As Part of the Promising Futures, Shared Passions Campaign - The Ville de Sherbrooke is Joining Forces with the Université de Sherbrooke in Creating an Entrepreneurship Hub

SHERBROOKE, QC, Jan. 21, 2016 /CNW Telbec/ - The Ville de Sherbrooke is joining the university's major campaign by supporting its entrepreneurship hub project to foster the creation of businesses and partnerships, thereby replenishing the entrepreneurial ecosystem on which it relies to ensure its growth.

The city's contribution was announced when the municipal budget was adopted in December. It is retaining the same formula applied during the previous major campaign, consisting of compensations in lieu of taxes generated by new facilities built on the university's campus. In doing so, the city has committed to contribute up to $6 million over a 10 year period.

"This commitment is particularly appreciated in light of the hard times the municipal government is experiencing," said President, Professor Luce Samoisette. "It is to the credit of municipal leaders that they accepted the partnership that we proposed to them, which matches its economic development priorities. Despite the current challenges, we must continue to invest in our collective future. We must continue to have mobilizing projects that promise hope."

Sherbrooke, an entrepreneurial city

"We need ambitious projects that will stimulate wealth creation in Sherbrooke. While it is true that our city, much like our society, is going through hard times, we must be bold and ambitious in shaping our collective future. In the current economic context, Sherbrooke must resume its place as an entrepreneurial city. Rigorous fiscal measures motivate us to create an entrepreneurial ecosystem," stated the Mayor of Sherbrooke, Bernard Sévigny.

Double the impact

The city's contribution will have double the impact on our major campaign," said the Foundation's President, Luc Borduas. "Firstly, it will contribute to the implementation of the Université de Sherbrooke's entrepreneurial strategy, which we hope will yield great benefits. Moreover, through its major commitment and renewed confidence in its university, the Ville de Sherbrooke's help is instrumental in approaching donors and major corporations, who are always informed of the region's support for the university."

Key benefits

Presented during the Entreprendre Sherbrooke entrepreneurship week, the university's strategy includes a series of key benefits aimed at tripling its research partnerships, doubling the number of inventions in the marketing phase, and doubling the number of spin-off companies in the Accélérateur de création d'entreprises technologiques (ACET—accelerator for the creation of technological businesses). Since its creation in 2011, ACET has helped more than 50 companies whose value is estimated at some $62 million and that have generated about 170 jobs.

In total, the university plans to invest roughly $60 million into this initiative over a period of 10 years, thanks to the contributions of private and public donors and partnerships with large organizations.

"The entrepreneurship hub project is another example of the Université de Sherbrooke's contribution to Quebec society, and to the Sherbrooke region in particular," added the President of the university. "It brings together the initiatives of the university and the Ville de Sherbrooke to support entrepreneurship and economic development."

"According to the proven model of the most dynamic entrepreneurial communities, universities must play the role of supplying talent, innovation, and the next generation of entrepreneurs. According to the popular expression, universities are feeders. This is exactly what the Université de Sherbrooke is striving to do in launching its Innovation, Partnership, and Entrepreneurship strategy.

"Ours is the most systematic and strategic approach to promote connections between science and entrepreneurship to foster innovation. The Ville de Sherbrooke's contribution will be allocated to this strategy," said the President of the university.

On behalf of the entire university community, the volunteers dedicating themselves to this major campaign, and the future students who will choose to carry out their entrepreneurial projects in Sherbrooke, the university's President thanked the Mayor, as well as all municipal council members, for their vision and support.

UdeS' major campaign: bold and innovative

The Université de Sherbrooke is leading its sixth major fundraising campaign with the theme Promising Futures, Shared Passions. This historic campaign promotes large-scale projects, each of which has its own financial goal. The positive impacts of these projects will contribute to the development of every aspect of society. Based on a relational approach, the campaign relies on the support of ambassadors who rally their connections to support a project they are passionate about.

Visit our website: USherbrooke.ca/campagne-majeure

SOURCE Université de Sherbrooke