Canada invests in its first circular economy focused accelerator and test platform
Maryam FaragBusiness Operations Economy General Government Manufacturing Canada Canadian economy government growth Innovation investment manufacturer manufacturing
The Government of Canada announced a non-repayable FedDev Ontario investment of nearly $5 million for the City of Guelph to develop Canada’s first circular economy test platform and accelerator, the Circular Opportunity Innovation Launchpad (COIL).
Through this project, the City of Guelph, in partnership with 10C Social Entrepreneurship Hub, Innovation Guelph, the Guelph Chamber of Commerce and the County of Wellington, will accelerate the growth of circular economy-focused companies in the region.
“Circular economy” refers to a system where businesses maximize resources by reusing or repurposing materials, eliminating waste and greenhouse gas emissions in all stages of production. By creating the right conditions for SMEs to advance circular economy solutions, the partners expect to create 400 jobs, commercialize over 100 new products or services, and support the development of up to 70 businesses.
The project will build on the foundation of the existing circular food economy platform established by the City of Guelph through the INFC Smart Cities Challenge, expanding the reach of that platform into other sectors such as packaging, water and energy, and expanding it to support companies located outside of Guelph in other regions of southern Ontario, including Ottawa and London.
The COIL will offer access to “living lab” facilities for testing the applications and impacts of transformative circular economy technologies in real-world settings. It will also provide SMEs access to seed funding and business advisory services to commercialize their innovations.
“With FedDev Ontario’s funding for the City of Guelph to establish a circular economy-focused accelerator and test platform, we are helping to jumpstart new companies to develop their innovations and bring their products to market, while supporting southern Ontario’s economy, and, more importantly, the health of our communities and the environment,” said Lloyd Longfield, Member of Parliament, Guelph.