Fifty Ontario companies have been selected to receive seed funding from Bioenterprise Corporation and its delivery partner Innovation Guelph, through the most recent round of their respective programs, Seed Fund and Fuel Injection, funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
These companies will receive coaching and mentorship to encourage regional economic development, along with a grant of up to $30,000 each in non-repayable seed financing to help them launch innovative new products and services, expand their operations, access new markets, attract investment and create jobs. This fresh round of companies will add to the more than 120 southern Ontario innovators that have participated in previous rounds of the programs since 2016.
As President and CEO of Bioenterprise, Dave Smardon, explains, “Programs that allow companies to access not only funding but also the resources to create deep impact for the sector are so critical to southern Ontario’s continued leadership. The Seed Fund Program is bringing new solutions to market, new innovative players to the sector, and the results are phenomenal.”
“Fuel Injection, funded through FedDev Ontario, is contributing to the economic ecosystem directly,” said Anne Toner Fung, Executive Director, Innovation Guelph. “Empowering innovation through seed funding, as well as mentorship and education across sectors, builds a robust and sustainable economy.”
The funding provided by FedDev Ontario for these two programs has resulted in more than $55 million in follow on private investment and $53 million in sales, coupled with the creation of more than 520 jobs, and 460 products being successfully launched since the programs’ inception.
“Bioenterprise, Innovation Guelph and all of the recipients of these rounds of funding can be proud of their incredible work in support of innovation across southern Ontario. The Government of Canada is pleased to be a partner in this initiative to assist entrepreneurs at all points along the innovation continuum,” said 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.
Through FedDev Ontario, the Government of Canada has invested $7.12 million into innovation in the region through Bioenterprise’s Seed Fund and Innovation Guelph’s Fuel Injection programs. This support has reached early-stage southern Ontario businesses in agriculture, agri-food, sustainable and environmental technology, advanced manufacturing and social innovation.
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