Enhancing Startup Success through the i.d.e.a. Fund™ in Ontario

At the core of Guelph, Ontario, the Boundless Accelerator plays a critical role in empowering early-stage companies to thrive, particularly through its i.d.e.a. Fund. This initiative targets high-potential startups, offering a dual approach that combines up to $20,000 in matching seed funding with access to industry mentorship, fostering the development of sustainable businesses.

The i.d.e.a. Fund™ is bolstered by support from the Government of Canada via the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). It collaborates with several Ontario Regional Innovation Centres, including Innovate Niagara, Innovation Factory, Launch Lab, TechAlliance of Southwestern Ontario, and WEtechAlliance, to promote an inclusive and equitable growth landscape in southern Ontario, all while driving towards a more sustainable economy.

One notable company benefiting from the i.d.e.a. Fund™ is Hundred Year Materials, founded by Garrett Johnson. While working in Canada’s building industry, Johnson recognized a significant gap in high-performance, bio-based insulation materials, which were readily available in Europe but scarce in Canada. He noted, “While there were some bio-based options, they did not perform well as insulation and were costly,” which sparked his drive to prototype a viable solution.

Recognizing the necessity for funding during this early phase, Johnson found crucial support through the i.d.e.a. Fund™. He stated, “This funding was vital in the absence of significant revenue, allowing us to conduct third-party lab testing and validate our prototypes.” Through this support, he was able to produce larger samples in Alberta, paving the way for commercialization.

Looking forward, Johnson believes that the i.d.e.a. Fund™ will further accelerate Hundred Year Materials’ growth trajectory, aimed at achieving regulatory approvals, refining supply chains, and enhancing marketing strategies to attract customers and investors. The mentorship received from Boundless Accelerator has been transformative, with Johnson noting the importance of perspective: “As technical founders, it’s easy to get lost in details. Having guidance to prioritize and focus on the broader vision is invaluable.”

Johnson’s experience underscores essential lessons for aspiring entrepreneurs, particularly the importance of adaptability: “Fall in love with the problem, not the solution. Be honest and flexible; let evidence inform your direction.”

In addition to Hundred Year Materials, the i.d.e.a. Fund™ supports a roster of 12 innovative companies, including Aquam Air Water Ltd., Beck’s Broth, Circulr, and others. The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation, emphasized the significance of the i.d.e.a. Fund™ in fostering sustainable solutions within local communities.

Jordann Hunsperger, Program Manager at Boundless Accelerator, highlighted the importance of continued adaptability in nurturing innovation. “We must keep listening to entrepreneurs and evolving our support to address their real-world challenges,” she remarked.

Together with its partners, Boundless Accelerator envisions an interconnected innovation ecosystem that bridges government funding, academic insight, and grassroots entrepreneurship. As climate change and environmental issues climb to the forefront of societal concerns, funding programs like the i.d.e.a. Fund™ are integral in promoting green innovations and ensuring they flourish.

To learn more about the i.d.e.a. Fund™, visit boundlessaccelerator.ca/programs/idea-fund/. For insights on FedDev Ontario, you can explore feddev-ontario.canada.ca.