26 Ontario companies awarded seed funding for innovation commercialization
Twenty-six Ontario companies, including Ardra Bio, a spin out from BioZone, have been selected to receive seed funding from Bioenterprise Corporation and its delivery partner Innovation Guelph, the fourth round of a program funded by the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
Each grant of up to $30,000 in non-repayable seed financing, accompanied by coaching and mentorship, will encourage regional economic development by helping recipients launch new innovative new products and services, expand their operations, access new markets, attract investment and create jobs.
The 26 businesses, located across southern Ontario, join 89 companies who were selected for previous rounds of the program, which began in 2016.
The new recipients are expected to use the funding, along with their matching funds, to launch products and services in sectors including manufacturing, clean technologies, food and beverage, healthcare, professional and information services, agriculture, bio-products, cosmeceuticals and nutricosmetics, waste management, and utilities. Projects activities span prototyping, product development, testing and validation, process optimization and scale up, branding and marketing, and business development and sales strategies.