UOIT partnership to support startup businesses and entrepreneurs

As one of Canada’s youngest and fastest-growing universities, the University of Ontario Institute of Technology (UOIT) is pleased to announce new federal government funding that will support its expanding culture of innovation and entrepreneurship, a portfolio which includes creative new ventures such as FastStart and Firefly.

The Honourable Joe Oliver, Minister of Finance, on behalf of the Honourable Ed Holder, Minister of State (Science and Technology), has announced up to $13.4 million to ensure Canadian startup companies have access to the resources and expertise needed to develop their business plans, seek new investment capital and cultivate new international markets for products and services.

Through the Canada Accelerator and Incubator Program (CAIP) and the National Research Council of Canada, UOIT will receive $1.268 million over five years as part of the Zones of Incubation and Innovation (ZI²) program. Also receiving funds for the ZI² program are Ryerson University in Toronto, Ontario, and Simon Fraser University in Burnaby, British Columbia (total award to all three universities is valued at $10.568 million).

• Link to Government of Canada news release

Quotes

“This announcement will ensure Canada’s promising startup businesses have the resources they need to grow, innovate and create jobs, here in Toronto and across the country. Investing in Ryerson and The Next 36 is just another example of our government’s commitment to supporting private sector-led initiatives that further strengthen our venture capital market.”
-The Honourable Joe Oliver, Federal Minister of Finance

"The University of Ontario Institute of Technology is proud to partner with Ryerson University and Simon Fraser University as we fast-forward our collective capacity to support emerging entrepreneurs, create new companies and, in turn, create new jobs. The CAIP support for the Zones of Innovation and Incubation will expand our university’s entrepreneurship activities, our ability to support early-stage companies with mentoring, coaching, and the opportunity to form partnerships here and abroad.”
-Tim McTiernan, PhD, President, University of Ontario Institute of Technology

Background information

• The Zones of Incubation and Innovation (ZI²) program is a multi-institutional, pan-Canadian incubator that will accelerate the development of Canadian technology firms in the digital and gaming sectors. ZI² emphasizes the co-location of R&D and business space, the sharing of best practices, and the linkage of Canadian digital and gaming firms and entrepreneurs with resources across Canada and globally.

• Delivered by the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP), CAIP provides support in the form of non-repayable contributions to a small and select number of best-in-class accelerators and incubators. Recipients will be required to demonstrate matching contributions on at least a 1:1 basis during the period of the contribution funding.

• Ryerson University is leading a collaboration with the University of Ontario Institute of Technology and Simon Fraser University to establish a national research-driven incubator network – ZI² will amplify the universities’ existing research and incubator facilities and create an expansive ecosystem, which will drive technology-enabled innovation, productivity and job creation. The pan-Canadian project targets digital technology and gaming leveraging deep expertise at the partner institutions and will create soft landing support for Canadian companies going global and international companies investing in Canada.

About the University of Ontario Institute of Technology

The University of Ontario Institute of Technology (UOIT) advances the discovery and application of knowledge through a technology-enriched learning environment and the delivery of innovative market-driven programs responsive to the needs of students and industry. With more than 10,000 undergraduate and graduate students enrolled in 76 programs, UOIT promotes social engagement, fosters critical thinking and integrates outcomes-based learning experiences inside and outside the classroom. UOIT's commitment to accelerating economic growth and social innovation is realized through faculty research collaborations with leading organizations such as Ontario Power Generation, IBM, The Hospital for Sick Children (SickKids) and the Durham Regional Police Service. Please visit us at uoit.ca.

Media contact
Bryan Oliver
Communications and Marketing
University of Ontario Institute of Technology
905.721.8668 ext.6709
289.928.3653 (cell)
bryan.oliver@uoit.ca