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Canada Earmarks C$5.6M for Genomics Business Funding Program in Southern Ontario

NEW YORK — The Canadian government said on Friday that it has committed around C$5.6 million (US$4.1 million) to fund the creation of a program that will provide funding and other support to small- and medium-sized genomics-focused enterprises (SMEs) in southern Ontario.

Called BioCreate, the initiative will provide money, business mentorship, and infrastructure access to SMEs in the region that are commercializing genomic and related technologies for health, food and agriculture, and cleantech applications. Participants in the program are required to create and maintain up to 160 high-skill jobs in total, as well as create eight new products, services, or processes plus intellectual property.

In partnership with nonprofit Ontario Genomics, organizations that will provide resources, including lab space and business support tools, to BioCreate SMEs include University of Waterloo incubator Velocity, McMaster Innovation Park/Synapse Life Sciences Consortium, Toronto Metropolitan University Science Discovery Zone, and Cleantech Commons.

"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," Filomena Tassi, minister responsible for the Federal Economic Development Agency for Southern Ontario, said in a statement.