FedDev Ontario has announced an investment of $2.28 million in the Bioenterprise Corporation agri-tech accelerator.
The announcement was made at the Innovation Expo in Guelph, an event organized jointly by Bioenterprise Corporation and delivery partner Innovation Guelph to showcase the more than 100 companies that have received seed financing and support through Bioenterprise’s programs to date.
Through this new funding, up to an additional 52 startup companies in the agri-technology, sustainable and environmental technologies, advanced manufacturing, and social innovation industries will be supported. In total, the overall project will support over 160 businesses and create up to 290 jobs in southern Ontario.
“The Government of Canada is committed to diversifying our economy by supporting entrepreneurs and strengthening the innovation ecosystem in southern Ontario,” said Navdeep Bains, the Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario. “Our continued support to Bioenterprise Corporation not only encourages creativity and collaboration, but also generates opportunities for long-term economic growth.”
In 2016, FedDev Ontario announced an investment of $4.84 million for Bioenterprise Corporation to deliver the Bioenterprise Seed Fund and Innovation Guelph’s Fuel Injection program, which provides entrepreneurs and early-stage businesses with seed funding, access to specialized industry expertise, and business coaching. To date, 115 Ontario companies have received support, resulting in more than 135 new products, services and processes brought to market and more than $37 million in new revenue and private sector investment.
“The Innovation Expo is an excellent opportunity for recipients from both Bioenterprise’s and Innovation Guelph’s seed funding programs to rally under one banner – a banner of strong Ontario innovation,” said Dave Smardon, the president & CEO of Bioenterprise Corporation. “Thanks to FedDev Ontario’s additional contribution, our funding programs can continue to support companies as they develop new technologies and elevate the economy of southern Ontario.”