Innovative early-stage businesses and entrepreneurs in southern Ontario will have greater opportunities to develop, grow and export, thanks to an additional investment of up to $2.28 million in Bioenterprise Corporation, announced by Lloyd Longfield, Member of Parliament for Guelph.
MP Longfield made the announcement, at the Innovation Expo in Guelph. This is the first event of this size organized jointly by Bioenterprise Corporation and delivery partner Innovation Guelph to showcase the more than 100 companies that have received seed financing and support through their programs to date.
In 2016, FedDev Ontario announced a contribution of $4.84 million for Bioenterprise Corporation to deliver the Bioenterprise Seed Fund and Innovation Guelph’s Fuel Injection program, which provides entrepreneurs and early-stage businesses with seed funding, access to specialized industry expertise and business coaching. To date, 115 Ontario companies have received support, resulting in more than 135 new products, services and processes brought to market and more than $37 million in new revenue and private sector investment.
Through the new funding announced today, up to an additional 52 start-up companies in the agri-technology, sustainable and environmental technologies, advanced manufacturing and social innovation industries will be supported. In total, the overall project will support over 160 businesses and create up to 290 jobs in southern Ontario.