FedDev Ontario Funding: Nearly $6.3M Awarded to Bioenterprise
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) recently announced nearly $6.3M in funding to create a new network that will help agri-businesses scale up.
The funding was awarded to Bioenterprise Corporation, a national, non-profit commercialization accelerator that supports the growth of Canada’s agri-tech industries.
Bioenterprise assists businesses at all stages through advisory services, technical expertise, and global connections to advance innovation and growth.
FedDev Ontario Funding to Support an Agriculture Hub
With nearly $6.3M in FedDev Ontario funding, Bioenterprise Corporation will form a region-wide collaborative hub.
This hub will serve as a single point of contact for agri-food companies that are seeking substantial growth.
The hub will specifically target later-stage companies, providing access to industry expertise, as well as business coaching and mentoring services, and access to capital that will help businesses to expand and commercialize innovative agri-technologies.
As a result of this project, Bioenterprise will:
- Support up to 200 businesses,
- Establish 30 new partnerships, and
- Create and maintain up to 1,500 jobs in southern Ontario.
The funded project aligns with Canada’s Economic Strategy Table on Agri-Food, which sets ambitious targets for growth in both domestic and foreign agri-food markets, and identifies several barriers to growth for Canadian companies. These barriers include lagging investment across food and beverage processing, and a lack of strong Canadian firms that can lead international growth. Bioenterprise’s establishment of an agriculture hub will give high-potential companies the investments and other resources they need to scale up, while positioning southern Ontario as a leading region for agri-food innovation and growing its global reputation.
Bioenterprise’s Deployment of Agriculture Grants & Funding
In addition to the recent funding from FedDev Ontario, Bioenterprise Corporation has previously received other government funding to support its initiatives. Bioenterprise is funded through the Canada Accelerator and Incubator Program (CAIP), delivered by the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), Innovacorp, and other partners.
The organization is also funded by the Canadian Agricultural Partnership (the Partnership), a federal-provincial-territorial initiative that provides agri-grants to help strengthen the agriculture and agri-food sector.
Additionally, Bioenterprise received funding from FedDev Ontario in 2018 to deliver the Bioenterprise Seed Fund, a grant program for start-ups and small- and medium-sized enterprises.
FedDev Ontario Supports Business Growth
As one of Canada’s regional development agencies, FedDev Ontario ensures that Canadians living and working in southern Ontario can access new opportunities and that businesses can pursue innovation.
Funding from FedDev Ontario helps organizations create innovative technologies, increase productivity, grow revenues, and contribute to the overall economic health of their communities.
FedDev’s funding streams include Business Scale-Up and Productivity, which provides growth funding to for-profit organizations, Regional Innovation Ecosystem, which supports non-profits looking to increase innovation in their regions, and Community Economic Development and Diversification, which supports both businesses and non-profits interested in community economic transformation. FedDev has been provided with over $1B in new funding to support these streams.
Learn More About the Canadian Government Funding Landscape
FedDev Ontario is one of many organizations that administers government funding programs. Business owners and executives should note that there are many Canadian government funding programs available, each with their own unique eligibility criteria and project expectations.
Mentor Works has developed the Canadian Business Funding Guide to help companies navigate these requirements and the overall funding landscape.
Download the Funding Guide to discover how your organization can be successful with grants and loans.