Agtech incubator to receive C$2.5m in government funding

Bioenterprise Corp will receive the funding over a five-year period as part of a government initiative to boost early-stage companies.

Canadian agtech incubator and commercialisation agent Bioenterprise Corp will receive up to C$2.5 million ($2.08 million;€1.8 million) in government funding over the next five years, according to an announcement yesterday.

The investment will be made from the Canada Accelerator and Incubator Programme (CAIP) under the National Expansion of Commercialization Services for the Agricultural Sector initiative; a government initiative to help early-stage companies grow and prosper.

The announcement was made in Guelph by the Canadian Minister of Public Works and Government Services, Diane Finley. Bioenterprise was first selected for the funding in June.

“The financial support provided by the Government of Canada through CAIP will allow us to provide commercialisation services across Canada to entrepreneurs and companies engaged in agriculture, food and bio-economy initiatives,” said Dave Smardon, president and chief executive, Bioenterprise Corporation. “The vision of the Canadian government has helped level the playing field for entrepreneurs everywhere, and Bioenterprise is now able to provide key resources to help move Canadian innovations into global markets.”