FedDev Ontario’s Contribution to TechAlliance’s BURST Program
Through the Investing in Business Innovation initiative, FedDev Ontario is providing TechAlliance of Southwestern Ontario with a non-repayable contribution of up to $1.32 million to deliver the BURST program. This new incubator program will provide skills development opportunities, mentorship and access to capital to innovative early-stage technology companies in southwestern Ontario. 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.
TechAlliance of Southwestern Ontario will run the BURST program in three cohorts.
Each BURST recipient will receive:
- Up to $30,000 in seed financing, matched by the business;
- Up to $10,000 in training, mentoring and business guidance; and
- Access to dedicated working space at Western University’s Discovery Park.
Eligible technology companies from the life science, medical device and health information fields will be provided with the required matched seed funding of up to $30,000 from the London Medical Network.
Mentoring and training will focus on four fundamental pillars needed for a successful company: market validation, company structure, intellectual property and investor readiness.
Local organizations, such as Leap Junction, the Centre for Imaging Technology and Commercialization, the Ivey International Centre for Health Innovation and the Southwestern Ontario Angel Group will refer start-up companies to the program and provide expertise to BURST participants.
Each cohort will conclude with a Demonstration Day, where participants will showcase their technologies to potential investors and industry representatives.
Applications are now being accepted for the first cohort. For further details, including how to apply, please see the BURST website.
About TechAlliance of Southwestern Ontario
TechAlliance offers services to help start, grow and connect companies in many industries including digital media, the life sciences, advanced manufacturing, and clean technology. These services include access to valuable expertise, seed funding, educational programs and workshops, industry-specific events, and a comprehensive membership program.
London Medical Network
The London Medical Network is a new initiative, bringing together the city's world-class medical and healthcare practitioners, researchers and academics. The Network is a cross-discipline, world-class enterprise that will initiate and translate medical discoveries into market-ready health care solutions, contributing to a healthier world and a wealthier local economy.
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 product or service to further develop and bring it to market.
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