Toronto wants to highlight Indigenous businesses in the city and has now thrown its support behind a new innovation centre for Indigenous entrepreneurs.

The city's executive committee backed Councillor Kristyn Wong-Tam's proposal for the Indigenous Centre for Innovation and Entrepreneurship at a meeting on Monday.

Wong-Tam said she anticipates hundreds of people will use the centre, which will offer services and mentorship to Indigenous businesses and is modelled after successful incubators like Ryerson's Digital Media Zone.

Scheduled to be built at the corner of Dundas and Jarvis Streets as part of the building housing the Dundas Square Gardens condos, the centre could open as early as next year.

When it does, it will be part of the Indigenous Business District planned for Dundas Street between Church to Parliament Streets.

The centre and the business district will also have the support of the Canadian Council for Aboriginal Business and the Mississaugas of the New Credit First Nations.