The Federal Government Contributes $5.6Million to Help Genomic Innovations
Source：canada.ca
From：Taiwan Trade Center, Toronto
Update Time：2022/12/15
The Government of Canada announced an investment of over C$5.6 million to fund the BioCreate program, delivered by Toronto-based non-profit Ontario Genomics. The program seeks to help small to medium-sized genomics businesses (SMEs) in the health, food, agriculture, and cleantech sectors innovate and scale.
Genomics, the study of all genetic information of an organism’s genes, has led to the development of cutting-edge technologies in a number of sectors, including public health, food, and the environment. Engineering (or synthetic) biology is a convergence of genomics and molecular biosciences with computing, automation, miniaturization, artificial intelligence (AI), and the application of engineering principles to biological systems.
This funding - 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 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.
“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.” said the Honourable Filomena Tassi, Minister responsible for FedDev Ontario.
This investment also seeks to bolster the Government of Canada’s C$400 million Pan-Canadian Genomics Strategy, announced in 2021 to further the commercialization and adoption of genomic technologies in Canada.
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 percent of the firms participating in the program will be directed to the Firehood investment fund which focuses on connecting women founders with mentors, partners, and/or customers to help develop their businesses.
Source: https://www.canada.ca/en/economic-development-southern-ontario/news/2022/10/government-of-canada-invests-over-56-million-to-help-early-stage-genomics-companies-bring-new-products-to-market.html