GUELPH – Innovation Guelph will receive $10 million from the Federal Development Agency of Ontario to lead the delivery of the “i.d.e.a. Fund,” a southwestern Ontario-focused initiative to help clean growth firms unlock their potential and access the capital and mentoring needed to commercialize innovative technologies.
Helena Jaczek, minister of the Federal Economic Development Agency for Southern Ontario, announced the funding in Guelph on April 29.
“Today’s investment in Innovation Guelph and the i.d.e.a. Fund will provide Canadian entrepreneurs and businesses with the support they need to produce innovative solutions that continue Canada’s transition to a green economy,” Jaczek said.
“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.”
Seed funding and wrap-around services
Participating businesses that apply, are accepted, and receive funding, will receive seed funding as well as wrap-around support that includes access to specialized expertise and business strategies.
Innovation Guelph will partner with other innovation centres – Haltech, Innovate Niagara, Innovation Factory, TechAlliance of Southwestern Ontario, and WEtech Alliance – to deliver the program.
Advisory services and grants
It will also provide eligible businesses in Guelph and Wellington County with advisory services and grants up to $30,000 to support commercialization efforts and growth.
“This funding is an exciting opportunity to extend our reach and impact with an innovative approach, where for the first time, regional innovation centres are collaboratively delivering support to under-represented communities who will contribute to a green recovery,” said Innovation Guelph executive director Alison Crumblehulme.
“This project will build on Guelph’s role as a leader in clean technology and will provide resources, create opportunities for [small- and medium-sized enterprises] to scale up and support local businesses, and entrepreneurs as they forge ahead with new clean growth technologies,” added Guelph MP Lloyd Longfield.
