Government of Ontario announces new 15M Life Sciences Innovation Fund
November 03, 2022
The early-stage co-investment fund aims to address challenges life sciences entrepreneurs face in moving game-changing and capital-intensive innovations from the research lab into the marketplace
Today, Vic Fedeli, Minister of Economic Development, Job Creation and Trade announced the Life Sciences Innovation Fund (LSIF) and detailed how it will support early-stage companies in human health related Life Sciences and Healthcare Technologies sectors. The fund targets investment into start-up companies headquartered in Ontario who are raising pre-seed or seed investments.
“Part of our government’s plan to build Ontario is ensuring that companies, innovators and entrepreneurs have the support they need to advance next-generation health technologies,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “The new Life Sciences Innovation Fund will foster more innovation and ensure Ontario continues to lead the pack in the life sciences sector now and for generations to come.”
LSIF will co-invest up to $500,000 in life sciences startups to help make early-stage investments less risky and attract private-sector co-investors to help scale made-in-Ontario solutions for global markets. OCI will work with partners across Ontario’s life sciences ecosystem to identify opportunities with the highest potential for successful commercialization and the biggest impact on patient and healthcare outcomes, maximizing the benefit to Ontarians.
“Life sciences startups face distinct challenges in moving their innovations from the research lab into the marketplace. The Life Sciences Innovation Fund will provide much needed support to de-risk early-stage opportunities and accelerate time to market,” adds Claudia Krywiak, President and CEO of the Ontario Centre of Innovation (OCI).
Program information can be found online on the program page.
About the Ontario Centre of Innovation:
The Ontario Centre of Innovation (OCI) brings industry, academic, and government partners together to invest in collaborative R&D, technology development, and commercialization opportunities that generate the highest return on innovation for Ontarians.
As an ecosystem connector, OCI initiates unparalleled partnership opportunities, develops and manages successful industry-academic collaborations, supports high-potential SMEs in commercializing ground-breaking research, and provides hands-on training and skills development opportunities for the next generation of highly skilled talent.
OCI drives economic growth and job creation through investments in the development, commercialization, and adoption of advanced technologies. For more information: https://www.oc-innovation.ca
Alicia Pereira, Director of Communications, Ontario Centre of Innovation