Southwestern Ontario has a rich and diverse hub of early-stage technology companies with innovative solutions to be commercialized to continue Canada’s transition to a green economy.
Innovation Factory is announcing it is partnering partner with Innovation Guelph to deliver the Government of Canada-supported i.d.e.a. Fund, a southwestern Ontario-focused initiative to help clean growth firms access the capital and mentoring needed to commercialize innovative technologies.
Participating businesses (that apply and are accepted to receive support through the Fund) will be provided with seed funding as well as wrap-around support that includes access to specialized expertise and business strategies.
Last week Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a non-repayable investment of $10 million for Innovation Guelph to partner with five southwestern Ontario Regional Innovation Centres (RICs): Haltech, Innovate Niagara, Innovation Factory, TechAlliance and WEtech Alliance to deliver the Fund.
The Fund will support 240 businesses in key sectors connected to the green economy, including agri-innovation, cleantech, and advanced manufacturing, to create and maintain 840 jobs, and commercialize 135 new products, services, processes and technologies.
Innovation Factory will help to provide eligible businesses in the region with advisory services and non-repayable contributions of up to $30,000 to provide the working capital needed to support commercialization efforts and growth. This support will assist firms from across the region’s urban and rural communities bring their technologies to market.
Said David Carter, Executive Director at Innovation Factory, “the launch of this fund comes at an important time to support clean businesses through commercialization and growth. The i.d.e.a Fund will make a significant impact to early-stage innovators in the greater Hamilton region, leading to the creation of new jobs, and strengthening companies who are contributing to a greener economy for the future.”