FedNor funding will establish a business incubator in downtown Sudbury
The federal government, through FedNor, is providing $631,920 to create a business incubator in downtown Sudbury. (File)
SUDBURY -- The federal government, through FedNor, is providing $631,920 to create a business incubator in downtown Sudbury.
In a news release, the government said the project will create up to 60 good-paying jobs.
"Business incubators help Canada’s most promising startups establish themselves, and gain access to mentorship, financing and other assistance to accelerate the commercialization of new products, support growth and create middle-class jobs," said a news release Thursday from FedNor.
The announcement was made by Sudbury MP Paul Lefebvre and Nickel Belt MP Marc Serré, on behalf of Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedNor.
"Designed to offer a suite of programming and services to support business startups across all sectors and industries, the incubator will help early-stage companies commercialize new products or services, generate early revenue, raise capital and build managerial capacity," the release said.
Renovate downtown building
The FedNor funding will be used to buy equipment, hire staff and renovate a 5,000-square-foot space in the downtown business district.
Once complete, the three-year initiative is expected to support more than 30 business startups, while helping to produce 30 new products and services, and creating up to 60 middle-class jobs in Greater Sudbury, the release said.
"This strategic investment will help create an ecosystem that fosters innovation and helps local entrepreneurs transform their ideas into successful businesses," Lefebvre said in the release.
"By establishing an open and interactive work environment that’s conducive to collaboration and innovation, we can help Sudbury start-ups improve their success rate, commercialize new products and scale-up quickly.”
“Our government is helping to build the economy of the future by supporting Sudbury and Nickel Belt’s best and brightest as they cultivate their ideas, develop new products and launch successful businesses," Serré said.
"Today’s announcement will provide a big boost for innovative and technology-focused entrepreneurs looking to grow, create jobs and take their business or idea to the next level.”