The Manitoba government is providing $400,000 through the Innovation Growth Program’s September and December 2022 intake to four Manitoba-based businesses to help develop and commercialize innovative products and processes, Economic Development, Investment and Trade Minister Jeff Wharton announced today.
“Small and medium-sized enterprises are the backbone of Manitoba’s economy and our government continues to take concrete action to support them,” said Wharton. “This funding is intended to de-risk the commercialization of innovative products, accelerate growth and strengthen the financial position of companies so they can secure future funding to further build their businesses in Manitoba.”
The four companies receiving funding through the program include:
Advance Exteriors Renovations Inc. (Grosse Isle) to commercialize and market ‘JobExact,’ a construction management software platform designed to increase efficiencies and maximize the workforce potential of trade, construction and service businesses.
Aero-Equis Inc. (Winnipeg) for commercial prototype development of amphibious, off-road tow trailers designed to provide accommodation, field operation bases and specialized worksite spaces in extreme environments such as northern terrain or in flood areas. The trailers can be used for northern energy exploration, large-scale tourism operations, search and rescue, military and disaster relief.
Prairie Fava Ltd. (Glenboro) to commercialize and market a new, healthy and vegan “puff” snack food product called ‘YumLuvs,’ which is made with fava beans—a Manitoba-grown emerging ingredient. The fava flour puff snack is created using a proprietary extrusion process that maintains the bean’s nutritional proteins and dietary fibre.
Cubresa Inc. (Winnipeg) to support U.S. Food and Drug Administration (FDA) clearance for its new device, the BrainPET Insert System, which is being developed for the evaluation of neurological diseases and disorders. The device retrofits to existing MRI scanners by way of a removable insert, allowing clinicians to perform non-invasive simultaneous PET/MRI brain imaging scans.
The four companies are expected to create 94 new full-time jobs and $36.5 million in export sales within five years, the minister noted.
“FDA clearance is an integral step for Cubresa as we look to enter the clinical marketplace with our BrainPET Insert System,” said James Schellenberg, founder and CEO, Cubresa. “The assistance provided by the Innovation Growth Fund will ensure that we meet this milestone, enabling the company to increase our exports and meet demand in the U.S.”
The Innovation Growth Program launched in June 2019 to augment the Manitoba government’s suite of business incentives. The program provides up to $100,000 in grants on a 50-50 cost-sharing basis for eligible projects that develop and commercialize innovative products or processes.
Program applications are reviewed on a quarterly basis, with the next program intake open until June 15.
For more information on the Innovation Growth Program, visit: https://gov.mb.ca/jec/busdev/financial/igp/index.html.
News source: Manitoba government