Federal Government Announces Support for Entrepreneurs and Early-stage Businesses in Southern Ontario
Through the Investing in Business Innovation initiative, FedDev Ontario is providing Bioenterprise Corporation with an investment of up to $4.84 million to assist start-ups and early-stage innovative businesses in southern Ontario along the commercialization path.
Bioenterprise will work with Innovation Guelph to jointly promote the project and provide specialized industry expertise, and business coaching, as well as distribute seed funding to entrepreneurs and early-stage businesses. They will share a pool of resources, including mentors with strong industry experience, space and venues for events, and a network of industry and investment partners.
Funding is geared towards supporting high-potential early-stage innovative companies in agriculture and agri-foods technologies, sustainable and environmental technologies, advanced manufacturing and social innovation industries. Each recipient will receive:
- Up to $30,000 in seed financing, matched by the business; and
- Up to $10,000 in mentoring, market research and validation, and introductions to investors.
Applications will be accepted via the following two streams:
1. The Bioenterprise Seed Funding program will accept applications from companies in the following sectors:
- Agriculture and agri-food technologies;
- Sustainable and environmental technologies.
2. Innovation Guelph, through its new Fuel Injection program, will accept applications from companies in the following sectors:
- Advanced manufacturing;
- Social innovation.
Both organizations will provide comprehensive assessments and develop priority plans with companies to help them strengthen their competitive position and commercialize their technology.
Further details are available on the Bioenterprise website.
About Bioenterprise Corporation
Bioenterprise is a not-for-profit corporation, 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. Bioenterprise Corporation is a leading business accelerator offering commercialization services to help support the creation, growth and expansion of businesses in the agricultural technology sector. Dedicated to transforming cutting-edge ideas into commercial success, Bioenterprise provides business services, scientific and technical expertise, industry knowledge and global connections.
FedDev Ontario's Investing in Business Innovation Initiative
The Investing in Business Innovation (IBI) initiative aims to strengthen the innovation ecosystem in southern Ontario. It helps new entrepreneurs become investment-ready through seed financing and skills development. It helps early-stage businesses with a minimum viable product or service to further develop and bring it to market.
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