ACOA announces $2.5M for PEI bioscience sector
From ACOA and Springboard Content Lab
The Government of Canada is investing $2.56 million to expand the Emergence Bioscience Incubator, a key initiative led by the PEI BioAlliance that provides mentorship, investment support, and commercialization guidance to bioscience startups.
Since 2022, Emergence supported over 165 companies, helping them raise over $150M in capital and invest more than $100M in R&D. With this funding, even more bioscience firms will benefit from expert mentorship, regulatory guidance, and access to investment networks, ensuring they can scale, compete globally, and create high-quality jobs in Atlantic Canada.
This investment will enhance the capacity of Emergence to support the formation and growth of innovative bioscience companies that are leading the way in Atlantic Canada. Emergence will continue to develop its mentorship network, increasing access to investment opportunities, and supporting bioscience firms in navigating commercialization and regulatory pathways.
“The bioscience sector in Atlantic Canada is growing rapidly, and Emergence is proud to support the innovative companies and entrepreneurs driving this momentum. This investment enables us to expand our mentorship programs, strengthen commercialization support, and help emerging companies access the capital and expertise they need to grow and succeed. We look forward to continuing to build a sustainable, highly innovative, and globally competitive bioscience ecosystem.”
– Jason Cleaversmith, Executive Director, Incubation and Infrastructure, PEI BioAlliance
Quick facts
- Funding for this project is provided through the Atlantic Canada Opportunities Agency’s Regional Economic Growth through Innovation (REGI) program, which supports projects that promote sustainable community economic development, enhance business development and growth, and facilitate innovation.
- The Prince Edward Island BioAlliance is the private sector-led not-for-profit organization that is responsible for developing and coordinating the strategy for the growth of the Prince Edward Island Bioscience Cluster.
- Emergence provides a suite of specialized business incubation and acceleration services to bioscience companies, helping firms access mentorship, regulatory guidance, investment networks, and commercialization support.
- Since July 2022, Emergence has helped more than 82 bioscience companies with mentorship, investment support, and commercialization services, contributing to a stronger bioscience ecosystem in Atlantic Canada.
- In this same period, Emergence programming helped participating companies raise more than $150 million in capital, enabling them to achieve over $250 million in sales revenue.
- Emergence has facilitated connections between bioscience startups and major funding. sources, including Island Capital Partners, Sandpiper Ventures, and Keiretsu Forum, helping companies raise millions in investment and accelerate their commercialization efforts.