses was limited to a select few company insiders, ultra-wealthy individuals, institutional investors, and venture capital funds. Don't miss the move: Subscribe to TheStreet's free daily newsletter But retail investors' appetite for alternative investments has grown quickly in recent years, leading some investment platforms to think outside the box for ways to give everyonethe ability to put their money to work in privately held businesses. In a bold move to democratize access to such private market investments, SoFi Technologies (SOFI) recently announced a new offering that allows individual investors to gain exposure to previously inaccessible private companies. The initiative is part of SoFi's broader expansion into private equity and venture capital investing through new partnerships with alternative asset managers Cashmere, Fundrise, and Liberty Street Advisors. Related: SpaceX and Blue Origin have a powerful new space race rival These partnerships provide SoFi's more than 10.9 million users with streamlined access to funds that hold stakes in many of the world's most coveted pre-IPO companies, notably including Elon Musk's SpaceX, OpenAI (the owner of ChatGPT), and Epic Games (the developer of Fortnite and Unreal Engine). Over the past year, SoFi has also expanded its "Alts" (alternative investment) platform to introduce investment funds managed by ARK, KKR, Carlyle, and Franklin Templeton, providing exposure to private credit, real estate, and other pre-IPO companies. SoFi recently relaunched its robo-advisor offering in a collaboration with BlackRock as well, providing members access to a variety of real estate and multi-strategy funds. "Expanding access to private markets is a critical piece of our mission to help members get their money right," said SoFi CEO Anthony Noto. "Historically, the private markets have been out of reach for most individual investors, despite outperforming public markets over the past two decades." Image source: Khanna/Getty Images Among the highlights of SoFi's expanded offerings is Liberty Street Advisors' Pre-IPO Innovation Fund, which holds stakes in high-profile private companies including SpaceX, the Musk-led aerospace and satellite communications giants with a rumored valuation of as much as $400 billion, according to a recent report from Bloomberg. Other offerings include Cashmere's growth fund, which invests in fast-scaling, design-centric startups and brands that appeal to younger demographics, and the Fundrise Innovation Fund, which focuses on late-stage tech companies with strong exit potential via IPO or acquisition. More Elon Musk News: Elon Musk company reveals major leap forwardThe 'anti-Tesla' gives American buyers more good newsElon Musk's DOGE made huge mistakes with veterans' programs SoFi's move taps into a growing trend of retail interest in alternative assets. As public market returns become more volatile and institutional investors increasingly allocate capital to private equity, retail investors have clamored for ways to access similar opportunities. To that end, SoFi users will be able to invest with minimums starting at $10 and varying depending on the specific fund they intend to purchase. Those minimums are far below the standard $250,000+ often required by venture and growth equity funds. Related: ChatGPT bets on back-to-school boost as interest flattens out For investors in SoFi stock, this also signals the neobank's continued evolution from a fintech startup into a full-service financial institution. From the company's genesis as a student loan refinancer to its subsequent moves into mortgages, stock and cryptocurrency trading, and consumer banking services, expanding private equity access strengthens its investment product suite and may help attract and retain high-value customers as they seek more streamlined, sophisticated wealth-building tools. This also fits well within SoFi's broader strategy of owning more of the financial value chain by embedding differentiated offerings into its app-centric ecosystem. Over the long term, the success of this initiative will depend on a combination of user adoption, fund performance, and SoFi's ability to educate retail investors on the minutiae and risks of private investments. If successful, it could positively reshape how millions of people build long-term wealth, and potentially prove to be a watershed development in the democratization of finance. Related: Trump decision leaves Elon Musk in a serious bind The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Euractiv
08-07-2025
- Business
- Euractiv
Von der Leyen moves to merge green, defence, space funds in new EU budget law
The European Commission is pushing to create a massive industrial policy fund by merging up to 14 existing budget lines in its next multiannual financial framework spending plan, draft legislation seen by Euractiv shows. The blueprint for a long-awaited European Competitiveness Fund (ECF) as part of the bloc's coming seven-year spending plan is the Commission's flagship reform to revamp Europe's productivity gap. The aim is to create a dedicated funding pot to help catch up with the US and China across the 2028-2034 budget. The draft regulation contains no numbers, but says the ECF will merge activities under up to 14 different budget lines listed in the current €1.2 trillion seven-year budget. Those include the Innovation Fund, Digital Europe Programme, and the €2 billion component of the Connecting Europe Facility (CEF) dealing with digital projects. It also covers the European Defence Fund, the Act in Support of Ammunition Production (ASAP), the European Defence Industry Reinforcement through Common Procurement Act (EDIRPA), the European Defence Industry Programme (EDIP), EU4Health and the European Space Programme, satellite programme IRIS², and InvestEU. The huge new cash pot will aim to plug some of Europe's investment gap by using public funds to free up larger amounts of private capital, according to the document. However, the biggest EU programmes remain outside the consolidation effort or are absorbed only in part. For example, Horizon Europe (€93 billion), a big part of the Innovation Fund (€40 billion) and the bulk of the Connecting Europe Facility (€20 billion) dealing with transport and energy projects, will remain mostly outside the ECF. (jp)
BBC News
06-07-2025
- Business
- BBC News
Grants up to £30,000 on offer for East Devon businesses
Grants of up to £30,000 are available to help businesses in East Devon in the fourth round of a funding project. East Devon District Council (EDDC) said the new round of funding was available for the region's small is part of a scheme to help local businesses "grow diversity and improve their productivity", the council said. The Innovation and Resilience Fund is funded by the government but delivered by the council, the local authority added. 'Maximum local benefit' Councillor Paul Hayward, the council's portfolio holder for economy and assets, said the scheme had "already helped a range of businesses across the district bring ambitious projects to life". He added: "We're looking forward to supporting even more ideas this time around."Hayward said the fund had been "shaped" in partnership with councillors to ensure "fairness and maximum local benefit".He said all businesses with a strong project idea were encouraged to apply for grants between £3,000 and £30,000. Businesses can apply for capital grants to help fund innovative or growth-focused projects. Applicants must provide 30% of the total project costs in match funding.A full policy document is published on the council's website and expressions of interest opened on have until 16:00 BST on 23 July to deadline for full bid applications is 15 August, by 16:00 BST, the council said. Businesses can only submit a full application once their expression of interest has been approved.
