November 10, 2022 · Charlottetown, Prince Edward Island · Atlantic Canada Opportunities Agency (ACOA)
Atlantic Canada's bioscience sector has become a key driver of economic growth and diversification for the region. Made up of research institutions, non-government organizations, private business and government, the Atlantic Canadian bioscience sector consists of approximately 900 organizations that together employ more than 10,000 people.
That is why the Government of Canada is investing to help the PEI BioAlliance support the continued development of small and medium-sized (SMEs) bioscience companies in Atlantic Canada.
Investment ensures continuation of mentorship and commercialization support
Today, Sean Casey, Member of Parliament for Charlottetown, announced a non-repayable contribution of $2,350,000 through the Regional Economic Growth through Innovation (REGI) program to the PEI BioAlliance. The investment will build the capacity of the Emergence Bioscience Business Incubator (Emergence) to deliver resources, mentorship and networking opportunities for SMEs in the sector. The announcement was made on behalf of the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister responsible for ACOA.
The Province of P.E.I. is also contributing $825,000 towards the project through Innovation PEI.
This contribution will support Emergence 3.0, the next phase of the virtual incubator program that accelerates the growth of startups and early-stage bioscience companies through one-on-one mentorship, strategy services, networking and resource sharing. This renewed funding for Emergence will build on a successful model managed by a team of experienced staff and volunteer mentors, and foster greater collaboration within the innovation ecosystem in Atlantic Canada. The project is expected to benefit 55 bioscience businesses annually.
Today's announcement demonstrates the Government of Canada's commitment to develop a highly skilled workforce and strengthen the region's bioscience sector to ensure the success and sustainability of the industry.
