The i.d.e.a. Fund was created to support and position local economies in southern Ontario for long-term growth. The goal is to provide high potential businesses with the opportunity to receive non-repayable grant money (seed funding) and business advisory supports to develop new green products, services, processes, and technologies and/or redesign existing products, services, processes, and technologies to reduce their impact on the environment.
Six Regional Innovation Centres (RICs) – Innovation Guelph, Haltech, Innovate Niagara, WEtech Alliance, Innovation Factory and TechAlliance of Southwestern Ontario – have combined efforts to deliver this targeted initiative to accelerate the growth of up to 240 businesses (120 per cohort) as they support the transition to a green economy, create jobs and future-proof their businesses. The Fund will also support an inclusive recovery, targeting 50% of the companies supported to be led by women and at least 30% by members of other racialized and under-represented groups.