Innovation Factory’s HEALTHI Program Secures $7.5M in Collaborative Commercialization Funding

The Hamilton life sciences ecosystem, led by Innovation Factory, offers a robust platform for entrepreneurs to launch and expand their businesses, particularly in the health sector. Through initiatives such as the HEALTHI (Hamilton Ecosystem to Accelerate and Leverage Trials of Health Innovation) program, innovators are connected to prestigious research institutions like Hamilton Health Sciences (HHS) and the Research Institute of St. Joseph’s Healthcare Hamilton (RISJH). This collaboration facilitates the refining of products, navigation of healthcare protocols, and advancement of commercialization efforts.

The HEALTHI program is instrumental for startups seeking to transform research into viable products. Supported by funding from entities like the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), it enables companies to access up to $15,000 in non-dilutive funding to collaborate with research partners. This funding reduces the risk and accelerates the route to market, ultimately allowing Canadians to benefit from innovative healthcare technologies.

Successful partnerships have been highlighted through various testimonials. Carl Schubert, the Founder and CEO of BioCache Lab Solutions, noted that collaboration with RISJH provided critical insights for product development while establishing a contract to incorporate BioCache’s innovative storage solutions within St. Joseph’s Healthcare Hamilton. Such partnerships drive alignment with clinical needs, essential for startups aiming to succeed in the healthcare market.

Vessl Prosthetics is another company that experienced significant progress through its work with HEALTHI. Co-founder and CEO Sydney Robinson emphasized that the program transformed their approach by revealing key insights into surgical techniques and patient outcomes, improving the design of their Isoform Socket technology aimed at enhancing the comfort and fit of prosthetic devices. This collaboration not only facilitated vital feedback but also guided a strategic pivot in their business model.

The program has also catalyzed follow-on funding opportunities for participants, signalling market confidence in their solutions. For instance, Azar Azad, Co-founder and CEO of A.I. VALI, highlighted a successful partnership that emerged from their HEALTHI project with HHS, resulting in over $300,000 in follow-on funding to enhance their AI-driven medical technologies.

Technology Trace, another medtech startup, benefited similarly with a significant three-phase study funded through their HEALTHI engagement, leading to further project opportunities valued at about $450,000. Founder and CEO Michael Becker emphasized the importance of clinical feedback in refining their IoT tracking system.

Since the program's launch in 2021, it has supported 53 companies, producing an economic impact of approximately $7.5 million from various funded projects. With 17 companies continuing to conduct funded collaborative work and 14 more expected to do so, the program illustrates a strong return on investment—initially generating a 630% return, projected to rise to 800% as more projects complete.

Overall, the HEALTHI program exemplifies effective partnerships between startups and research institutions in propelling innovation and enhancing economic returns. By providing essential resources, mentorship, and expertise, it transforms groundbreaking ideas into practical healthcare solutions that improve patient outcomes across Canada. Entrepreneurs interested in leveraging this program are encouraged to connect with Innovation Factory to explore opportunities.