Archived — Government of Canada Supports Innovative Entrepreneurs in Southern Ontario
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For immediate release
May 16, 2013
Guelph, Ontario—An investment of $367,500 from the Government of Canada will allow Bioenterprise Corporation to provide business skills training and seed financing to 10 science, technology, engineering and mathematics (STEM) entrepreneurs who are looking to launch businesses in southern Ontario's agri-technology sector. The investment was announced today by Stephen Woodworth, Member of Parliament for Kitchener Centre, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
"The Government of Canada is committed to creating jobs, growth and long-term prosperity for southern Ontario," said Mr. Woodworth. "This investment will allow Bioenterprise Corporation to provide business skills development and entrepreneurship training to STEM entrepreneurs, leading to the creation of new start-up businesses and new high-value jobs in southern Ontario."
The investment is being provided through FedDev Ontario's Scientists and Engineers in Business initiative. Bioenterprise anticipates the project will create eight to 10 new jobs and leverage $300,000 in seed capital for the entrepreneurs in the short term, and could generate up to $25 million in annual revenues and create up to 50 new full-time jobs in the long term.
"Bioenterprise is Canada's leading business accelerator within the agriculture and food sectors," said Dave Smardon, CEO and president of Bioenterprise. "We work with over 350 companies in southern Ontario, all of which focus on bringing innovations to market. The vast majority of these companies have a need for skills, expertise and services to help move their innovations to market. The support from FedDev Ontario is timely and critically important to help these companies grow, realize their potential and become global leaders."
Scientists and Engineers in Business, one of FedDev Ontario's Southern Ontario Advantage initiatives, aims to improve the success rate of start-up businesses in southern Ontario by developing business skills of entrepreneurs in the STEM fields and providing targeted support to help them bring innovative ideas and products to market.
To date, over $420 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of their streets and communities, their pride in being citizens of this country, and their personal financial security.
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For more information, contact:
Director of Communications
Office of the Honourable Gary Goodyear
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