Today, Kate Young, Parliamentary Secretary to the Minister of Economic Development and Official Languages (FedDev Ontario) and Member of Parliament for London West, along with Peter Fragiskatos, Member of Parliament for London North Centre, announced a $3-million non-repayable FedDev Ontario contribution for Fanshawe College.
Innovation Village at Fanshawe’s London campus will be a physical and virtual hub where students will discover one-stop support and exceptional learning opportunities. It will include collaborative workspaces, virtual reality and multimedia labs, a maker space, project rooms, research support, a food processing lab and cutting-edge equipment.
Community partners will be able to access the expert resources of students and professors through project work, with a view to fueling economic growth and social benefits while expanding student opportunities to collaborate with local businesses and industries.
Through this FedDev Ontario investment, Fanshawe College will establish specialized industry-relevant capabilities, assisting an anticipated 40 businesses, produce 10 new products and services, create eight new jobs and directly support up to 28 student entrepreneurs within the first three years of operation. The project will support the recovery and momentum of key economic sectors in London, while helping entrepreneurs gain experience and commercialize their ideas more quickly.
By providing access to the specialized facilities and capabilities that student entrepreneurs and start-ups require to scale their businesses, this project will strengthen London’s entrepreneurship supports and channel new start-ups into the city’s innovation ecosystem, growing the local economy.