Ontario’s digital media businesses find it difficult to get access to funds

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A report released recently from the non-profit trade association Interactive Toronto stated that Ontario’s Interactive Digital Media (IDM) industry has trouble finding funding in Ontario.

Interactive Ontario is an organization aimed at growing the IDM industry in Ontario, which includes game companies, app developers, digital ad firms, and e-learning creators.

Almost 900 IDMs currently operate in Ontario which employ almost 11,000 full-time workers. Throughout Ontario, significant hubs of activity exist in Toronto, London and Ottawa. Despite the success of this industry, however, some IDMs still face challenges in several areas, including securing funding sources like grants and tax credits.

Respondents referenced a wide range of reasons, including but not limited to the complexity of government program requirements. However, a representative from Interactive Ontario states that many IDMs to benefit from government programs.

In addition however, the report noted that some IDMs have difficulty funding experienced talent in the province, though 90 percent of employees of Canadian IDMs are hired from within Canada.

Source: Financial Post

Via:  Measuring Success