HAMILTON, ON — Building on the momentum of the inaugural i.d.e.a. Fund cohort, applications for Cohort 2 are now open; paving the way for a new group of forward-thinking companies looking to commercialize innovative technologies that will help continue Canada’s transition to a green economy.
The i.d.e.a. Fund is a southern Ontario-focused initiative that helps clean growth firms unlock their potential and access the capital and mentoring needed to develop or redesign green products, services, processes and technologies that reduce environmental impacts and create made-in-Canada climate change solutions.
The program fosters inclusion and diversity, with a focus on a green economic recovery. 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, Haltech, Innovate Niagara, Innovation Factory, TechAlliance of Southwestern Ontario, and WEtech Alliance.
Through the program, each RIC is able to distribute a maximum of $30,000 in matching seed funding to select innovative businesses in various sectors including medtech, agritech, social enterprise, advanced manufacturing and more.
“Business owners in southern Ontario are making incredible strides to promote green products and build a clean economy. The i.d.e.a. Fund is helping them achieve their goals and get to where they need to be through financial and advisory support,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Our government is happy to work with projects like this to ensure people across the province are able to reach their potential, create good jobs, and grow the economy.”
Through cohort one of the Government of Canada-supported i.d.e.a Fund, which launched in August 2022, 20 Innovation Factory-supported companies received non-repayable contributions of $592,164.
Applications for i.d.e.a. Fund Cohort 2 are open now, until April 17, 2023. For additional details and eligibility criteria, visit www.innovationfactory.ca/idea-fund.
- Across southern Ontario, 117 companies received non-repayable contributions of $3,500,000 in Cohort 1.
- 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.
- Apply for i.d.e.a. Fund cohort two through Innovation Factory
- i.d.e.a. Fund
- FedDev Ontario
- Jobs and Growth Fund (JGF)
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
About FedDev 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.
About Innovation Factory
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. Innovators can also access sector-specific resources including exclusive smart transportation test environments and data; and a formal life science and health innovation ecosystem.