FedDev Ontario Announces Increased Support for Medical Innovation
News release
$440,000 to support 10 additional start-ups through TechAlliance's BURST
November 15, 2018 – London, Ontario
Today, Peter Fragiskatos, Member of Parliament for London North Centre, attended a showcase by TechAlliance of Southwestern Ontario to celebrate the dedicated entrepreneurs who have received support through BURST, an incubation program for early-stage, high-potential medical technology companies.
During the event, MP Fragiskatos announced that FedDev Ontario is providing TechAlliance with an additional $440,000 to continue BURST and enable another cohort of 10 innovative start-ups to receive seed funding, skills development opportunities and mentorship. This announcement was made on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
Today's announcement builds on a previous FedDev Ontario contribution of $1.32 million to launch BURST, which has supported 30 companies over three cohorts and attracted over $5 million in investments to advance these companies' technologies. As entrepreneurs establish and grow their businesses with help from BURST, a total of 54 full-time jobs will be created.
TechAlliance's BURST program has a proven track record of supporting highly successful regional innovators, and this funding will enable it to increase its reach within the life sciences community.
"Growing Canada's medical technology ecosystem will help to develop transformative health care solutions to benefit Canadians, while strengthening our economy and boosting competitiveness on a global scale. The additional funding announced today for TechAlliance is supporting innovation in key growth sectors, such as life sciences, and allowing more local innovators to turn their ideas into thriving businesses."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"FedDev Ontario's continued support for TechAlliance of Southwestern Ontario will help more entrepreneurs develop their business skills and launch promising start-up companies. BURST will continue to build on the region's strengths and resources in the life sciences sector and create quality jobs here in London."
- Peter Fragiskatos, Member of Parliament for London North Centre
"The first three cohorts of the BURST program have been a tremendous success through the tireless efforts of our entrepreneurs, who have brought their ideas through development to market, delivering on BURST's promise of changing life science entrepreneurship in London. The continued support of our funding partners FedDev Ontario and the London Medical Network are essential in expanding the foundation of our city's life sciences economy."
- Marilyn Sinclair, President and CEO, TechAlliance of Southwestern Ontario
Quick facts
Founded in 2002, TechAlliance of Southwestern Ontario is the Regional Innovation Centre for London and the surrounding area, helping tech-based businesses at any stage of growth. The organization delivers programs and services directed at entrepreneurs, start-ups and growing companies in digital media, life sciences, advanced manufacturing and clean technology.
BURST focuses specifically on supporting start-ups and scale-ups in the life sciences sector to commercialize new technologies and to become investor-ready.
Each BURST recipient receives up to $30,000 in seed funding, up to $30,000 in matching seed funding from the London Medical Network and up to $10,000 in training, mentoring and business guidance.
With this additional non-repayable contribution of $440,000, FedDev Ontario will invest a total of $1.76 million in TechAlliance's BURST.
