FedDev Ontario Invests $2M in Bioenterprise to Support Early-Stage Innovators

The Bioenterprise Corporation is Canada’s leading agricultural technology commercialization accelerator, dedicated to transforming cutting-edge innovations into commercial success. The company provides strategic connectivity, industry and technical expertise, and customized business advisory services to help advance innovative agri-businesses. Bioenterprise has recently received Ontario government funding which will allow them to increase the support they provide to early-stage innovators and entrepreneurs within southern Ontario.

The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has awarded Bioenterprise $2,280,000 in innovation funding.

FedDev Ontario delivers programs and services to support economic growth and innovation in southern Ontario and helps new entrepreneurs become investment-ready through seed financing and skills development. The recent startup funding from FedDev Ontario will provide more than 50 startups the tools they need to develop, grow, and export.

FedDev Ontario Supports Bioenterprise Corporation

Founded in 2002, Bioenterprise Corporation is a national, non-profit agri-tech commercialization accelerator. The company is headquartered in Guelph, ON, but has offices across Canada to enhance their networks and work with innovative companies throughout the country. Bioenterprise helps early-stage businesses launch new products, scale operations, grow revenues, and attract investment.

Through a global network of venture capital firms, family offices, angels and angel groups, financial institutions, and corporate venture arms, Bioenterprise has acceleration funds available for startups and entrepreneurs across Canada. They can help companies prepare for investment-readiness and also work with investment-ready companies to help them make the right connections to secure capital.

FedDev Ontario has provided Bioenterprise $2.28M in funding for agricultural technology which will advance early-stage businesses in southern Ontario.

The innovation funding will support 52 startup companies in the advanced manufacturing, agri-technology, social innovation, and sustainable and environmental technologies sectors.

2018 FedDev Ontario Funding Builds on Past Success

In 2016, FedDev Ontario contributed $4.84M for Bioenterprise to carry out the Bioenterprise Seed Fund and Innovation Guelph’s Fuel Injection program. This program provides entrepreneurs and early-stage businesses with up to $30,000 in non-repayable seed funding and access to industry expert coaching and mentoring.

Including the announced 2018 funding, FedDev Ontario has invested a combined $7.12M in funding for agricultural technology into Bioenterprise’s projects, resulting in:

• 160+ businesses supported;
• $37M+ in new revenue and private sector investment;
• 135+ new products/services/processes brought to market; and
• 290+ jobs created in southern Ontario.

FedDev Ontario: Innovation Programs in Southern Ontario

FedDev Ontario delivers programming in southern Ontario to help companies grow, cultivate partnerships, build stronger communities, and offers personalized support to ambitious and established entrepreneurs and businesses. To date, more than 4,500 businesses, collaborators, and organizations have benefitted from FedDev Ontario government funding.

Through FedDev’s multiple startup funding streams, businesses can receive repayable contributions from $250,000 up to $10 million per project.

FedDev Ontario supports innovative projects in southern Ontario that will:

• Increase the value of exports;
• Create and maintain highly skilled jobs;
• Strengthen key clusters and build on areas of regional innovation strength; and
• Increase the commercialization of innovative, technologies, processes, or products.

FedDev Ontario is now accepting applications for its Business Scale-up and Productivity (BSP) Program, Regional Innovation Ecosystem Program, and Community Economic Development and Diversification Program.

Canadian businesses interested in learning about additional funding programs that support early-stage innovative projects, please download Mentor Works’ Canadian Business Funding Guide.