Government of Canada supports health sciences SMEs to create new health technologies
News release
Government of Canada invests in specialized programming to benefit 75 SMEs in southern Ontario’s health sciences sector
September 27, 2024 - Hamilton, Ontario
Canada’s health sciences innovation sector continues to lead on developing innovative ideas and products that will lead to a better and healthier future. The Government of Canada is supporting businesses and organizations in this vital sector with the support they need to drive impactful health solutions for Canadians.
Yesterday, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), attended the 14th annual LiONS LAIR hosted by Innovation Factory. More than 400 members of the Hamilton Life Sciences ecosystem gathered to celebrate innovation in the Hamilton-Halton region.
While at the event, Minister Tassi announced a Government of Canada investment of over $5 million for Innovation Factory in collaboration with the Synapse Life Sciences Consortium to support the continued delivery of the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program, which opened for applications yesterday. The program will assist up to 75 health sciences SMEs in southern Ontario as they commercialize their products and scale their businesses. Participating businesses will have access to mentorship and advisory services, seed funding, and new partnerships. This critical work will help accelerate their product development, and anchor health sciences companies here in southern Ontario.
This project aligns with the Government of Canada’s priority to support emerging growth opportunities in this important sector. Innovators and organizations that create healthcare technologies are helping to keep Canadians healthy while strengthening Canada’s health sciences sector and creating new job opportunities for Canadians.
Quotes
“Innovation Factory is undertaking critical work that will support 75 SMEs expand and grow their businesses, all while helping to anchor health sciences companies here in Canada. The investment made today demonstrates the Government of Canada’s dedication to supporting innovators in health sciences and moving towards a healthier future for Canadians.”
- The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario
“The renewal of funding for Innovation Factory’s SOPHIE program is a testament to the remarkable impact it has had on Ontario's health sciences sector over the past few years. This continued support from the Government of Canada enables us to build on this success, driving further innovation, job creation, and global competitiveness in the health sciences industry. We are excited to see SOPHIE continue to transform the landscape for health science entrepreneurs and strengthen Ontario’s position as a leading hub for health innovation.”
- David Carter, CEO of Innovation Factory
Quick facts
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Innovation Factory is a not-for-profit business accelerator, serving as the catalyst for technology innovation in the Brant, Halton, Hamilton and Norfolk regions since 2010.
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Innovation Factory provides business services, training, mentorship, and strategic connections to 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 health science and health innovation ecosystem.
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FedDev Ontario previously provided Innovation Factory with an investment of $7 million to deliver the first intake of the SOPHIE program. To date, through SOPHIE, 166 innovative Ontario-based health science start-up and scaling companies in the health, medical device, and pharmaceutical sectors, received support to develop and commercialize new products and services.
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Since 2015, the Government of Canada, through FedDev Ontario, has invested over $237 million in 58 life science projects, supporting over 7,700 jobs.
Associated links
Contacts
Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.Hutchinson@feddevontario.gc.ca
FedDev Ontario Media Relations
media@feddevontario.gc.ca
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