FedDev Ontario Announces Increased Support for Innovation in Southern Ontario
$2.28-million for Bioenterprise to provide more than 50 additional start-ups with the tools they need to succeed
November 15, 2018 – Guelph, Ontario
Innovative early-stage businesses and entrepreneurs in southern Ontario will have greater opportunities to develop, grow and export, thanks to an additional investment of up to $2.28 million in Bioenterprise Corporation, announced today by Lloyd Longfield, Member of Parliament for Guelph.
MP Longfield made the announcement, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, at the Innovation Expo in Guelph. This is the first event of this size 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 their programs to date.
In 2016, FedDev Ontario announced a contribution 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.
Through the new funding announced today, up to an additional 52 start-up 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. Our continued support to Bioenterprise Corporation not only encourages creativity and collaboration, but also generates opportunities for long-term economic growth.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“Today, we proudly celebrate all of the achievements made so far under the programs offered by Bioenterprise Corporation and its partner, Innovation Guelph. The companies showcased at today’s Innovation Expo attest to the substantial impact these programs are having on the region’s economy. We are looking forward to the next round of success stories made possible through FedDev Ontario’s continued support for entrepreneurs in southern Ontario.”
– Lloyd Longfield, Member of Parliament for Guelph
“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. 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.”
– Dave Smardon, President & CEO, Bioenterprise Corporation
“Through the collaborative efforts of Innovation Guelph and Bioenterprise, these companies are able to share their exciting innovations in an interactive and inspiring environment − the first of its kind in Guelph. FedDev Ontario’s continued support will enable us to extend our reach to even more innovators in the region!”
– Anne Toner Fung, Executive Director, Innovation Guelph
Bioenterprise Corporation is a national not-for-profit organization, founded in 2002, that offers commercialization services to support the growth of start-up businesses in the agricultural technology sector.
Recipients of Bioenterprise Corporation’s and Innovation Guelph’s programs receive up to $30,000 in non-repayable seed financing, with each business providing matching funds, as well as business coaching and mentorship opportunities valued at up to $10,000 per business.
With the new funding announced today, FedDev Ontario is investing a total of $7.12 million in Bioenterprise to support innovation.