Innovation Factory provides 20 companies with $600,000 through Cohort 1 of Government of Canada-funded i.d.e.a. Fund
August 4, 2022 | Hamilton, Ontario
Companies in southern Ontario that focus on environmental impacts are vital to creating jobs and bringing new, innovative technologies to market that continue Canada’s transition to a green economy. The i.d.e.a. Fund was developed to help clean growth firms have the tools they need to succeed by providing financial and business advisory supports to develop or redesign green products, services, processes and technologies that reduce impacts to our environment and create made-in-Canada climate change solutions.
The Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) provided Innovation Guelph with $10 million to lead the delivery of the i.d.e.a Fund in partnership with five Regional Innovation Centres (RICs) across southwestern Ontario. Up to 240 high-potential clean growth companies will receive support through Cohorts 1 and 2 of the i.d.e.a. Fund.
Today, 20 innovative companies received non-repayable contributions of $600,000 from Innovation Factory, in partnership with Innovation Guelph, through the Government of Canada-supported i.d.e.a Fund.
THE INNOVATION FACTORY-SUPPORTED COMPANIES IN COHORT 1 ARE:
• Women’s Global Health Innovations
• Aposys Technologies Inc
• Skygauge Robotics
• Bug Mars
• StrongBo Agritech
• Ecosystem Informatics Inc
• AP Renewables
• Rally Video
• ImaginAble Solutions
• A.I. VALI Inc
• Hydrogen Works
Applications for Cohort 2 of the i.d.e.a. Fund will open in March 2023. For additional details and eligibility criteria, visit www.innovationfactory.ca/idea-fund.
The Government of Canada-funded i.d.e.a. Fund is providing Canadian entrepreneurs and businesses with the support they need to produce innovative solutions that continue Canada’s transition to a green economy. This investment will create good, secure jobs for Canadians, protect Canadian supply chains, and ensure that the Canadian economy is positioned to be a global leader, now and into the future.
The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario
Today’s investment allows us to reach even further into our region’s innovation ecosystem and support entrepreneurs who are contributing to a greener economy for the future. In addition to the i.d.e.a Fund investments, we are proud to support these companies on the next stage of their commercialization journey with mentorship, strategic connections and networking opportunities.
David Carter, Executive Director with the Innovation Factory
- Across southern Ontario, approximately 120 companies received non-repayable contributions of up to $3,600,000 in Cohort 1.
- Led by Innovation Guelph, the fund is being delivered in partnership with five Regional Innovation Centres (RICs): Haltech (Halton Region), Innovate Niagara, Innovation Factory (Hamilton), TechAlliance of Southwestern Ontario (London) and WEtech Alliance (Windsor and Chatham-Kent).
- 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.
• 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
Senior Manager, Marketing & Events
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. From ideation to commercialization and scale-up; Innovation Factory provides business services, training, mentorship and strategic connections to help 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.