Prime Highlights:
The Government of Canada has awarded $24 million in Lab to Market funding to support the initiative, administered by NSERC, CIHR, and SSHRC.
The initiative will train 8,680 participants, with 20% of funding dedicated to Indigenous students and businesses, aiming to foster 700 new companies and 175 commercialized products/services.
Key Background:
Humber Polytechnic has been appointed as the Ontario Hub lead in a national initiative aimed at leveraging the expertise of applied research facilities to translate research into market-ready innovations. This initiative is part of the College-University Lab to Market Network for Entrepreneurship and Research Commercialization (the Network), which is led by Red River College Polytechnic. The Government of Canada has awarded $24,067,229 in Lab to Market funding to support this project, administered by the Natural Sciences and Engineering Research Council of Canada (NSERC) in partnership with the Canadian Institutes of Health Research (CIHR) and the Social Sciences and Humanities Research Council (SSHRC).
The primary goal of the Network is to enhance entrepreneurship training, mentorship, and the commercialization of academic research across Canada. Over the next five years, the Network will bring together 38 partner institutions, including colleges, polytechnics, and universities, along with 24 Technology Access Centres and a network of over 600 business mentors. Together, they will provide comprehensive training and support to researcher-entrepreneurs, enabling them to successfully commercialize their innovations.
Through hands-on entrepreneurship training and mentorship, the Network aims to engage 8,680 participants, with 20 percent of the funding dedicated to Indigenous students and Indigenous-owned businesses. The initiative is expected to result in the creation of 700 new companies and the commercialization of 175 new products or services.
Canada has faced a significant productivity decline over recent decades, with its output per hour falling from 88 percent of U.S. levels in 1984 to just 71 percent in 2022. In response, Humber Polytechnic is committed to addressing this productivity challenge by fostering innovation and collaboration across regional and academic-industry partnerships.
The Ontario Hub, spearheaded by Humber, will utilize 28 research facilities and a range of entrepreneurial models to link trainees with local industry connections. This initiative will also engage small and medium-sized technology companies, particularly within the Toronto-Waterloo Innovation Corridor, which is a major hub for Canada’s tech and manufacturing sectors. By coordinating research commercialization and entrepreneurship training activities, Humber Polytechnic and its partners aim to drive meaningful progress and contribute to resolving Canada’s productivity crisis.
