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Posts Tagged ‘FedDev Ontario’

By Bryan Watson

After successfully mobilizing more than $29 million in Angel capital over three years for Ontarian early-stage companies, the National Angel Organization – Ontario welcomes  the Investing in Business Innovation program by FedDev Ontario, an agency of the Government of Canada. According to FedDev Ontario:

Investing in Business Innovation provides funding to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and bring them to market. Funding is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds.

Up to $190 million has been allocated to this program from 2010 to 2014.

Organizations representing southern Ontario angel networks may request non-repayable funding of up to $2 million to support investment attraction activities, and FedDev Ontario will provide grants of up to $50,000 to support approved and newly forming Angel groups in Southern Ontario.  In addition, start-up businesses in southern Ontario may request up to $1 million in repayable contributions from this program to accelerate the development of their products, processes or practices.

“FedDev Ontario’s Investing in Business Innovation program recognizes the importance of organized angels and angel networks in growing Canadian businesses from the earliest stages. As important as the capital invested is the senior level industry experience that angels contribute in a time when speed-to-market is critical. Angel networks bring scale and diversity to both sides.” said Patricia Lorenz, chair of NAO-Ontario.

NAO-Ontario President W. Daniel Mothersill stated,

“The Angel Network Program in Ontario has clearly demonstrated the importance of Angel capital in the commercialization ecosystem.  We have also shown that a small amount of support for the Angel community can provide significant leverage in terms of capital invested in companies, which, in turn, results in job creation.  With FedDev Ontario’s support, we expect that Ontario’s Angel community will continue to thrive and to grow more start-ups.”

Reposted from National Angel Capital Organization

Throughout his career, both in Canada and the UK, Bryan J. Watson has been a champion of entrepreneurship as a vector for the commercialization of advanced technologies. Upon his return to Canada in 2004, Bryan established his venture development consulting practice to help emerging-growth companies overcome the barriers to success they face in the Canadian commercialization ecosystem.  Visit Bryan’s blog and the National Angel Capital Organization.


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By Jeremy Grushcow

During a visit to Sernova (TSXV: SVA), Gary Goodyear* announced that $45 million of FedDev Ontario money will be deployed through the NRC’s Industrial Research Assistance Program (IRAP).

IRAP has been a relatively effective vehicle for funding life science companies and has taken a prominent role since having been allocated $200 million in the 2009 federal budget. In 2010, NRC-IRAP has funded companies directly, including Isotechnika, Critical Outcome Technologies and Covalon (among others) and indirectly through the Health Technology Exchange (HTX).

Sernova press-released the announcement, noting that they received $486,000 from NRC-IRAP in the 2009-2010 cycle; but it was unclear whether that funding was part of the FedDev allocation or whether FedDev-IRAP funds were forthcoming in the 2010-2011 cycle.

* Yes, Gary Goodyear is now the Minister of State for FedDev Ontario.

Re-posted from the Cross-Border Biotech Blog

Jeremy Grushcow  is a Foreign Legal Consultant practising corporate law at Ogilvy Renault LLP. He has a Ph.D. in Molecular Genetics and Cell Biology. His practice focuses on life science and technology companies.

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Re-posted from the Cross-Border Biotech Blog

By Jeremy Grushcow

As part of our Biotech Trends series, we’ve been following the increasing commercialization activity shown by non-profits (although they’ve been having as hard a time succeeding as everyone else).  Two recent stories highlight the important role foundations are playing in this market environment.

  1. JDRF Canada – FedDev Ontario Clinical Research CollaborationThe Juvenile Diabetes Research Foundation (JDRF) Canada is partnering with the Federal Economic Development Agency of Southern Ontario (FedDev Ontario) to fund a clinical trial network for diabetes research. FedDev Ontario is committing $20 million and JDRF is committing $10 million. JDRF will collaborate with Southern Ontario universities and research institutions to work on:
    • Speeding advances in cures and therapies for diabetes and its complications;
    • Positioning Southern Ontario as an international hub for translational research; and
    • Attracting the best international scientists and institutions to Ontario.
  2. ALS Foundations-Academia-Industry Project. Three philanthropic organizations (The Angel Fund, The ALS Therapy Alliance and Project ALS) are financing a new collaboration between Dr. Robert Brown and RXi Pharmaceuticals Corporation (NASDAQ: RXII). Dr. Brown will study the use of RXi’s self-delivering rxRNA™ (sd-rxRNA™) compounds as a potential treatment for ALS in a SOD1-overexpressing mouse model.

Each takes a novel approach:

  • JDRF Canada, by collaborating directly with the government and by focusing on clinical activity; and
  • the ALS project by allowing each party to perform in its specialty — academics on research, corporations on commercialization and the philanthropies on fundraising.

In a stubbornly difficult financing environment, funding sources other than VCs step up because they derive non-financial (or at least indirect financial) benefits from their investments: corporate VCs get access to future partnership prospects; governments stimulate job growth; and charitable foundations are committed to finding cures and treatments.  These two projects are perfect examples of the work-arounds that committed participants can produce.

Jeremy Grushcow  is a Foreign Legal Consultant practising corporate law at Ogilvy Renault LLP. He has a Ph.D. in Molecular Genetics and Cell Biology. His practice focuses on life science and technology companies.

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jeremy grushcowBy Jeremy Grushcow

The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) is providing $50 million to BDC: $35 million for direct investments in “early-stage firms in Southern Ontario” and $15 million for LP investments in VC funds “focused on Ontario-based opportunities.”
Rather than relying [entirely?] on internal BDC resources, “as part of its decision-making process, the BDC will collaborate with the Ontario Venture Capital Fund.
Interesting, the $35 million of new BDC direct investment money will be almost double the OVCF direct investment money, since the OVCF is down to under $19 million for direct investments.

Jeremy Grushcow  is a Foreign Legal Consultant practising corporate law at Ogilvy Renault LLP. He has a Ph.D. in Molecular Genetics and Cell Biology. His practice focuses on life science and technology companies. Jeremy blogs on biotechnology, health and business in Canada, the United States and worldwide at The Cross-Border Biotech Blog at http://www.crossborderbiotech.ca

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