26 Ontario companies awarded seed funding for innovation commercialization
Guelph - Twenty-six Ontario companies have been selected to receive seed funding from Bioenterprise Corporation and its delivery partner Innovation Guelph, the fourth round of a program funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
Each grant of up to $30,000 in non-repayable seed financing, accompanied by coaching and mentorship, will encourage regional economic development by helping recipients launch new innovative new products and services, expand their operations, access new markets, attract investment and create jobs.
The 26 businesses,located across southern Ontario, join 89 companies who were selected for previous rounds of the program, which began in 2016.
The new recipients are expected to use the funding, along with their matching funds, to launch products and services in sectors including manufacturing, clean technologies, food and beverage, healthcare, professional and information services, agriculture, bio-products, cosmeceuticals and nutricosmetics, waste management, and utilities. Projects activities span prototyping, product development, testing and validation, process optimization and scale up, branding and marketing, and business development and sales strategies.
“Seed funding is crucial for the success of many early-stage businesses striving to bring new solutions to the marketplace,” said Dave Smardon, Bioenterprise Corporation President and CEO. “The outcomes of the seed funding program to date are powerful evidence that the mix of funding, mentoring and business development services is helping these companies realize their potential and contribute to economic development in southern Ontario.”
“Entrepreneurship is an essential catalyst for a strong, resilient economy and prosperous, thriving communities,” said Anne Toner Fung, Executive Director, Innovation Guelph. “The seedfunding program is helping entrepreneurs overcome challenges on the path to market. Importantly, we are seeing that a growing proportion of seed funding recipients are female founders and co-founders, a trend that we actively support.”
“Congratulations to Bioenterprise Corporation, Innovation Guelph, and to all of the fourth round recipients. The Government of Canada is proud to support smart, collaborative projects that are creating valuable growth opportunities for Canada’s innovative start-ups. Initiatives such as this one are helping promote the development of new products and services, and are helping to create quality jobs,” 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.
The Government of Canada, through FedDev Ontario, has provided Bioenterprise with up to $4.84 million to deliver the Bioenterprise Seed Fund and Innovation Guelph’s Fuel Injection program. These programs support innovative early-stage southern Ontario businesses in the agriculture and agri-food, sustainable and environmental technology, advanced manufacturing and social innovation sectors.
As of March 31, 2018 as the result of the support from FedDev Ontario to date, recipient companies have raised more than $25 million in follow-on private investment, generated more than $26 million in sales, created more than 220 jobs, and launched more than 200 products, services and processes, and technologies.