Agriculture and Agri-Food Canada and the Ontario Ministry of Agriculture and Food are investing $2 million in Bioenterprise Corporation to bolster agri-food innovation and help commercialize new technologies and products.

The Government of Canada and the Province of Ontario will each provide up to $1 million over five years to help Bioenterprise Corporation, a private, non-profit organization, to accelerate development and commercial success of emerging knowledge-based companies in the agri-food sector.

"This initiative will help Ontario farmers, scientists and entrepreneurs collaborate and capitalize on promising innovations that will have long-term benefits for the sector, for the economy and for all Canadians," said Agriculture and Agri-Food Minister Andy Mitchell.

"Ontario's agri-food sector is innovative, forward-looking and renowned for developing new products," said Steve Peters, Ontario Minister of Agriculture and Food. "The challenge for the sector is bringing those innovations to market. Bioenterprise will provide biotechnology and bio-product companies with the expertise to successfully commercialize their products. I'm confident this investment will help build a stronger agri-food community in Ontario."

Under the joint agreement, by 2008, Bioenterprise Corporation must develop and commercialize at least two knowledge-based companies per year. It must also develop and formalize at least five strategic alliances a year, as well as build research, investor, commercialization and entrepreneur networks. Funding is being provided through the Agricultural Policy Framework, an agreement among the federal, provincial and territorial governments, to make Canada a world leader in science and innovation.

Connie Hearty, president of Bioenterprise, is confident her organization is up to the challenge. Since January, 2003, Bioenterprise has helped launch two commercial ventures, held three workshops on innovation, and laid the groundwork for a new innovation network in Ontario.

"We want to talk to anyone in Ontario who wants to start a bio-based company, but doesn't know where to start," said Hearty, noting Bioenterprise's services include technology evaluation, business and marketing plan preparation, licensing searches and procurement, negotiation of agreements, and preparing funding proposals. "We can help get the business off the ground."