On April 29, Innovation Factory announced a partnership with Innovation Guelph to deliver the Government of Canada-supported i.d.e.a. Fund in the Hamilton region. The Fund is a southwestern Ontario-focused initiative to accelerate the growth of high-potential clean growth small- and medium-sized enterprises (SMEs) in key sectors linked to the green economy, including agri-innovation, cleantech and advanced manufacturing.
To support the delivery of the Fund, Innovation Guelph received a non-repayable Government of Canada investment of almost $10 million through the Jobs and Growth Fund delivered by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
The Fund will leverage the southwestern Regional Innovation Centre (RIC) network of Haltech, Innovate Niagara, Innovation Factory, TechAlliance and WETechAlliance to provide essential resources like the mentoring and early-stage financing necessary for SMEs to scale up, create quality jobs for Canadians, and drive green and resilient economic growth across the region.
Eligible SMEs in the greater Hamilton area will be able to apply and, if selected, will be provided with advisory services and non-repayable contributions of up to $30,000, giving them the working capital needed to support commercialization efforts and growth.
“The launch of this fund comes at an important time to support clean businesses through commercialization and growth,” says David Carter, Executive Director at Innovation Factory. “The i.d.e.a Fund will make a significant impact for early-stage innovators in the greater Hamilton region, leading to the creation of new jobs, and strengthening companies who are contributing to a greener economy for the future.”
To learn more about the i.d.e.a Fund and if your business is eligible, please get in touch.
Email Shannon Graszat at [email protected]