The federal government is investing a cumulative $2.4 million into two eastern Ontario accelerator programs through its regional economy development agency.
The Oshawa, Ont.-based Spark Centre is receiving a $2-million investment from the federal government, while the Collingwood, Ont.-based Georgian Bay Business Accelerator (GB Accelerator) is receiving a $400,000 investment. Both investments are being made through the Federal Economic Development Agency for Southern Ontario.
The GB Accelerator is using its funding to expand its capacity to support more businesses in the surrounding areas of Simcoe, Grey, and Bruce.
The Spark Centre is a business incubator that provides advisory services, office space, and day-to-day operational support to early-stage and quickly scaling tech companies. The organization was founded in 2014.
Spark’s new funding will be used to support its Landing-Pad Accelerator Program, which offers workshops and coaching to newcomer founders, female founders, and skilled talent in the environment, energy, and engineering sectors.
The investment will be used to help the centre support entrepreneurs in growing in areas like emission reduction, biodiversity protection, electrification, smart mobility/technology, and renewable energy. The program is expected to support 80 businesses to commercialize new products and provide mentoring to more than 200 entrepreneurs.
The GB Accelerator, launched in 2021, is using its funding to expand its capacity to support more businesses in the surrounding areas of Simcoe, Grey, and Bruce. The expansion is aimed at supporting over 35 businesses in commercializing new products, as well providing training to 400 entrepreneurs.
RELATED: Ottawa companies receive FedDev funding for AI, semiconductor, biotech work
On its website, the GB Accelerator says it has supported 21 companies to date, and companies who have completed its program have seen an average revenue increase of 300 percent.
“This funding will allow us to extend our programs to support the dynamic entrepreneurs in the Grey Bruce region, particularly in the vital sectors of clean and advanced technologies,” Peter Heinke, executive director of GB Business Accelerator, said in a statement.
“Our success lies in the lean and impactful programs we’ve developed, which draw heavily on the wealth of entrepreneurial mentorship available right here in the Georgian Bay area,” Heinke added.
Feature image courtesy of MP Ryan Turnbull via Twitter.