On December 13, 2024, in Hamilton & Halton, Ontario, the i.d.e.a. Fund announced that 13 innovative clean growth companies received non-repayable contributions of $20,000 each, thanks to the partnership between Innovation Factory and Boundless Accelerator. This initiative is part of the Government of Canada's efforts to support clean technology firms in southern Ontario, facilitating access to financial and business advisory resources aimed at developing environmentally friendly solutions.
The i.d.e.a. Fund, bolstered by a $5.2 million investment from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), aims to support the growth of Canadian companies focusing on reducing environmental impacts. The program emphasizes diversity and inclusion while promoting sustainable economic practices. The fund is administered by six Regional Innovation Centres (RICs), which include Boundless Accelerator, Innovate Niagara, Innovation Factory, Launch Lab, TechAlliance of Southwestern Ontario, and WETechAlliance.
David Carter, CEO of Innovation Factory, highlighted the importance of this initiative by affirming that investments in clean tech innovators are crucial for building a sustainable Canadian economy. He stated that the i.d.e.a. Fund provides essential funding and mentorship to help the recipients scale their technologies and bring impactful climate solutions to market.
Minister Filomena Tassi, responsible for FedDev Ontario, underscored the Canadian government's commitment to transforming clean growth businesses into viable market entities by providing essential support and seed funding. This program aims to empower entrepreneurs to create green products, services, and processes that not only minimize environmental footprints but also foster the growth of Canada's clean technology sector.
In Cohort 3, across southern Ontario, a total of 73 companies will share $1,460,000 in contributions, further showcasing the fund's broad impact. Overall, the i.d.e.a. Fund has supported nearly 320 businesses since its inception, proving critical in fostering innovation and entrepreneurship in the region.
Innovation Factory, based in Hamilton, serves as a catalyst for technology innovation since 2010. The organization is dedicated to fostering entrepreneurship and the commercialization of innovations, helping to build competitive businesses in the Hamilton region. Regional Innovation Centres (RICs) play a pivotal role in assisting early-stage entrepreneurs by providing mentorship, market intelligence, and resources necessary to successfully navigate the commercialization process.
For more information about the i.d.e.a. Fund, individuals can visit innovationfactory.ca/idea-fund, where details about the supported companies and additional resources are available.
In summary, the i.d.e.a. Fund represents a collaborative effort between various stakeholders to advance the clean technology landscape in southern Ontario, reflecting the increasing importance of sustainable practices in business. Through financial contributions, mentorship, and comprehensive support, this initiative is paving the way for the next generation of clean innovators while driving positive environmental changes in Canada.
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