FedDev Ontario investment to support over 30 companies, create and maintain 160 jobs, and develop eight new products, services or processes, and over 32 new patents
October 21, 2022 - Toronto, Ontario
Research in genomics and engineering biology has led to the development of cutting-edge technologies and innovations in a number of important sectors, including public health, food, and the environment. By examining the genetic and environmental factors impacting the health of Canadians and understanding environmental changes, we can develop technologies and tools to address world challenges like disease and climate change, as well as to improve the health and well-being of Canadians.
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of over $5.6 million for Ontario Genomics to deliver the BioCreate program. The program will provide seed funding and support to help genomics SMEs in the health, food and agriculture, and cleantech sectors to bring new products and technologies to market.
Southern Ontario is recognized as a world leader in genomics and engineering biology research, but innovators often encounter challenges that prevent promising start-ups from scaling up and moving from research to commercialization. Through the BioCreate program, Ontario Genomics, in partnership with Velocity (Waterloo), McMaster Innovation Park/Synapse Life Sciences Consortium (Hamilton), Toronto Metropolitan University Science Discovery Zone (Toronto), and Cleantech Commons (Peterborough), will provide over 30 successful applicants with access to critical infrastructure including lab space, business support tools, mentoring, and tech development guidance.
Participating businesses are expected to create and maintain up to 160 highly skilled jobs, as well as create eight new products, services, or processes and more than 30 new patents. As well, approximately 25 percent of the firms participating in the program will be directed to an investment fund (the Firehood) that focuses on connecting women founders with mentors, partners and/or customers to help develop their business.
Additional details related to BioCreate and the application process can be found here.
The Government of Canada is committed to supporting innovation in this important sector to help SMEs grow and commercialize technologies and improve the well-being of Canadians, create quality jobs, and boost Canada's economy.
