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Innovation Community – Innovation Factory


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Strategic Allies is connected with various organisations in the innovation community & will be doing “shout-outs” for a selection of these over the coming months – today it’s Innovation Factory….

Innovation Factory is a not-for-profit business accelerator and a regional innovation centre, serving as the catalyst for technology innovation in Southern Ontario, Canada, since 2010.

Innovation Factory provides business advisory services, training, mentorship, and strategic connections, to help drive market adoption, revenues, investment, job creation and leverage of intellectual property.  Innovators can also access sector-specific resources including exclusive smart transportation test environments and data and formal life science and health innovation ecosystems.  Typically, Innovation Factory would provide support to around 800 organisations during a year.

Funded by the Government of Ontario, Innovation Factory helps Ontario-based innovators and entrepreneurs clear commercialisation hurdles — accelerating the growth of companies so that they can compete and succeed globally and create high-quality jobs locally.

Innovation Factory is headed up by David Carter, CEO.  David has extensive experience in both the corporate technology world, working at Microsoft in the early days, and also the tough start-up environment.  David will tell you his sweet spot is where technology, sales, and marketing intersect. He is also quick to warn that technology alone does not solve the problem!

We met with David to find out more about the Innovation Factory and how the company supports organisations through their various programmes and partnerships.  We’re just going to highlight a couple of things that Innovation Factory are involved with:

Synapse Life Science Consortium

Hamilton, Ontario is home to a top-tier life sciences cluster, anchored by world-class research institutions such as McMaster University, Hamilton Health Sciences, Mohawk College and St. Joseph’s Healthcare.  The broader cluster is made up of hundreds of life science      companies, organisations and research institutes. They are public and private, large and small, new and mature, and linked through common markets, technologies, need for talent, as well as professional and personal relationships.  Innovation Factory, through the Synapse Life Science Consortium, provides support services to a broad range of life science organisations.

LiONS LAIR & Founder Fast Track Programme

Innovation Factory holds an annual start-up pitching competition, LiONS LAIR, which has been running for 13 years.  The pitching competition culminates in a gala event where over $1M in cash and in kind prizes are awarded since inception.  The gala attracts not only burgeoning regional firms but also the region’s business and innovation community, along with influential industry figures.  LiONS LAIR has supported over 165 high potential companies and innovators over the years.  The 14th annual LiONS LAIR pitch competition and gala is scheduled to take place on September 26, 2024, in Hamilton, Ontario.

The 10 finalists of the LiONS LAIR competition are selected from 40 companies with innovative solutions from various industries who participated in Innovation Factory’s intensive training program, Founders Fast Track.  This program equips the start-ups with tools, mentorship, and networking opportunities, and culminates in a speed-pitching event, judged by angel and venture capital investors. Based on scores from the investors, the best-performing start-ups are offered the exclusive invitation to showcase their companies at LiONS LAIR.

We’ve just highlighted a couple of the programmes that Innovation Factory run and one of their partnerships.  Please take a look at the Innovation Factory website to find out more.

 

Image and Video courtesy of Innovation Factory (Canada)