Bioenterprise Corporation, an agtech business accelerator and commercialisation agent, will receive funding from the Canadian government’s Canada Accelerator and Incubator Programme (CAIP) under the National Expansion of Commercialization Services for the Agricultural Sector initiative.
The Ontario-based company is one of a select group of accelerator businesses that will receive financial support over a five-year period in the form of non-repayable contributions; funding recipients are required to match those contributions in any investment made during the funding period.
“The National Expansion of Commercialization Services for the Agricultural Sector Project will allow Bioenterprise’s leading and successful commercialisation and acceleration services model, offered to Ontario-based agri-technology companies, to be extend to companies across Canada,” reads a press release from the company.
“This will greatly increase the commercialisation of groundbreaking agri-technologies and advance Canada’s leadership position in global markets.”
National Expansion of Commercialization Services for the Agricultural Sector is just one initiative from CAIP; the programme aims to help small and medium-sized Canadian enterprises to grow and generate employment.
“Business accelerators and incubators provide innovative, early-stage entrepreneurs with resources, facilities and expertise to help them develop their business plans and seek follow-on financing,” explained a government press release. “They play an important role in the venture capital system, helping innovators gain strategic advantage in a competitive international marketplace.”
CAIP, which was established in 2013, was set up to enable “accelerators and incubators deliver their services to promising Canadian firms”. CAIP is delivered on behalf of the Canadian government by the National Research Council’s Industrial Research Assistance Program.
Canadian Prime Minister Stephen Harper highlighted the importance of supporting accelerators and incubators. “It is critical for Canada’s small and medium-sized businesses to harness innovation and get their ideas to the marketplace so that they can grow, create jobs and contribute to the economy. Accelerators and incubators have the experience, tools and know-how to help get small Canadian start-up businesses up and running.”
“Our Government is pleased to be supporting private sector-led initiatives that further strengthen our venture capital market,” he added.