Strategic Innovation Fund (SIF): $20M for Woodbridge Foam Corporation
Woodbridge Foam Corporation, based out of Mississauga, Ontario, is a global systems solution provider specializing in fully-integrated foam solutions. These solutions – including polyurethane, polypropylene, polystyrene, and polyethylene – are destined for both automotive and non-automotive markets. The company has recently received Canadian government funding to support facility upgrades and a new research and development centre.
Woodbridge has been made the recipient of $20,000,000 in automotive funding from the Strategic Innovation Fund.
The Strategic Innovation Fund (SIF) is a Canadian government funding program that offers industrial and technology-based businesses financial support to fuel company expansion and R&D of processes, products, and services, and facilitates the growth of innovative firms. Funding is supporting a modernization project and the centralization of Woodbridge’s global R&D facility in Ontario.
Woodbridge Receives $20M from Strategic Innovation Fund
Woodbridge has been innovating foam and technology solutions for over 40 years and operates 67 facilities across the world. The company has worked with the majority of key automotive OEMs and nearly 60% of all vehicles have their products and solutions integrated into them.
In efforts to advance innovation, Woodbridge applied for and was successfully awarded $20M in Canadian government funding from the Strategic Innovation Fund (SIF).
Funding from SIF will help pay for upgrades at manufacturing facilities in Woodbridge and Blenheim, ON. The company will also create a Centre of Excellence, in which it will centralize its global research and development initiatives. Some of these activities include advanced materials and product design of molded foam products like armrests and car seats.
By modernizing the manufacturing plants and building the R&D centre, Woodbridge will be better equipped to meet market demands for products and expand the company’s collaboration with high schools and post-secondary institutions. In addition, 110 new jobs will be created and 727 will be maintained.
Strategic Innovation Fund (SIF): Advancing Innovation
The Strategic Innovation Fund (SIF) is a Canadian government funding program uniquely targeted at Canada’s industrial and technology sectors. It offsets the costs of commercialization activities and R&D, and helps companies implement advanced technologies to improve products and services.
The Strategic Innovation Fund provides up to 50% of eligible project costs with a minimum funding request of $10 million in business expansion funding.
There are five streams of the Strategic Innovation Fund:
- Research, Development, and Commercialization
- Business Growth and Expansion
- Investment Attraction and Retention
- Collaborative Technology Development and Demonstration
- National Innovation Ecosystems Collaboration
Canadian firms interested in learning about additional programs for research and development for advanced technologies are encouraged to check out Mentor Works’ Canadian Business Funding Guide.
