Innovation Guelph receives $10M from feds to assist help inexperienced companies
A Guelph organization will lead the way for green companies looking to grow, thanks to millions of dollars from the federal government.
On Friday (April 29), the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced it would be making a $10-million contribution for Innovation Guelph to lead the delivery of the inclusion, diversity, environment, acceleration (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,” stated a news release from the federal agency.
“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.”
The new fund — being led by Innovation Guelph in partnership Halton Region’s Haltech, Innovate Niagara, Hamilton’s Innovation Factory, London’s TechAlliance of Southwestern Ontario and the WEtech Alliance out of Windsor and Chatham-Kent — will support 240 businesses, and create and maintain 840 jobs. The project’s aim is also to see 135 new products, services, processes and technologies commercialized.
“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,” said Helena Jaczek, the federal minister responsible for FedDev Ontario, in the release.
“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.”