Bioenterprise Corporation, a Guelph, Ont.-based agri-technology business accelerator, has launched the Bioenterprise Seed Funding Program.
This program aims to support the growth and expansion of start-ups and small-medium-sized enterprises (SMEs) in the agricultural technology sector within Southern Ontario. It’s being supported by FedDev Ontario and will be delivered in partnership with Innovation Guelph.
FedDev Ontario is investing up to $4,840,000 to help Bioenterprise Corporation jointly deliver this project with Innovation Guelph.
“We work with hundreds of companies in southern Ontario, all of which focus on bringing agricultural innovations to market. The support from FedDev Ontario and our partnership with Innovation Guelph will help companies to gain access to expert mentorship and support services crucial for long-term growth and sustainable development,” says Dave Smardon, President & CEO, Bioenterprise Corporation.
“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,” adds Lloyd Longfield, Member of Parliament for Guelph. “We are proud to work with organizations like Bioenterprise to support early-stage, innovative companies in this region.”
Bioenterprise Corporation’s Seed Funding Program is expected to provide non-repayable seed financing, coaching and mentorship to assist early-stage innovative businesses in the agriculture, and agri-food sectors, including related sustainable and environmental technologies.
According to a media release from Bioenterprise, Innovation Guelph will deliver this program to advanced manufacturing and social innovation sectors. These resources are expected to help companies to advance their market objectives, create jobs, attract investment, and foster economic development.
“Innovation Guelph is proud to be working with Bioenterprise as a program delivery partner, and is grateful to FedDev for their investment into these emerging sectors. 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 per cent of the Fuel Injection awards going to women-run corporations,” says Dr. James Doran, CEO of Innovation Guelph.