GUELPH, Ont.—Bioenterprise Corp., not-for-profit business accelerator in Guelph, Ont., has been given a $4.84 million investment from the federal government.
The announcement came March 1 from 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 joint initiative between Bioenterprise Corp. and Innovation Guelph will provide entrepreneurs and early-stage businesses with seed funding, access to specialized industry expertise and business coaching to help develop and commercialize new products.
Funding will be geared towards supporting entrepreneurs in the agriculture and agri-food technologies, sustainable and environmental technologies, advanced manufacturing, and social innovation industries.
This project, with a total cost of $8.14 million, is expected to help 110 early stage companies, create 230 full-time jobs, maintain 500 jobs and strengthen economic development partners in the Guelph–-Wellington region. The project is also expected to leverage $3.3 million in private-sector seed funding.