I announced a $2.46 million investment in Dartmouth’s Spring Loaded Technology!! Just five years ago, a team of bright young minds met while participating in the ACOA-supported Launch Dal. It was here, following their presentation at the end-of-term demo night, that they received their first $100,000 investment. They had a brilliant idea for a performance enhancing knee brace. Something unlike any other knee brace on the market. An innovation that would improve the quality of life for people with knee problems.
Their idea was to add a compact, spring loaded hinge that stores energy when knees are bent, and returns energy when legs are straightened. So the brace not only stabilizes and protects, it adds strength and performance. Getting people with mobility impairments back on their feet has the potential to reduce the cost of healthcare by delaying or preventing surgery, while improving quality of life and productivity.
The market opportunity was eye-opening. Athletes with sports injuries for sure – but also workers who spend their day bending, lifting and kneeling – and people with mobility issues that need a little extra help moving between standing and sitting, or using stairs.
Since those early days, this hometown innovation, designed and manufactured right here in Atlantic Canada, has attracted a lot of attention. Spring Loaded has won awards and attracted investors. In fact, the Government of Canada, through ACOA’s Business Development Program, has been shoulder-to-shoulder with Spring Loaded and private sector investors helping bring this product to market.
From a start-up company, to today’s Canadian product launch. And the achievement of real time production to fill orders faster. Four projects since 2013 — totaling just more than one million dollars – have assisted with research and development, patent protection, and bringing the product to market.
And today, I was so pleased to announce that this support is continuing. I announced that the Government of Canada is investing $2.46 million ($2,457,262), in Spring Loaded Technology, to further advance the development of its power assisted knee brace. The contribution, provided through ACOA’s Atlantic Innovation Fund, will enable Spring Loaded to design, develop and test new products for general performance and clinical markets.
The funding will establish a testing facility to evaluate products for ease of use and effectiveness. As a result, eight high-quality jobs in the field of research and development will be created — and five others maintained. The partnership will enable Spring Loaded to continue to provide high quality jobs for our region’s educated workforce, helping to attract and retain talent.
The Government of Canada is prepared to do its share to drive economic growth through innovation!!
