A new incubation program, BURST, will provide 30 innovative technology entrepreneurs in southwestern Ontario with the skills they need to succeed now and in the future.
Today, Kate Young, Member of Parliament for London West, and Peter Fragiskatos, Member of Parliament for London North Centre, announced that FedDev Ontario is providing TechAlliance of Southwestern Ontario with up to $1.32 million to deliver the new program. Through TechAlliance’s BURST, companies will receive mentoring and business guidance, seed funding, exposure to potential investors and access to a dedicated working space in Western University’s Discovery Park.
As entrepreneurs establish and grow their businesses with help from this program, it is expected that up to 45 new full-time jobs will be created. Building on London’s history of innovation in health sciences, a unique partnership with the London Medical Network will also be established to help eligible medical technology companies receive funding.
The announcement was made on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario.
FedDev Ontario’s Contribution to TechAlliance’s BURST Program
Through the Investing in Business Innovation initiative, FedDev Ontario is providing TechAlliance of Southwestern Ontario with a non-repayable contribution of up to $1.32 million to deliver the BURST program. This new incubator program will provide skills development opportunities, mentorship and access to capital to innovative early-stage technology companies in southwestern Ontario. As entrepreneurs establish and grow their businesses with help from this program, it is expected that up to 45 new full-time jobs will be created.
TechAlliance of Southwestern Ontario will run the BURST program in three cohorts.
Each BURST recipient will receive:
- Up to $30,000 in seed financing, matched by the business;
- Up to $10,000 in training, mentoring and business guidance; and
- Access to dedicated working space at Western University’s Discovery Park.
Eligible technology companies from the life science, medical device and health information fields will be provided with the required matched seed funding of up to $30,000 from the London Medical Network.
Mentoring and training will focus on four fundamental pillars needed for a successful company: market validation, company structure, intellectual property and investor readiness.
Local organizations, such as Leap Junction, the Centre for Imaging Technology and Commercialization, the Ivey International Centre for Health Innovation and the Southwestern Ontario Angel Group will refer start-up companies to the program and provide expertise to BURST participants.
Each cohort will conclude with a Demonstration Day, where participants will showcase their technologies to potential investors and industry representatives.
Applications are now being accepted for the first cohort. For further details, including how to apply, please see the BURST website.
