HAMILTON, ON, May 31, 2022 — As part of its ongoing commitment to support economic recovery, promote product commercialization, and facilitate job growth, Innovation Factory is pleased to announce it is accepting applications for the second cohort of the Hamilton Ecosystem to Accelerate and Leverage Trials of Health Innovation (HEALTHI) program. Innovation Factory is receiving up to $300,000 in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) in support of the program, which will enable life science companies to collaborate with world-class research hospitals. Ultimately, this will lead to increased product development and innovations within the healthcare sector.
The HEALTHI program is accessible through an application process administered by Innovation Factory, in collaboration with the Synapse Life Science Consortium (Synapse). Successful applicants will have the opportunity to engage with key stakeholders as part of a future commercialization project or clinical trial with research groups at either Hamilton Health Sciences or St. Joseph’s Healthcare Hamilton.
David Carter, Executive Director at Innovation Factory noted, “We are seeing tremendous momentum in the life sciences sector in Hamilton, and look forward to continuing to work with these high potential technology innovators. These businesses are game-changers who not only directly contribute to improving health care and management, but also support economic growth by launching and growing successful startup companies.”
Insight Medbotics, a 2021 HEALTHI recipient is developing an MRI technology to improve the accuracy and precision of breast cancer detection and diagnosis. Paul Chipperton, CEO, stated, “HEALTHI provided us with a streamlined and efficient process to apply for funding that directly supports our commercialization pathway. The investment provided us with an opportunity to identify and collaborate with researchers, as part of the required testing and validation phases necessary to bring our technology to market.”
Since 2011, Innovation Factory has been a hub for innovation supporting over 2,400 start-ups, with more than 450 from the life sciences sector. In 2016, Innovation Factory was a founding partner of Synapse, a strategic broker within the Hamilton region focused exclusively on life science innovation. Synapse now boasts a network of 225 partner organizations across the health ecosystem and has facilitated 2,500 strategic connections.
The renewal of the HEALTHI program emphasizes the federal government’s support of life science and clinical innovation and follows several other major investments in expanding regional infrastructure and capacity. These include a $40M investment supporting CCRM’s biomanufacturing facility and $6M to Innovation Factory for the Southern Ontario Pharmaceutical and Health Innovation Ecosystem (SOPHIE) program. As a whole, the Hamilton region spends nearly $500M annually on related research and innovation, and represents over 7,000 researchers involved in more than 350 clinical trials.
About Innovation Factory
Innovation Factory is a non-profit business accelerator, serving as the catalyst for tech innovation in the greater Hamilton area since 2011. Innovation Factory provides business services, training and mentorship to help entrepreneurs with advanced manufacturing, cleantech, information tech, life science and social innovations to bring their ideas to market, leverage intellectual property, increase revenues, attract investment and create jobs. www.innovationfactory.ca
About Synapse Life Science Consortium
The formal regional cluster organization for the life sciences ecosystem in the greater Hamilton region, the Synapse Consortium acts as a strategic broker for the community, with the goal of supporting the commercialization of innovative health technology. Synapse partners include the anchor life science organizations in Hamilton, representing 35,000 employees and nearly $500 million in annual innovative research. Innovation Factory was a founding member of Synapse in 2016, along with Hamilton Health Sciences, St. Joseph’s Healthcare Hamilton, McMaster University, Mohawk College, Bay Area Health Trust, McMaster Innovation Park, and City of Hamilton.