See original news release here
Funding supports Dartmouth-based manufacturer of bionic knee braces May 15, 2018 – Dartmouth, NS – Atlantic Canada Opportunities Agency Breakthroughs in health technology result in jobs, create valuable intellectual property and further promote Canada’s standing as an innovation leader. High demand for a bionic spring-loaded knee brace pioneered by Spring Loaded Technology Incorporated is requiring the firm to scale up. That is why the Government of Canada is providing this award-winning company with a $460,458 repayable contribution to help it upgrade its manufacturing operations, increase productivity and improve the quality of life of more people affected by mobility issues. Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour, was onsite today to make the announcement on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA). The funding is being made through ACOA’s Business Development Program. In addition to acquiring new production equipment, Spring Loaded will also purchase and implement new customer relationship management (CRM) and enterprise resource planning (ERP) software. These new programs will enable the company to expand its reach by facilitating business-to-business sales methods. With increased manufacturing capacity, this project will help maintain 30 full time positions in Dartmouth. As production increases, new positions will be required. This will build on previous projects that helped Spring Loaded establish its manufacturing facility, develop a commercialization strategy, create new products and product features, and further leverage investor dollars.
“The Government of Canada is committed to encouraging innovation that increases productivity, growth and competitiveness. We want to turn ideas into solutions, science into technologies, skills into jobs and startup companies into global successes. That’s what innovation is all about.”
“Dartmouth benefits greatly from having companies such as Spring Loaded choosing to do business here. Not only is Spring Loaded an employer of highly skilled people in the area, but it is also making significant strides in the quality of care for people with mobility issues all around the world. The Government of Canada is pleased to continue to support its long term growth and sustainability.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“ACOA’s support to date has helped us bring a game-changing product to the market and stay ahead of the competition. Its most recent investment will help us ramp-up production so we can impact even more people’s lives by enhancing their mobility.”
- Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour
- Chris Cowper-Smith, President & CEO, Spring Loaded Technology Incorporated
- Spring Loaded Technology is an innovative life sciences company focused on mobility restoring bionics. Incorporating its patented liquid spring technology, the company designs and sells Levitation™ – the world’s first bionic knee brace.
- Levitation is equipped with Spring Loaded’s proprietary tri-compartment unloading technology to immediately reduce pain and damage caused by knee osteoarthritis, injured ligaments and meniscus tears. Spring Loaded’s bionic knee braces are starting to be used to enhance mobility for individuals with a wide range of neurologically based movement disabilities.
- In 2015, Spring Loaded Technology won the Business Development Bank of Canada’s Young Entrepreneur Award, including a cash prize of $100,000.
- Spring Loaded Technology was awarded a $1 million contract with the Canadian Armed Forces after successfully qualifying under the Build in Canada Innovation Program (BCIP), which enables early stage companies to pre-qualify to sell to government departments.
- Spring Loaded Technology has grown from three employees in 2012 to a current payroll of 30.