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Hamilton, ON, September 5, 2023 – In support of commercializing healthcare and life science companies, Innovation Factory is pleased to announce a memorandum of understanding (MOU) with HaloHealth to deliver a collaborative medical assessment and physician advisory service. Offered to Innovation Factory clients participating in the SOPHIE (Southern Ontario Pharmaceutical & Health Innovation Ecosystem) program, this new assessment service is designed to help them understand market conditions and the receptiveness of their novel technology.
Healthcare startups across Canada often struggle to gain access to physicians with an entrepreneurial mindset who can provide medical feedback on their technology. These early-stage companies often miss out on valuable advice and product validation from the ultimate end users at a critical phase of commercialization that may negatively impact their downstream success. To help address this challenge and support high-potential ventures, Innovation Factory partnered with HaloHealth to complete 16 medical assessment and advisory projects for health and life science companies participating in the SOPHIE program.
“We are proud to collaborate with HaloHealth in addressing the challenges healthcare startups face,” said David Carter, CEO of Innovation Factory. “Our commitment is to ensure these innovative companies have access to valuable medical feedback early in their journey. Through our partnership, we aim to bridge the gap between groundbreaking healthcare technology and physician adoption, ensuring that our client companies achieve their full potential.”
The SOPHIE program was established in 2021 with Government of Canada support through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Innovation Factory, in collaboration with the Synapse Life Science Consortium, is leading the program. Companies participating in the SOPHIE program can undertake a commercialization project with partner hospitals and academic institutions across Hamilton. These commercialization projects accelerate companies’ efforts to become market-ready — and with the added support of the medical assessment and advisory service with HaloHealth, select SOPHIE companies gain direct access to physician specialists and feedback on their innovations.
Previous medical assessment and advisory projects have resulted in physician specialists developing an interest in a company’s technology, supporting the adoption of the technology into their practice and continued advisory support outside the project scope.
Innovation Factory is a not-for-profit business accelerator, serving as the catalyst for technology innovation in the greater Hamilton area since 2010. Innovation Factory provides business services, training, mentorship and strategic connections to drive market adoption, leverage intellectual property and increase revenues, investment and jobs. Innovators also have the opportunity to access sector-specific resources, including exclusive smart transportation test environments and data, as well as a formal life science and health innovation ecosystem.
Learn more at www.innovationfactory.ca.
Founded in 2020, HaloHealth is a pan-Canadian physician angel investment group that invests in, advises and connects health tech companies that are building the future of healthcare. The group is composed of more than 390 entrepreneurial physician investor-advisors, ecosystem health tech investors, VC funds and family offices. To date, HaloHealth has invested in 43 healthcare startups with four exits and holds offices in Toronto and Calgary.
Learn more at www.halohealth.ca.
For 14 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 achieved impressive results with southern Ontario businesses that are generating innovative technologies, enhancing productivity, increasing revenues, creating jobs, and contributing to 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.
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