FedDev boosting early-stage genomics companies through $5.6 funding of BioCreate

Ontario Genomics’ BioCreate program has received approximately $5.6 million to scale and commercialize genomics and engineering biology technology in southern Ontario. 

Over five years, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) funding will provide 32 high-potential small-to-medium-sized enterprises (SMEs) 18 months of intensive business mentorship and access to critical infrastructure to scale-up products to a commercial level.

“We have all the necessary ingredients. We have a highly educated workforce, skilled entrepreneurs, world-renowned researchers and research institutions, laboratory and infrastructure capacity, an innovation-friendly regulatory environment and strong industry partnerships,” said Bettina Hamelin, Ontario Genomics’ founder and CEO.

The genomic and engineering biology entrepreneurs will pitch to investors and potential partners during an investor showcase at the end of each cohort’s intake program.

“FedDev Ontario’s investment into the BioCreate program is a critical step to making sure that all these right ingredients come together through a strategic cluster that offers end-to-end commercialization supports,” said Hamelin.

Why it Matters: Genomics can play a critical role in creating real-life solutions and discoveries across numerous sectors, such as food, public health, and natural resources.

“(This investment) will provide Canadian genomics companies within the health, food and agriculture and clean tech sectors access to the tools, mentorship and lab space they need for growth and success,” said the Honourable Filomena Tassi, minister for FedDev Ontario. “It keeps the talent here. It keeps the cutting-edge research here and enables us to be world leaders.”

She added the investment would create 160 highly skilled Ontario jobs, eight new products, services, or processes and 30 new patents securing Canada as a global research and innovation leader. 

BioCreate will open an intake twice a year for seven cohorts total. Successful candidates could receive a non-repayable fund of $150,000 matched with at least $100,000 (for a total of $250,000) by partner companies like Waterloo’s Velocity, McMaster Innovation Park/Synapse Life Sciences Consortium in Hamilton, Toronto Metropolitan University Science Discovery Zone, and Cleantech Commons in Peterborough. 

The initial intake form deadline is Dec. 1, 2022. 

Women-led

The genomics and engineering biology sectors have a strong female presence. A quarter of BioCreate participants will access Firehood, an investment fund and national network of women, predominantly those of colour, with executive and entrepreneurial expertise promoting women and BIPOC-led start-ups. 

“(Embracing diversity) is an important intersectional approach to how we bring people into our networks,” said Danielle Graham, Firehood co-founder. “(We) facilitate and support the commercialization of many critical technologies’ women bring to the forefront. So, we’re very excited about this partnership.”

Graham said in the previous three months, Firehood invested $900,000 in two cleantech and one cybersecurity start-up led by women.

“Our government wants to make investments that are going to level that playing field, offer support to these groups so they can realize their full potential,” said Tassi. “When we do that, we will all benefit because we’re taking a skill set that exists and unleashing it.”

Ontario and its universities have some of the strongest players in genomics research internationally with robust bioengineering capabilities, said Hamelin, and BioCreate will cultivate an ecosystem able to absorb talent as it moves from the learning stream to the entrepreneurial space.

“It’s about critical pathways to success, especially when you’re talking about retention,” said Graham. “You don’t want to lose people in those stages between academia to commercialization, so we’re trying to fill all the gaps. And this is a critical one we’re addressing today.”