ACOA announces $186M for Health Innovation in the Province

May 14, 2018 | News

Federal investment will expand Newfoundland and Labrador’s medical technology industry

May 14, 2018 – St. John’s (NL) – Atlantic Canada Opportunities Agency

Innovation in the healthcare sector helps improve the quality of life for Canadians, develops new opportunities for local businesses and creates jobs. To that end, the Government of Canada is investing $826,838 in the Newfoundland and Labrador Association of Technology Industries’ (NATI) work to establish an innovation and entrepreneurship network within the province’s healthcare sector.

The funding was announced today, during the Innovation Week launch, by David Lametti, Parliamentary Secretary to the Minister of Innovation, Science and Economic Development (ISED), on behalf of the Honourable Navdeep Bains, Minister of ISED and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA).

The project includes: 1) a series of Hacking Health networking sessions to link healthcare professionals with entrepreneurs to kick-start healthcare solutions; 2) a partnership with the Memorial Centre for Entrepreneurship to develop health-specific business expertise through initiatives such as an Entrepreneur in Residence program; 3) pre-seed funding to accelerate health-related start-up companies and research, and; 4) expanding the Bounce Innovation Lab at Memorial University to provide physical space and medical expertise for research and development and start-up companies focused on health technology.

NATI is a not-for-profit industry association representing Newfoundland and Labrador’s advanced technology industry. It is partnering with a number of organizations, including Memorial University’s Faculty of Medicine and Eastern Health, to expand the province’s medical technology sector through this initiative.

This investment, made through ACOA’s Business Development Program, supports the objectives of the Government of Canada’s Innovation and Skills Plan to build a better Canada where everyone has the jobs, skills and learning to solve global challenges and strengthen communities. The Plan ensures that Canadians develop skills and seize new opportunities to succeed in a growing economy.