Windsor, ON (March 27, 2023) – Building on the momentum of the inaugural i.d.e.a. Fund cohort, applications for Cohort 2 are now open; paving the way for a new group of forward-thinking companies looking to commercialize innovative technologies that will help continue Canada’s transition to a green economy.
The i.d.e.a. Fund is a southern Ontario-focused initiative that helps clean growth firms unlock their potential and access the capital and mentoring needed to develop or redesign green products, services, processes and technologies that reduce environmental impacts and create made-in-Canada climate change solutions.
The program fosters inclusion and diversity, with a focus on a green economic recovery. Supported by a $10-million Government of Canada investment through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the i.d.e.a. Fund is being delivered by six Regional Innovation Centres (RICs): Innovation Guelph, Haltech, Innovate Niagara, Innovation Factory, TechAlliance of Southwestern Ontario, and WETechAlliance.
Through the program, each RIC is able to distribute a maximum of $30,000 in matching seed funding to select innovative businesses in various sectors including medtech, agritech, social enterprise, advanced manufacturing and more.
“Business owners in southern Ontario are making incredible strides to promote green products and build a clean economy. The i.d.e.a. Fund is helping them achieve their goals and get to where they need to be through financial and advisory support,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Our government is happy to work with projects like this to ensure people across the province are able to reach their potential, create good jobs, and grow the economy.”
Through cohort one of the Government of Canada-supported i.d.e.a Fund, which launched in August 2022, 19 WETechAlliance-supported companies received non-repayable contributions of $567,700.
Applications for Cohort 2 of the i.d.e.a. Fund are open now, until April 17, 2023. For additional details and eligibility criteria, visit www.wetech-alliance.com/idea.