Five Innovative Businesses to Receive More Than $350,000: Eichler
The Manitoba government has selected five leading-edge businesses to receive more than $350,000 through the new Innovation Growth Program, an investment which will help them develop and commercialize new, innovative products and services, Economic Development and Training Minister Ralph Eichler announced today.
“This investment will help small and medium-sized Manitoba businesses develop their products, expand their workforce and help grow Manitoba’s economy over the long term,” said Eichler. “The Innovation Growth Program provides support to businesses that are pursuing innovation and new opportunities, building on Manitoba’s many economic strengths. Together, we are making a stronger and more prosperous province for us all now and into the future.”
The first recipients of funding through the Innovation Growth Program are:
• Evolution Wheel;
• Aquatic Life;
• TRAINFO Corporation;
• Creative Applications for Sustainable Technologies Inc.; and
“With assistance from the Manitoba government through the Innovation Growth Program, Evolution Wheel is able to shift our innovation and project developments into high gear,” said Derek Hird, CEO of Evolution Wheel. “Innovation is the key to success for Manitoba-based manufacturing companies to be competitive on an international scale. Through programs like this, we are able to shorten our development timelines so we can get to market faster and scale our internal hiring.”
Eichler noted these businesses are the first to receive grants under the Innovation Growth Program. The five companies receiving grants are forecasting a total addition of 272 new full-time jobs and 45 part-time jobs over the next five years. The Innovation Growth Program is cost-shared with recipients, while the Province of Manitoba provides up to 50 per cent of total project costs.
These projects will also lend support to the Manitoba Works Plan to create 40,000 new jobs across the province over the next four years, while also supporting the Made-in-Manitoba Climate and Green Plan by assisting companies that are developing technologies in clean tech areas.
The Innovation Growth Program was launched in June 2019 as a key element of Manitoba’s Economic Growth Action Plan.
Applications for the next program intake will be accepted until March 16.
For more information about the Innovation Growth Program, visit www.gov.mb.ca/jec/busdev/financial/igp/index.html.
For more information about the Economic Growth Action Plan, visit www.manitobagrowth.ca.