Emerging Newfoundland and Labrador technology companies will benefit from access to experienced mentorship thanks to a combined $859,400 investment by the Governments of Canada and Newfoundland and Labrador in Memorial University of Newfoundland's Genesis Centre.

The Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway; and the Honourable Shawn Skinner, Minister of Innovation, Trade and Rural Development, joined Memorial University President Dr. Gary Kachanoski today for the announcement.

ACOA's latest investment of $450,000 brings the agency's total contribution towards the Genesis Centre to almost $2 million since 2006.

"Our government supports the important work of the Genesis Centre as it assists young technology companies to grow and become successful by developing their business skills, innovation and entrepreneurship," said Minister Ashfield. "This focus on mentoring ocean technology businesses over the next two years will contribute to the continued development of the ocean technology industry in this province and build a stronger economy in Atlantic Canada."

Support of business incubators was identified as a key element of Oceans of Opportunity , the Government of Newfoundland and Labrador's five year, $28 million strategy designed to accelerate growth of the province's ocean technology sector. The Provincial Government is providing $350,000 over two years to the Genesis Centre under this strategy.

"Ensuring entrepreneurs have access to the appropriate vehicles and mechanisms to take their idea from start-up to prosperous enterprises, is a goal of the province's ocean technology strategy," said Minister Skinner. "Business incubators provide an effective means for entrepreneurs to receive the support they need through proven mentoring and management expertise. With this investment, the Genesis Centre will enable the province's creative thinkers to take the steps they need to become successful entrepreneurs."

The Genesis Group is the not-for-profit, commercialization arm of Memorial University. It operates the Genesis Centre as a support network and incubator for technology-based ventures with high-growth potential that are seeking business guidance and capital. A small number of businesses are selected for incubation based on a competitive process, and these companies work with the centre's experts to develop their businesses for future success in the private sector.

Genesis Centre graduates and clients have created more than 450 new jobs and have secured the investment of nearly $18 million in private equity. Well-known recent graduates include Avalon Microelectronics and Verafin, both of which are successful technology-based businesses with profitable outlooks.

Funding over the next two years will include a targeted effort to develop young technology companies in the ocean sector. The Genesis Centre has experienced previous success in working with ocean technology companies, including the graduation of recognized businesses like Rutter Technologies, Virtual Marine Technology, Blue Oceans Satellite Systems, Genoa Design International, and North Atlantic Biopharma.

The $1.3 million project is being supported federally through ACOA's Business Development Program ($450,000); and the National Research Council of Canada's Industrial Research Assistance Program ($59,400). The Provincial Government is investing $350,000 over two years, and Memorial University is making an in-kind contribution of $328,500. The Genesis Centre is contributing the remaining $163,618.

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