News Release Summary
Date: December 13, 2024
Location: Guelph, Ontario
Boundless Accelerator announced today that it has awarded non-repayable contributions of $20,000 each to 12 companies as part of Cohort 3 of the Government of Canada-supported i.d.e.a. Fund. This initiative aims to bolster clean growth firms in Southern Ontario by providing essential financial and business advisory support to foster the development of green products and technologies that mitigate environmental impacts and contribute to climate change solutions.
The i.d.e.a. Fund, backed by a substantial $5.2 million investment from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), emphasizes inclusion and diversity while promoting a sustainable and circular economy. It is executed by six Regional Innovation Centres (RICs), including Boundless Accelerator, Innovate Niagara, and others, creating a comprehensive support system for emerging clean tech companies.
Alison Crumblehulme, CEO of Boundless Accelerator, expressed pride in the innovative nature of the selected companies, highlighting their commitment to sustainability and alignment with the overall mission of fostering economic growth in the region. The Honorable Filomena Tassi, Minister responsible for FedDev Ontario, underscored the potential for Southern Ontario to lead in the green economy, positioning the i.d.e.a. Fund as a catalyst for commercializing innovative technologies.
MP Lloyd Longfield also reinforced the importance of such initiatives, noting that it empowers small and medium enterprises (SMEs) to scale their green technologies effectively. The support enables these firms to transition from concept to market, providing them with necessary resources for local and global success.
The companies benefiting from this funding in Cohort 3 include:
The i.d.e.a. Fund is part of a broader effort where a total of 73 companies will receive non-repayable contributions amounting to $1,460,000 in Cohort 3. Overall, the fund has supported nearly 320 businesses to date. Regional Innovation Centres play a key role in providing mentorship and connecting entrepreneurs with funding sources.
In addition, Boundless Accelerator plans to collaborate with four organizations, including the University of Guelph and McGill University, to further its objectives and introduce a Sustainable Impact Program soon. Since 2011, Boundless Accelerator has been instrumental in nurturing over 1,400 entrepreneurs, aiming to build an equitable and sustainable economy in Canada.
For more information about the i.d.e.a. Fund, visit the Boundless Accelerator website.
Contacts:
Tehreem Iqbal, Marketing & Communications Manager
Edward Hutchinson, Press Secretary for the Minister responsible for FedDev Ontario
About Boundless Accelerator:
Founded in 2011, Boundless Accelerator is dedicated to fostering entrepreneurship in Canada, having gained recognition for its programs aimed at building a strong, inclusive economy. It continues to connect entrepreneurs with vital resources within the innovative environment of Southern Ontario.
About FedDev Ontario:
FedDev Ontario has been promoting economic growth in Southern Ontario through innovation-focused funding and services for 15 years, yielding significant advancements across the region’s business landscape.
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