Sudbury innovation centre NORCAT is receiving $418,500 from FedNor to continue running its Innovation Acceleration Program for another three years.
The program provides eligible businesses with non-repayable grants of up to $10,000 toward innovation-related product development that will make their businesses more productive and competitive.
Applicable activities include software and application development, product testing, and certification.
Now in its third phase, the program is expected to support eight business startups and modernize or expand an additional 12 local firms.
NORCAT anticipates the three-year initiative will create 30 jobs, three new services, and 18 new products or technologies, 10 of which will be commercialized.
“As a longstanding partner, we are excited to work with the Government of Canada to deliver the FedNor Innovation Acceleration Program to support the growth of emerging tech startups in our community," said Don Duval, NORCAT's CEO, in a March 17 news release.
This initiative will not only bolster our in-demand service offerings, but also it will ultimately fuel economic growth, job creation and prosperity for our region.”
Funding for this initiative is being provided through FedNor's Regional Growth Through Innovation Fund.