Funding Announced for Atlantic Centre for Agricultural Innovation

The agriculture and agri-food sectors are closer to developing new business opportunities with a $7-million investment in the Atlantic Centre for Agricultural Innovation.

The province is contributing $500,000 for the first two phases and $4.5 million for the third phase of the project in Bible Hill's AgriTECH Park. The government of Canada, through the Atlantic Canada Opportunity Agency, is contributing $2 million toward the first two phases of the new 20,000-square-foot facility.

The funding was announced today, Jan. 24, by Agriculture Minister John MacDonell and National Defence Minister Peter MacKay, on behalf of ACOA Minister Keith Ashfield.

"The centre will build on the strengths we have here in the agri-food industry in the Atlantic region," said Mr. MacDonell. "This multi-year funding will help develop the centre so that it is able to attract businesses that carry out scientific, innovation and extension services."

"The government of Canada is pleased to invest in infrastructure projects that promote agricultural innovation in Atlantic Canada," said Mr. MacKay. "This investment reflects the objectives of government's Economic Action Plan by making strategic investments in economic sectors that position Canada for new and sustained growth as it emerges from the global recession."

The facility will bring inventors and innovators together to work with business development professionals to create new business opportunities in agriculture and the agri-food sector.

"This centre is a new business model that is unique to North America," said Leslie MacLaren, NSAC co-president and vice-president, academic. "It brings together the resources to incubate new ideas, accelerate the commercialization process and attract near-market product opportunities."

Businesses will have access to incubation support from core staff, as well as the expertise of Atlantic BioVenture Centre, BioEnterprise Centre, and InNovacorp. Companies will also receive business development support from the Colchester Regional Development Authority and will have access to scientific resources at NSAC and sister institutions.