Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

March 01, 2016 14:00 ET

FedDev Ontario Announces Support for Entrepreneurs and Early-stage Businesses in Southern Ontario

GUELPH, ONTARIO--(Marketwired - March 1, 2016) - 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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Backgrounder: Federal Government Announces Support for Entrepreneurs and Early-stage Businesses in Southern Ontario

Associated Links

Investing in Business Innovation Initiative

Bioenterprise Corporation

Innovation Guelph

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Backgrounder

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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News Release: FedDev Ontario Announces Support for Entrepreneurs and Early-stage Businesses in Southern Ontario

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