University of Ontario Institute of Technology welcomes potential new incubator partnership with Ryerson and Simon Fraser

OSHAWA, Ont. – A proposed business incubator partnership between the University of Ontario Institute of Technology (UOIT), Ryerson University in Toronto, Ontario and Simon Fraser University (SFU) in Burnaby, British Columbia is one step closer to reality following an announcement today by Prime Minister Stephen Harper.

The UOIT-Ryerson-SFU proposal is one of 15 projects chosen in the selection process for the Canada Accelerator and Incubator Program (CAIP), designed by the federal government to help outstanding small- and medium-sized Canadian enterprises to grow, prosper and create jobs. The Prime Minister made the announcement at a media conference in Waterloo, Ontario, along with Ed Holder, Minister of State (Science and Technology).

“It is critical for Canada’s small- and medium-sized businesses to harness innovation and get their ideas to the marketplace so that they can grow, create jobs and contribute to the economy,” said Prime Minister Harper. “Accelerators and incubators have the experience, tools and know-how to help get small Canadian start-up businesses up and running. Our Government is pleased to be supporting private sector-led initiatives that further strengthen our venture capital market.”

“The University of Ontario Institute of Technology’s advanced research infrastructure promotes co-operation with academic, community and industry partners,” said Dr. Michael Owen, UOIT Vice-President, Research, Innovation and International. “UOIT is delighted our partnership with Ryerson and Simon Fraser has been selected to advance in this process. Our collaborative project will enable and support UOIT student entrepreneurs to take new products and ideas to market, and help digital media and gaming start-up companies grow and prosper in Durham Region and across Canada.”

Business accelerators and incubators provide innovative, early-stage entrepreneurs with resources, facilities and expertise to help them develop their business plans and seek follow-on financing. They play an important role in the venture capital system, helping innovators gain strategic advantage in a competitive international marketplace.

The Government of Canada established CAIP in 2013 to help accelerators and incubators deliver their services to promising Canadian firms. CAIP is delivered on behalf of the Government by the National Research Council’s Industrial Research Assistance Program (NRC-IRAP), which evaluated all proposals based on strict eligibility and selection criteria. Eligible proposals were then presented to the independent Canadian Venture Capital Expert Panel for their review and recommendations. NRC-IRAP is conducting a thorough due diligence process to establish contribution agreements with the selected organizations.

Definitions:

• Accelerator: Typically for-profit organizations owned and operated by venture capital investors, who intend to generate returns from equity-based investments in their client firms. Accelerators provide a range of services to early-stage firms, including financial support, business advice, office and development space and complementary services offered by partner organizations.
• Incubator: Typically not-for-profit organizations that offer similar services to accelerators but tend to provide longer tenure for participating firms and a broader suite of services in terms of physical space and mentorship. Incubators are often sponsored by universities, colleges and economic development corporations.

Quick facts:

• CAIP provides support over a five-year period in the form of non-repayable contributions to a small and select number of accelerators and incubators. Maximum contributions to accelerators and incubators under the program are up to $5 million per year for each selected outstanding organization.
• Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.

About Ontario Tech University
A modern, forwarding-thinking university, Ontario Tech advances the discovery and application of knowledge to accelerate economic growth, regional development and social innovation. We inspire and equip our students and our graduates to make a positive impact in a tech-focused world. For us, it’s not only about developing the next tech breakthrough. Understanding and integrating the social and ethical implications of technology differentiates us as university. Learn more at ontariotechu.ca.

Media contact
Bryan Oliver
Communications and Marketing
Ontario Tech University
905.721.8668, ext 6709
905.289.928.3653
bryan.oliver@uoit.ca