Incubating and accelerating successes
November 3, 2014
Queen’s University has been awarded $1.4M in funding from the Canada Accelerator and Incubator Program (CAIP) to strengthen the innovation ecosystem in Eastern Ontario. This award is part of a larger award that is also funding co-applicants Invest Ottawa and Wesley Clover International. The Queen’s allocation will enable Innovation Park and PARTEQ Innovations to deliver a variety of virtual and physical incubation services and acceleration programs to high potential startups and emerging SMEs in Kingston and other areas of Eastern Ontario.
“We are delighted to be working with regional partners, Invest Ottawa and Wesley Clover, and local partner Launch Lab, to deliver an integrated Eastern Ontario Business Accelerator,” says Dr. Steven Liss, Vice-Principal (Research). “By combining and leveraging the strengths of the partners, this collaboration will expand programs and services available to high potential startups and SMEs in the region.”
The Honourable Royal Galipeau, MP for Ottawa-Orléans, announced the five year funding award in Ottawa on October 31. Mr. Galipeau was joined by The Honourable Ed Holder, Minister of State (Science and Technology), National Research Council of Canada (NRC) Vice President, Bogdan Ciobanu, Invest Ottawa President and CEO, Bruce Lazenby, Wesley Clover Founder and Chairman, Sir Terrence Matthews, and, representing Queen’s University, PARTEQ Innovations Vice-President Finance & Administration, Paul Vickers.
“The strength of the collaboration is in the diversity of partners and services and the broad coverage the partners are able to provide across Eastern Ontario”, says Janice Mady, Director of Industry Partnerships & Innovation Park.
“We look forward to working closely with this unique group of collaborators to support the goal of strengthening the Eastern Ontario innovation ecosystem,” says PARTEQ President and CEO, Jim Banting.
CAIP will provide five years of funding to 15 outstanding accelerators and incubators in Canada that meet strict eligibility and selection criteria. The contributions, which require 1:1 matching funds from eligible sources, support incremental activities that expand the overall service offerings to early-stage firms and entrepreneurs, and promote a higher output of SMEs that are investment-ready and able to develop into sustainable, high-growth businesses.
To read the official CAIP announcement, visit the website.