The federal government has unveiled a $95.3-million funding initiative aimed at commercializing innovations from Canadian universities. Spanning five years, this significant investment seeks to bridge the gap between groundbreaking research and market-ready products, bolstering Canada’s global competitiveness in innovation.
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The Lab2Market Program’s Expansion
Simon Fraser University (SFU) and the University of British Columbia (UBC) are spearheading the West Coast expansion of the Lab2Market program, now known as the Lab2Market Pacific Hub. This initiative is part of a broader effort to establish Canada as a leader in research commercialization, with funding allocated across four university-led networks:
- Dalhousie University’s Lab2Market Network: $32 million
- Red River College Polytechnic’s Network in Winnipeg: $24 million
- National Invention to Innovation (i2I) Network through SFU in Burnaby, BC: $22.9 million
- Sustainable Food Systems for Canada Innovation Platform at the University of Guelph: $16.3 million
Driving Economic Growth Through Innovation
Announcing the initiative in Winnipeg, Terry Duguid, Minister of Sport and Minister responsible for Prairies Economic Development Canada, highlighted the program’s potential to transform lab breakthroughs into market-ready products. “When researchers move their breakthroughs from the lab to the marketplace, they fuel economic growth, create good jobs, and keep Canada competitive,” Duguid stated.
The funding represents a collaborative effort between the Natural Sciences and Engineering Research Council of Canada (NSERC), the Canadian Institutes of Health Research (CIHR), and the Social Sciences and Humanities Research Council (SSHRC).
Lab2Market’s National Impact
Dalhousie University will serve as the headquarters for Lab2Market, a national entrepreneurial skills training program initially launched in partnership with the University of Toronto and Mitacs. Jennifer Bain, Dalhousie’s interim vice-president of research and innovation, emphasized the program’s success, noting, “The thriving startups already supported by Lab2Market are a testament to its success and a promise of the program’s future impact.”
The expanded program will provide researchers with access to financial assistance, mentorship, and venture-building resources. On the West Coast, participants will benefit from resources offered by Innovation BC and SFU Venture Labs.
Addressing Canada’s Innovation Gap
Canada’s challenges in research commercialization have long been noted, with the country ranking second-to-last among G7 nations in the 2024 Global Innovation Index. Low commercialization rates have been linked to slower productivity growth, highlighting the urgency of initiatives like Lab2Market.
A 2017 evaluation of the Centres of Excellence for Commercialization and Research identified key barriers to effective commercialization, including limited early-stage funding, entrepreneurial skill gaps, and infrastructure deficiencies. The federal government’s new funding commitment addresses these challenges by equipping researchers with the tools they need to succeed.
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Success Stories from Lab2Market
Since receiving federal funding in 2020, Lab2Market has delivered its 16-week training program to support researchers in commercializing deep tech innovations. The program has already produced ventures like Myomar Molecular, a Halifax-based startup developing at-home diagnostics for muscle degeneration.
The expanded mandate ensures that more Canadian researchers can transform their ideas into impactful, market-ready solutions, driving growth and innovation across the country.
A Collaborative Vision for the Future
The grants are part of the federal government’s Budget 2022 initiative to establish a national program for research commercialization. By enhancing entrepreneurial skills, providing mentorship, and fostering innovation, Canada aims to close the commercialization gap and secure its place as a global leader in research-driven economic growth.
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