Hamilton, Ontario, June 14, 2023
Today, 21 companies received non-repayable contributions of $630,000 from Innovation Factory, in partnership with Innovation Guelph, through Cohort 2 of the Government of Canada-supported i.d.e.a Fund.
The i.d.e.a. Fund is a southern Ontario-focused initiative that was developed to help clean growth firms access the tools they need to succeed by providing financial and business advisory supports to develop or redesign green products, services, processes and technologies that reduce impacts to our environment and create made-in-Canada climate change solutions.
The program fosters inclusion and diversity, with a focus on continuing Canada’s transition to a green economy. 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, WETechAlliance, Haltech, Innovate Niagara, Innovation Factory and TechAlliance of Southwestern Ontario.
“Business owners in southern Ontario are making incredible strides to promote green products and build a clean economy. The i.d.e.a. Fund offers financial and advisory support to entrepreneurs who are creating made-in-Canada solutions to our everyday problems,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “The Government of Canada is happy to support the i.d.e.a. Fund as they work with the next generation of Canada’s entrepreneurs to enable them to reach their full potential.”
The Innovation Factory-supported companies in Cohort 2 are:
To learn more about the i.d.e.a. Fund, visit innovationfactory.ca/idea-fund
● Across southern Ontario, 125 companies will receive non-repayable contributions of $3,750,000 in Cohort 2.
● In 2022, 117 companies received non-repayable contributions of $3,500,000 through Cohort 1.
● Led by Innovation Guelph, the fund is being delivered in partnership with five other Regional Innovation Centres (RICs): WETechAlliance (Windsor-Essex and Chatham-Kent), Haltech (Halton Region), Innovate Niagara, Innovation Factory (Hamilton), and TechAlliance of Southwestern Ontario (London).
● Fifty percent of the businesses receiving support through the fund will be owned or led by women and 30 percent owned or led by Indigenous peoples, persons with disabilities, Black communities, racialized communities and members of the LGBTQ2+ community.
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.
Innovation Factory is a not-for-profit business accelerator, serving as the catalyst for technology innovation in the greater Hamilton area since 2011. Innovation Factory provides business services, training, mentorship, and strategic connections to drive market adoption, leverage intellectual property, and increase revenues, investment, and jobs. Additionally, innovators can access sector-specific resources including exclusive smart transportation test environments and a formal life science and health innovation ecosystem.