Innovation, Trade and Rural Development
November 8, 2010
Federal and Provincial Governments Invest in $1.3
Million
Project at Memorial University of Newfoundland's Genesis Centre
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.
"Memorial University is strongly committed to ensuring the successful
commercialization of innovative ideas arising from our world-class
research and development efforts and from
the broader community, "said Dr. Gary
Kachanoski, president and vice-chancellor of Memorial University. "We
welcome these additional investments in our Genesis Centre which build
upon a record of success in mentoring early high-technology companies,
especially in the ocean technology 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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