Hamilton’s Innovation Factory and the Synapse Life Science Consortium will be able to speed up the commercialization of various cutting edge healthcare services. Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a FedDev Ontario investment of $6 million for Innovation Factory, which will work alongside the Synapse Life Science Consortium to launch the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE).
SOPHIE will bring together Synapse’s network of experts in the life sciences field with Innovation Factory’s experience helping businesses accelerate the commercialization of their products. Through an annual cohort, businesses will receive the advisory services, testing capabilities and financial support needed from experts in the healthcare field to develop and commercialize their specialized health innovations and scale up their companies. Support though SOPHIE will create 50 jobs, maintain an additional 100 jobs and encourage 100 firms to either establish themselves or grow in southern Ontario. This investment will also leverage over $7.5 million in other investments.
David Carter, Executive Director, Innovation Factory said, “this full-service innovation hub in Hamilton will boost Ontario’s position as a place to develop, test and commercialize innovative healthcare solutions while providing a single-window contact to facilities and expertise for Ontario’s next generation of innovative life science companies—creating a robust pipeline of made-in-Canada healthcare solutions.
Alex Muggah, Director, Synapse Life Science Consortium, hailed the investment. “Through SOPHIE, the Synapse Consortium’s world-class academic and clinical experts, facilities and infrastructure will work hand-in-hand with SMEs and entrepreneurs to build the next generation of innovative health technology.”
• The Hamilton region has the second largest hospital network in Canada, and the country’s most research-intensive university.
• Established in 2011, Innovation Factory is a not-for-profit Regional Innovation Centre, offering training, workshops, mentorship and programming in the Hamilton-area, which has supported more than 2,300 businesses to accelerate their commercialization projects.
• Since 2016, the 120-member Synapse Life Science Consortium has connected key partners in the Hamilton-area life science network to commercialize products and promote the impact of the sector.