n additional 31 Ontario companies have been selected to receive seed funding from Bioenterprise Corporation and its delivery partner, Innovation Guelph.
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 expand their operations, access new markets and create jobs.
These new companies join 34 previous recipients who were selected for first round seed funding in 2016.
"All of our new recipients show great potential to grow their businesses, resulting in new opportunities for job creation and economic development in southern Ontario," says Dave Smardon, Bioenterprise Corporation President and CEO. "FedDev Ontario's support will help prepare them for long-term, sustainable growth through mentorship, expert coaching, and business development services."
The new recipients are using their funding, which they're matching with their own dollars, for prototype development and product pilots, business-to-business sales, process optimization, branding and marketing, and business development to help advance market opportunities.
The Government of Canada, through the Federal Economic Development Agency for Southern Ontario (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 southern Ontario businesses in the agriculture and agri-food, sustainable and environmental technology, advanced manufacturing and social innovation sectors.
"The partnership between Bioenterprise and Innovation Guelph has proven to be highly effective in engaging businesses in sectors not traditionally served by such programs," says Kevin Boon, Innovation Guelph Manager of Client Services. "With Fuel Injection support, our clients are reaching new markets, streamlining operations and launching innovative new products, resulting in a stronger, more vibrant economy for the region."
Round two seed funding recipients are from the Guelph, Barrie, Ottawa, Toronto, Niagara, Burlington, London, Waterloo, Hamilton and Haldimand-Norfolk areas. Their businesses are active in the manufacturing, clean technologies, food and beverage processing, research and professional services, aquaculture, agriculture, bio-products, waste management, information services and utilities sectors.
"The Government of Canada is proud to support initiatives like these that are strengthening key sectors of the Canadian economy. We want to ensure that early-stage businesses are able to scale-up and commercialize their innovative technologies while creating quality jobs and long-term economic growth," 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.
Innovation Guelph is building prosperity for community well-being by providing mentorship and business support programs and services to help innovative enterprises start, grow and thrive. Innovation Guelph's business acceleration programs - including Speedway, the Rhyze Project and BCorp Bootcamp - are designed for high-potential start-ups and small- and medium-sized enterprises across southern Ontario ready to grow. Innovation Guelph also serves as a one-stop point of access to Ontario Network of Entrepreneurs (ONE) programs and resources. www.innovationguelph.ca
Bioenterprise Corporation is a national, non-profit business accelerator offering commercialization services to support the creation, growth, and expansion of businesses in the agricultural technology sector. Through its six locations across Canada, the organization provides agri-businesses with scientific and technical expertise, industry knowledge, business services, and global connections. Bioenterprise Corporation is funded through Growing Forward 2, a federal-provincial-territorial initiative.
Source: BioEnterprise