FedDev Ontario Invests $1.32 Million to Support 30 Companies and Create Jobs
New Program Helps Entrepreneurs Create Companies and Jobs of the Future
March 3, 2017 – London, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
A new incubation program, BURST, will provide 30 innovative technology entrepreneurs in southwestern Ontario with the skills they need to succeed now and in the future.
Today, Kate Young, Member of Parliament for London West, and Peter Fragiskatos, Member of Parliament for London North Centre, announced that FedDev Ontario is providing TechAlliance of Southwestern Ontario with up to $1.32 million to deliver the new program. Through TechAlliance's BURST, companies will receive mentoring and business guidance, seed funding, exposure to potential investors and access to a dedicated working space in Western University's Discovery Park.
As entrepreneurs establish and grow their businesses with help from this program, it is expected that up to 45 new full-time jobs will be created.
Building on London's history of innovation in health sciences, a unique partnership with the London Medical Network will also be established to help eligible medical technology companies receive funding.
The announcement was made on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
“The support that TechAlliance of Southwestern Ontario provides for businesses in this region is invaluable. The Government of Canada is proud to help TechAlliance expand its offerings to include access to seed funding, which is critical for early-stage businesses.”
– Kate Young, Member of Parliament for London West
“FedDev Ontario’s support for TechAlliance of Southwestern Ontario is helping local entrepreneurs develop their business skills and launch promising start-up companies. With a focus on commercializing medical technologies, this incubation program builds on this region’s strengths and resources in the life sciences sector.”
– Peter Fragiskatos, Member of Parliament for London North Centre
“The BURST program will unite many of the services and resources available to the city’s entrepreneurs in a whole new way, representing a unique and exciting opportunity for London. We appreciate the support from FedDev Ontario and the London Medical Network to help give 30 companies an opportunity to succeed, create jobs and bring new revenues into the city’s economy.”
– Marilyn Sinclair, President & Chief Executive Officer, TechAlliance of Southwestern Ontario
TechAlliance of Southwestern Ontario is a not-for-profit corporation that offers services to help start, grow and connect companies, at all stages of growth, in many industries including digital media, life sciences, advanced manufacturing, and clean technology.
TechAlliance of Southwestern Ontario was founded in 2002, and in 2010 it was integrated as one of the 17 Regional Innovation Centres (RICs) established within the Ontario Network of Entrepreneurs (ONE) program.
TechAlliance serves companies in its catchment area of Lambton, Huron, Elgin, Middlesex, and Oxford counties.
This project will leverage up to $900,000 in matching funding from companies participating in the program. Eligible medical technology companies will receive the required matched funding from the London Medical Network.
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