Ontario’s innovation scene is about to get a major boost. Two of the region’s leading hubs, Innovation Factory and Haltech, announced their amalgamation — signifying a renewed commitment to fostering technological innovation, entrepreneurship, and sustainable economic growth across southwestern Ontario.
The merger, effective Apr. 1, 2024, aims to bolster technological innovation, entrepreneurial ventures, and sustainable economic growth in the area.
“By coming together and representing a larger region, we’ll be able to build a stronger network of innovative companies in diverse industries and provide more opportunities to develop programming that attracts new clients and influential strategic partners,” said David Carter, CEO of Innovation Factory who will lead the joint organization.
Both organizations have a history of supporting startups, with Innovation Factory and Haltech established in 2010 and 2011, respectively. By combining their resources, the amalgamated entity seeks to establish a more comprehensive innovation ecosystem.
“The region is already an essential economic engine driving prosperity for Ontario and Canada, and there’s so much more we can do,” said Carter. “The amalgamation will help us pivot towards a more strategic and deliberate approach to developing ecosystems of industry and investment that support entrepreneurs and scale-ups, bring more value to all stakeholders, and make a larger economic impact on our region.”
No immediate changes are expected for existing clients, who can continue accessing services from their usual locations at McMaster Innovation Park in Hamilton and TechPlace in Burlington.
Since their founding, Innovation Factory and Haltech have collectively supported over 3,000 Ontario tech startups. Their offerings have included advisory services, mentorship programs, networking opportunities, and various resources to assist business growth. The combined impact on the regional economy is significant:
- Over $1 billion raised in client funding
- Over $1 billion in revenue generated by clients
- More than 5,000 jobs created by clients
This amalgamation follows a period of collaboration between the two organizations on various programs and events. With the support of their respective boards, Innovation Factory CEO David Carter and Haltech CEO Shann McGrail decided to explore a formal merger to maximize the programs, services, and funding available to their clients.
“It was a strategic move done with the objective to embrace the incredible potential in this region. I am happy to have been part of the idea and process and am excited for the opportunities it will create for clients and the community. It has been an honour to be part of Haltech’s evolution and it only makes sense to take the successes of both organizations to the next level,” said McGrail.
(Photo credit: Christina DeMelo)
