Downtown Sudbury will soon be home to a new business incubator, which is estimated to spin off 60 jobs over the next three years.
FedNor announced on May 27 it's providing the Greater Sudbury Development Corporation (GSDC) with $631,920 to roll out the three-year project.
“The Greater Sudbury Development Corporation represents a variety of business sectors with a common goal of supporting economic growth in our community,” GSDC chair Andrée Lacroix said in a news release.
“Attracting talented, creative workers from beyond our municipal borders will be a tremendous social and economic benefit to our city, and we are deeply appreciative that Greater Sudbury has been selected to participate in this program.”
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The news comes as Invest North Bay winds down an unsuccessful and controversial effort, to be replaced by an economic advisory board.
See: Invest North Bay's $800,000 surplus in the hands of City Council
Sudbury's incubator will be established in a 5,000-square-foot space in the city's downtown and will offer programming to guide early-stage companies in commercializing new products or services, generating early revenue, raising capital, and building managerial capacity.
Funding provided by FedNor will go toward the purchase of equipment, hiring staff, and renovating the space.
After three years, the project is expected to support more than 30 startups, help produce 30 new products and services, and create up to 60 jobs.
Funding for the project comes through FedNor's Regional Economic Growth through Innovation Fund, which supports the growth of Canadian businesses, their expansion into new markets, and their adoption of new technologies and processes.
