Federal government invests over $5.6M to help genomics companies bring new products to market

TORONTO — On Oct. 21, Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced an investment of over $5.6 million for Ontario Genomics to deliver the BioCreate program. The program will provide seed funding and support to help genomics SMEs in the health, food and agriculture, and cleantech sectors to bring new products and technologies to market.

Southern Ontario is recognized as a world leader in genomics and engineering biology research, but innovators often encounter challenges that prevent promising start-ups from scaling up and moving from research to commercialization. Through the BioCreate program, Ontario Genomics, in partnership with Velocity (Waterloo), McMaster Innovation Park/Synapse Life Sciences Consortium (Hamilton), Toronto Metropolitan University Science Discovery Zone (Toronto), and Cleantech Commons (Peterborough), will try and provide over 30 successful applicants with access to critical infrastructure including lab space, business support tools, mentoring, and tech development guidance.

Participating businesses are expected to create and maintain up to 160 highly skilled jobs, as well as create eight new products, services, or processes and more than 30 new patents. As well, approximately 25 percent of the firms participating in the program will be directed to an investment fund (the Firehood) that focuses on connecting women founders with mentors, partners and/or customers to help develop their business.

Additional details related to BioCreate and the application process can be found here.

“Supporting Canadian innovators is a priority for the Government of Canada and today’s investment in Ontario Genomics and the BioCreate Program will provide Canadian genomics companies within the health, food and agriculture and cleantech sectors with access to the tools, mentorship and lab space they need for growth and success. This program will create 160 highly skilled jobs across Southern Ontario and help secure Canada’s place as a global leader in research and innovation,” said Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.