ORIGINAL PRESS RELEASE, April 29, 2022
Guelph, Ontario
The development and growth of Canada’s green technology sector is a priority for the Government of Canada. The diverse network of promising Canadian businesses in southern Ontario has the ability to be a vital contributor to make Canada a global leader in green technology and manufacturing.
Today, the Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a non-repayable contribution of $10 million for Innovation Guelph to lead the delivery of the i.d.e.a. Fund. This southwestern Ontario-focused initiative will help Canadian businesses focused on green technology and clean innovation succeed through access to capital and mentoring to commercialize innovative technologies. By ensuring Canadian green innovators have the necessary support to succeed, this investment will create good jobs for Canadians and continue the growth of a greener, more innovative Canadian economy.
Led by Innovation Guelph, in partnership with five southwestern Ontario Regional Innovation Centres (RICs): Haltech (Halton Region), Innovate Niagara, Innovation Factory (Hamilton), TechAlliance of Southwestern Ontario (London) and WEtech Alliance (Windsor and Chatham-Kent), the i.d.e.a. Fund will target companies with a focus on agri-innovation, cleantech and advanced manufacturing in urban and rural communities. The project will support 240 businesses, create and maintain 840 jobs, and result in the commercialization of 135 new products, services, processes and technologies.
To foster a more diverse and inclusive economy, the RICs will work together to ensure 50 percent of the businesses are owned or led by women and 30 percent are owned or led by Indigenous peoples, persons with disabilities, Black communities, racialized communities and members of the LGBTQ2+ community. Additional details related to the Fund and application process can be found at www.idea-fund.ca.
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