There was a cartoon movie that I rented from jumbo video when I was a kid.

The main character was a bear that was a reject toy from a toy factory. He got sent down a chute into a room full of other reject toys. Through the window came some sort of magic dust that turned him into a living bear.

I think he had some sort of side of sidekick, which was another animal.

I can't remember what it was called

I'm not sure if this is what you're thinking of, since it was a TV show, but I think you might be talking about SuperTed. I found a website about the show, and it seems to be pretty similar to what you described.

Toonhound - SuperTed (1982-1986)

I hope this helps!