LONDON, ONTARIO--(Marketwired - March 3, 2017) - 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.
For more information on this program, funded through FedDev Ontario's Investing in Business Innovation initiative, please see the backgrounder.
"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.
Backgrounder: 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.
News Release: FedDev Ontario Invests $1.32 Million to Support 30 Companies and Create Jobs