The federal government announced up to $4.84 million in funding for Southern Ontario entrepreneurs in the agriculture, agri-food and technology industries Tuesday in Guelph.
Guelph MP Lloyd Longfield made the announcement at Innovation Guelph.
The funding will be administered through a joint initiative between Guelph-based non-profit Bioenterprise Corporation and Innovation Guelph, which mentors entrepreneurs.
It is expected that another $3.3 million for the fund will be raised in the private sector.
"It will provide entrepreneurs and early-stage businesses with seed funding, access to specialized industry expertise and business coaching. These resources will help companies develop and commercialize new products and, as a result, will help build a strong and diversified southern Ontario economy," said a press release.
Bioenterprise will work with Innovation Guelph to jointly promote the project and provide specialized industry expertise, and business coaching, as well as distribute seed funding to entrepreneurs and early-stage businesses. They will share a pool of resources, including mentors with strong industry experience, space and venues for events, and a network of industry and investment partners.
Funding is geared towards supporting high-potential early-stage innovative companies in agriculture and agri-foods technologies, sustainable and environmental technologies, advanced manufacturing and social innovation industries. Each recipient will receive up to $30,000 in seed financing, matched by the business; and up to $10,000 in mentoring, market research and validation, and introductions to investors.
Funding will be geared towards supporting entrepreneurs in the agriculture and agri-food technologies, sustainable and environmental technologies, advanced manufacturing, and social innovation industries.
The press release said the project is expected to help 110 "early stage" companies.
“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," said Longfield in a press release.
