This week, FedDev Ontario has announced two financial contributions to accelerators and startups across Ontario. Here’s the latest on FedDev funding.
FedDev Ontario dedicates up to $1.98 million to York Entrepreneurship Development Institute
MP for York Centre Michael Levitt announced a non-repayable contribution of up to $1.98 million to the York Entrepreneurship Development Institute (YEDI), through FedDev Ontario’s Investing in Business Initiative.
Levitt made the announcement on behalf of Minister of Innovation, Science and Economic Development Navdeep Bains, who oversees FedDev Ontario. The funding will support the YEDI’s Incubator Track program, which is delivered in three intensive 16-week skills development and mentorship sessions to 45 entrepreneurs in the York Region and the City of Toronto. The funding will also provide seed funding to help the program’s graduates launch and grow their early-stage businesses.
“The York Entrepreneurship Development Institute is a key resource for entrepreneurs from any industry or sector,” said Levitt. “With the FedDev Ontario funding, the Institute will provide entrepreneurs with comprehensive training and mentorship to teach them the business skills they need to turn their innovative ideas into real solutions.”
In addition to the funding, Levitt also announced an investment of up to $32,378 under the Canada 150 Community Infrastructure Program (CIP 150) Intake Two, to help the York Entrepreneurship Development Institute improve accessibility to its theatre.
“We are extremely proud of the program and community of successful entrepreneurs we have created over the past few years,” said Marat Ressin, president of the York Entrepreneurship Development Institute. “So far our hard-working graduates have one of the best survival rates of Canadian start-ups, and we believe that with this additional funding to help seed their ventures, they will be even more successful, and have long-term prosperity.”
According to FedDev Ontario, the companies that launch through the Incubator Track program are expected to create up to 70 new full-time jobs.
Peterborough-based biotech startup Noblegen receives $600,000 from FedDev Ontario
Peterborough-based Nobelgen, which develops microorganism products for a variety of industry sectors, has received an investment of up to $600,000 from FedDev Ontario.
Minister of Status of Women and MP for Peterborough-Kawartha Maryam Monsef announced the investment on behalf of Navdeep Bains, Minister of Innovation, Science, and Economic Development, on Friday.
Noblegen has developed a production process that allows people to sustainably grow algae, which can be used to create bioproducts such as plant-based proteins and oils. The bioproducts can then be used in several applications such as food and beverage, supplements, cosmetics, and water purification processes and can be used as a substitute for non-renewable materials.
“While we have developed naturally-inspired products to address significant industrial challenges, we must now determine how we can get these products to market,” said Adam Noble, founder and CEO of Noblegen. “The contribution from the Government of Canada, through FedDev Ontario, will allow us to get our sustainable products into the hands of the largest global actors, creating local employment in Canada, while helping to preserve our planet.”
The funding will be used towards helping Nobelgen expand its marketing activities and sell its bioproducts globally. Nobelgen said it will initially focus on bringing its products to the nutritional supplements and animal nutrition markets to increase consumer access to environmentally responsible products.
“Our planet has a limited supply of non-renewable resources,” said Bains. “Canada’s future depends on embracing greener, more sustainable solutions. By investing in innovative clean technology companies such as Nobelgen, we can create well-paying, middle-class jobs, while contributing to a healthier and cleaner planet. We are also supporting companies that are ready to compete globally, which helps to create an innovation-driven economy.”
FedDev Ontario’s $600,000 repayable contribution to Noblegen is expected to create up to 22 jobs in Peterborough.