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Innovation, Trade and Rural Development
March 3, 2008

Young Entrepreneur Receives Funding to Launch New Software

A medical software company that made a successful debut in the eye care industry has received funding to modify its software technologies and expand its product line to meet the needs of the dermatology industry. MedicLINK Systems Ltd. has received $351,698 from the Provincial Government’s Commercialization Program to develop its new dermatology software and market it in the United States.

"MedicLINK is a young, rapidly growing company that in three years has already built a reputation for innovation in the eye care industry and is now building on its experience to diversify into new markets," said the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development. "MedicLINK is an example of the entrepreneurial climate that has emerged in the province – it has identified key export markets and is taking steps to diversify their product line and expand its market potential."

MedicLINK specializes in developing medical software solutions that aid in enhancing the operational efficiency and growth potential of medical professional businesses. Its flagship software, Eyesistant, is sold to optical stores and optometric practices in Canada and the United States.

"Our dermatology software will integrate and build upon the workflow efficiencies, patient relationship management technologies, and business intelligence capabilities of Eyesistant. It will help dermatologists create a lean workflow environment, facilitate more effective electronic health records, deliver better patient care, and increase clinical revenues," said CEO Jonathan Brett.

In August 2006, MedicLINK received $57,901 from the Commercialization Program to help commercialize its Eyesistant software, and $12,480 from the Provincial Government’s Business and Marketing Development program to help the company launch Eyesistant in Canada and the United Sates.

MedicLINK and its CEO have received many industry accolades including the Business Development Bank of Canada’s Young Entrepreneur of the Year 2007 for Newfoundland and Labrador, St. John’s Board of Trade 2007 Business Excellence Award for Innovation, and Ernst and Young’s Atlantic Emerging Entrepreneur of the Year 2007. Additionally, it was named a Top IT Up and Comer by the Branham Group in 2007 and was the recipient of the St. John’s Board of Trade’s New Start-up of the Year Award 2006.

"A marketplace that targets knowledge-based industries and value-added products is emerging in the province," said Minister Taylor. "The Provincial Government is committed to enhancing their impact on the local economy through a comprehensive suite of business support programs. These programs help facilitate the diversification of both products and services, identification of potential export markets, and improved competitiveness."

Delivered by the Department of Innovation, Trade and Rural Development, the Commercialization Program bridges an identified funding and investment gap between product research and product marketing. Through this program, the Provincial Government supports private sector enterprises in activities leading to the development of innovative, market-ready products and services. Proposed initiatives must demonstrate innovation enhancement consistent with the province’s innovation strategy, Innovation Newfoundland and Labrador: A Blueprint for Prosperity. The program provides assistance of up to 75 per cent of total costs, to a maximum of $500,000 per project.

The Business and Market Development Program is designed to provide new entrepreneurs and expanding small businesses with matching funding to help them acquire the necessary expertise to pursue new business ideas and new markets for their products or services. The $1 million program is intended to support new growth opportunities in the economy, such as value-added manufacturing activities and export-oriented opportunities.

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Photo #1: From left to right: Jonathan Brett, CEO, MedicLINK with the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development.

Media contacts:

Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570, 690-6290
ScottBarfoot@gov.nl.ca
Jonathan Brett
MedicLINK Systems Ltd.
709-722-3993
jbrett@mediclink.ca

 

2008 03 03                                                     11:10 a.m.


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