- Recipient: Boundless Accelerator
- Region: Southern Ontario
- Most recent funding allocated: $10 million
"Since its inception, [Boundless Accelerator] and the province's Regional Innovation Centres have been fostering innovation and entrepreneurship. This funding is an exciting opportunity to extend our reach and impact with an innovative approach, where for the first time, RICs are collaboratively delivering support to under-represented communities who will contribute to a green recovery."
The next big idea to come out of southern Ontario will be fueled by potential, creativity and access to the region's diverse resources. Innovative entrepreneurs and start-ups, from the problem-solvers to the modernizers, are generating groundbreaking ideas that will contribute to a growing and more inclusive economy for everyone. Organizations that support these companies are key drivers of southern Ontario's competitiveness on a global stage.
In 2022, Boundless Accelerator (formerly Innovation Guelph) established the i.d.e.a. FundTM to help southern Ontario businesses focused on green technology and innovation succeed through funding and mentorship. Five Regional Innovation Centres combined efforts with Boundless Accelerator, including Haltech/Innovation Factory, Innovate Niagara, TechAlliance of Southwestern Ontario and WEtech Alliance, to accelerate the growth of local businesses and support an inclusive economy. They committed to ensuring that at least half of businesses supported by the program would be owned or led by women, and a third would be led by underrepresented groups. By March 2024, over 240 companies received seed funding from the i.d.e.a. FundTM toward the development of growth plans based around talent attraction, securing further investment, product development and testing, market value assessments, commercialization of intellectual property and market diversification. This award-winning program was made possible with a $10-million non-repayable contribution from FedDev Ontario.
Multiple recipients in the first cohort included a focus on electric vehicles, ride sharing, and services that support the transportation industry. One of these recipients, Electric Vehicle Network, is making it easier for consumers to make the swap from gas to electric vehicles through its one-stop-shop electric vehicle rental services. The Electric Vehicle Network provides consumers with the opportunity to test drive the cars even just for a half-hour. It's planning to expand the program outside of Ontario and partner with multi-residential buildings and factories that want to make the service available to residents and employees. Through the i.d.e.a. Fund, the company was able to receive funding and marketing assistance to reach new markets.
Vessl Prosthetics, a participant in the program's second cohort, received $30,000 to advance development of its automatically adjustable prosthetic socket that will empower amputees to reach their full potential. This prosthetic will allow amputees to live a more comfortable life by utilizing a pressure calibration design that was previously only offered in expensive bionic systems. The socket can be worn every day without pain or the need for prosthetic socks and will become a natural extension of the leg. Vessl Prosthetics has also benefitted from other FedDev Ontario-funded innovation ecosystem projects.
The potential of the i.d.e.a. FundTM program has garnered attention on an international scale for its commitment to fostering a diverse and inclusive economy. Nearly 60% of the businesses participating in the program were led by underrepresented groups with 129 of the businesses being women-owned or led. The i.d.e.a. FundTM program was recognized with the prestigious 2023 TECNA (Technology Councils of North America) Innovation Award for Diversity, Equity, and Inclusion.
"We are thrilled and honoured that the i.d.e.a. FundTM program was recognized as an innovative initiative in Diversity, Equity and Inclusion. This collaboration aimed to address a gap in our ecosystem as it relates to underrepresented entrepreneurs by reducing barriers and providing equal opportunities to future-proof their businesses and build capacity for long-term sustainability. The brilliant founders and business leaders we have worked with throughout the program have been nothing short of inspirational."
FedDev Ontario is proud to support Regional Innovation Centres, as they help Canada's entrepreneurs and innovators succeed in international markets. Supporting programs like the i.d.e.a. FundTM is driving the growth of southern Ontario's economy, bringing new ideas to market, and scaling businesses trying to get to the next level. The participants of the fund are vital contributors to make Canada a global leader in technology and manufacturing that are creating a more inclusive and green future for all.