Feds put $3M behind Fanshawe College’s Innovation Village

$3M for Fanshawe College's Innovation Village The federal government is contributing $3 million to the London college's planned $58-million entrepreneur and business booster.

Middlesex Centre, Ont. — Fanshawe College is getting a $3-million boost to its Innovation Village, a hub to help students and businesses with the goal of creating new jobs and helping the economy recover.

London West MP Kate Young and London North Centre MP Peter Fragiskatos made the announcement Friday on behalf of the Federal Economic Development Agency for Southern Ontario.

Fanshawe College President Peter Devlin says Innovation Village will be the “town square” of the college.

“Things like collaborative spaces, VR (virtually reality) and AR (augmented reality spaces), food processing labs. And this is all new, and will enhance learning and provide economic growth for the region.”

Devlin further thanked the federal government for it support, adding, “This funding for Innovation Village allows us to provide exceptional learning opportunities using cutting-edge equipment to prepare Fanshawe graduates to make significant economic contributions to their community.”

The physical and virtual hub will also be available to community partners, allowing collaboration with local businesses, industries and non-profits.

In the first three years, it is hoped the resource will assist 40 businesses, produce 10 new products and services, create eight new jobs and support 28 student entrepreneurs.

Beyond Friday’s federal funding announcement, the City of London has already committed $2.5 million to Innovation Village.

The $58-million project is expected to be completed in 2023.

- With files from CTV News London's Sean Irvine