New $5.6M program to help genomics SMEs bring products to market

The Government of Canada is investing over $5.6 million to help early stage genomics companies bring new products to market.

The BioCreate program will provide seed funding and support to help genomics SMEs in the health, food and agriculture, and cleantech sectors to bring new products and technologies to market.

Through the BioCreate program, Ontario Genomics, in partnership with Velocity (Waterloo), McMaster Innovation Park/Synapse Life Sciences Consortium (Hamilton), Toronto Metropolitan University Science Discovery Zone (Toronto), and Cleantech Commons (Peterborough), will provide over 30 successful applicants with access to critical infrastructure including lab space, business support tools, mentoring, and tech development guidance.

Participating businesses are expected to create and maintain up to 160 highly skilled jobs, as well as create eight new products, services, or processes and more than 30 new patents. As well, approximately 25 per cent of the firms participating in the program will be directed to the Firehood investment fund that focuses on connecting women founders with mentors, partners and/or customers to help develop their business.

“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. This program will create 160 highly skilled jobs across Southern Ontario and help secure Canada’s place as a global leader in research and innovation,” said Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.

Additional details related to BioCreate and the application process can be found here.