For Immediate Release
TechAlliance of Southwestern Ontario provides 20 companies with $600,000 through Cohort 2 of Government of Canada-funded i.d.e.a. Fund™
June 14, 2023 London, Ontario
Today, 20 companies received non-repayable contributions of $30,000 from TechAlliance of Southwestern Ontario, in partnership with Innovation Guelph, through Cohort 2 of the Government of Canada-supported i.d.e.a Fund.
The i.d.e.a. Fund is a southern Ontario-focused initiative that was developed to help clean growth firms access 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 program fosters inclusion and diversity, with a focus on continuing Canada’s transition to a green economy. 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, WEtech Alliance, Haltech, Innovate Niagara, Innovation Factory and TechAlliance of Southwestern Ontario.
“Business owners in southern Ontario are making incredible strides to promote green products and build a clean economy. The i.d.e.a. Fund offers financial and advisory support to entrepreneurs who are creating made-in-Canada solutions to our everyday problems,” said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario. “The Government of Canada is happy to support the i.d.e.a. Fund as they work with the next generation of Canada’s entrepreneurs to enable them to reach their full potential.”
The TechAlliance-supported companies in Cohort 2 are:
- brüst beverage co.
- CanGreen Industries
- In the ClearZone
- Ecodemy Education
- Food Security Structures Canada
- GoParity Canada
- Nuts For Cheese
- Prometrix Business Solutions Inc.
- Proof Line Farm
- Pulp & Press
- Seed to Surf
- Sponge Microgrids
- Step Sciences
- Upgreen Inc.
- Vessl Prosthetics Inc.
- Wheel Easy
To learn more about the i.d.e.a. Fund, visit https://techalliance.ca/idea-fund
- Across southern Ontario, 125 companies will receive non-repayable contributions of $3,750,000 in Cohort 2.
- In 2022, 117 companies received non-repayable contributions of $3,500,000 through Cohort 1. 20 TechAlliance companies received $600,000 in non-repayable seed funding in cohort 1 of the i.d.e.a. fund.
- Led by Innovation Guelph, the fund is being delivered in partnership with five other Regional Innovation Centres (RICs): WEtech Alliance (Windsor-Essex and Chatham-Kent), Haltech (Halton Region), Innovate Niagara, Innovation Factory (Hamilton), and TechAlliance of Southwestern Ontario (London).
- 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.
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 TechAlliance of Southwestern Ontario
TechAlliance is at the forefront of Southwestern Ontario’s innovation economy, as the Province of Ontario’s Regional Innovation Centre for London and surrounding areas. Focused on supercharging our community, TechAlliance provides advice, experiences, and access to capital to launch startups, accelerate scale-ups and inspire talent.
Funded by the Government of Ontario, Regional Innovation Centers help Ontario-based innovators and entrepreneurs clear commercialization hurdles – accelerating the growth of companies so that they can compete and succeed globally and create high quality jobs in our province.
i.d.e.a. Fund is delivered in partnership with the following Ontario Regional Innovation Centres: Innovation Guelph, Haltech, Innovate Niagara, WEtech Alliance, TechAlliance of Southwestern Ontario and Innovation Factory.
i.d.e.a. Fund is funded by the Government of Canada’s Jobs and Growth Fund, delivered by FedDev Ontario, which advances economic recovery efforts, supports businesses and organizations to help create jobs, supports the transition to a green economy, and positions local economies for long-term growth.