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.
“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,” said Longfield, Member of Parliament for Guelph.
Bioenterprise Corporation is a not-for-profit business accelerator founded in 2002 with core funding provided by federal-provincial funding initiatives.
“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,” said Bains.
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.
“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,” said Dave Smardon, CEO, Bioenterprise Corporation.
Funding will be geared towards supporting entrepreneurs in the agriculture and agri-food technologies, sustainable and environmental technologies, advanced manufacturing, and social innovation industries.
“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,” said Dr. James Doran, CEO of Innovation Guelph.
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.