FedDev Ontario Announces Support for Entrepreneurs and Early-stage Businesses in Southern Ontario
News Release
March 1, 2016 – Guelph, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
New entrepreneurs in southern Ontario will benefit from an investment of up to $4.84 million in Bioenterprise Corporation announced today by Lloyd Longfield, Member of Parliament for Guelph, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
Businesses need the right resources to grow, innovate and export so that they can create good quality jobs and wealth for Canadians. This joint initiative, between Bioenterprise Corporation and Innovation Guelph, will provide entrepreneurs and early-stage businesses with seed funding, access to specialized industry expertise and business coaching. These resources will help companies develop and commercialize new products and, as a result, will help build a strong and diversified southern Ontario economy.
Funding will be geared towards supporting entrepreneurs in the agriculture and agri-food technologies, sustainable and environmental technologies, advanced manufacturing, and social innovation industries.
For more information on this project, funded through FedDev Ontario's Investing in Business Innovation initiative, please see the backgrounder.
Quick Facts
- Bioenterprise Corporation is a not-for-profit business accelerator founded in 2002 with core funding provided by federal-provincial funding initiatives through Agriculture and Agri-Food Canada and the Ontario Ministry of Agriculture, Food and Rural Affairs.
- This project, with a total cost of $8.14 million, is expected to help 110 early stage companies, create 230 full-time jobs, maintain 500 jobs and strengthen economic development partners in the Guelph–Wellington region. The project is also expected to leverage $3.3 million in private-sector seed funding.
- In 2013, Bioenterprise Corporation received $367,500 from FedDev Ontario to support 13 entrepreneurial post-secondary Science, Technology, Engineering and Mathematics (STEM) graduates in commercializing new products and prepare their businesses for market entry.
Quotes
"Today's investment is a great example of the Government of Canada's commitment to cultivate innovation and entrepreneurship and encourage creativity, invention and collaboration. Our support to accelerators and incubators, like Bioenterprise, will help create opportunities for long-term development and sustainable economic growth in southern Ontario."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"Our investment in Bioenterprise not only shows the Government of Canada's support for entrepreneurs, but also shows our commitment to diversifying the southern Ontario economy by supporting innovative businesses from different regions. We are proud to work with organizations like Bioenterprise to support early-stage, innovative companies in this region."
– Lloyd Longfield, Member of Parliament for Guelph
"We work with hundreds of companies in southern Ontario, all of which focus on bringing agricultural innovations to market. The support from FedDev Ontario will help companies to gain access to expert mentorship and support services crucial for long-term growth and sustainable development."
– Dave Smardon, President & CEO, Bioenterprise Corporation
"Innovation Guelph is proud to be working with Bioenterprise as a program delivery partner, and is grateful to FedDev for their investment into these emerging sectors. IG's Fuel Injection™ targets seed funds to both start-ups and small & medium-sized enterprises from advanced manufacturing, sustainable technologies, social innovation, and other eligible sectors; including 25% of the Fuel Injection™ awards going to women-run corporations."
– Dr. James Doran, CEO of Innovation Guelph
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Media Relations
FedDev Ontario
416-954-6652
fdo.mediarel-relmedias.fdo@canada.ca
Toll Free: 1-866-593-5505
Website: www.FedDevOntario.gc.ca
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