HALIFAX, Jan. 26, 2017 /CNW/ - Springboard Atlantic, the not-for-profit network that drives the commercialization of academic research in Atlantic Canada, will receive $9,246,603 from the Atlantic Canada Opportunities Agency (ACOA) Atlantic Innovation Fund (AIF).
This investment was announced today by The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and the Minster responsible for ACOA during an event held at Saint Mary's University in Halifax.
The $9.2M (65%) in AIF funding over three years will support the costs associated with operating the Springboard network, including marketing and communication activities, professional fees, and operational costs. These activities will ultimately contribute to generating economic benefit to the region through licensing and royalty revenues, and company and job creation. The remaining 35% of project costs will be covered by Springboard's 19 member institutions; Atlantic Canadian universities and colleges, to make up total project costs.
"This ongoing support for the Springboard network is key for the continued commercialization of the research-driven knowledge contained in our colleges and universities across the region," says Springboard CEO Chris Mathis. "Without having industry liaison and technology transfer officers working within our 19 member institutions, we would not be able to support the transfer of knowledge that is able to help so many of our businesses grow and prosper. This ACOA funding often directly leads to new companies, new products and new solutions that are helping the Atlantic region to grow."
Springboard's 19 member institutions play a significant role in corporate research and development. More than twenty percent of all private sector R&D in Atlantic Canada is conducted in partnership with post-secondary institutions compared to solely five percent in the rest of Canada. Over the past ten years, Springboard has helped to create 126 new companies and generated over $12M in licensing and royalty income. It is estimated that the associated company sales revenue is $240M.
The AIF helps Atlantic Canadians develop and bring to market new products and services that lead to market success, help grow strategic sectors, or lead the creation of research and commercialization partnerships. The AIF builds on the commitments towards innovation made in the Atlantic Growth Strategy, and are aligned with Canada's Innovation Agenda.
For more information on Springboard Atlantic, visit www.springboardatlantic.ca
For more information on the Atlantic Innovation Fund, visit http://www.acoa-apeca.gc.ca
SOURCE Springboard Atlantic
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For further information: Christ Mathis, CEO, Springboard, (902) 476-1641