Contact: Dan Wasserman at email: email@example.com Tel: 416-835-3500
BIO 2017 International Convention, San Diego, CA, June XX, 2017… CATAAlliance & JLabs@Toronto have announced they will join forces to encourage the federal government to adopt U.S. best practices for the creation of a Canadian version of the Small Business Innovation & Research grant (SBIR) and a “Set-aside” procurement strategy as part of Innovative Solutions Canada announced in the federal Budget 2017.
$50 million has been earmarked for the creation of Innovative Solutions Canada, in order to provide the mechanisms for government procurement, similar to those in the U.S.
JLabs founder Melinda Richter said, “Johnson & Johnson is a world leader in all aspects of healthcare, and has shown dedication to innovation through the creation of 6 JLabs facilities, including JLabs@Toronto.” adding, “ U.S., innovators can already access both SBIRs and US government Set-asides. With the creation of Innovative Solutions Canada that embraces best practices, Canadian innovators will also have similar development and scale up opportunities. “
CATA CEO John Reid, and Procurement Modernization advocate, Dan Wasserman, said, “we have been working on a Canadian SBIR, improving the existing non-dilutive innovation funding options and making sure our government has a procurement mechanism that supports both our large and small companies. That’s why we’re so excited that JLABs@Toronto is now supporting advocacy for a truly effective Innovative Solutions Canada. ”
Since opening last year, JLABS @ Toronto has helped boost the Canadian life sciences ecosystem by hosting more than 5,300 attendees at over 50 events. More than 90 experts from a multitude of industries have spoken at these events in the last year. JLABS @ Toronto resident companies are receiving access to expertise from across the Johnson & Johnson Family of Companies.
“Through their world-class incubator, Johnson & Johnson Innovation is providing much needed infrastructure and access to funding sources for early-stage innovators to help drive their ideas forward,” said the Honourable Brad Duguid, Minister of Economic Development & Growth. “Ontario welcomes JLABS @ Toronto’s innovative and flexible platform, providing a total of 40 companies with access to incredible business resources while allowing researchers to keep the freedom and flexibility they need to be successful.”
JLABS @ Toronto has facilitated over 150 meetings of startups with visiting funding experts from throughout North America. Through a unique collaboration, JLABS @ Toronto companies will be considered for funding and mentoring from Spectrum 28, a Silicon Valley venture capital firm.
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The Canadian Advanced Technology Alliance (CATAAlliance) is Canada’s One Voice for Innovation Lobby Group, crowdsourcing ideas and guidance from thousands of opt in members in moderated social networks in Canada and key global markets. (No Tech Firm Left Behind)