Networks of Centres of Excellence recognizes strength of partnership
between MI and its 16 member institutions
TORONTO, Feb. 6, 2013 /CNW/ - How do you make sure the brilliant ideas
emerging from Toronto's academic research community get the best
possible chance to succeed?
MaRS Innovation (MI), created in 2008, bridges the chasm between these
early-stage technologies and successful start-up companies and
licensable technologies. By offering early-stage funding in tandem with
hands-on management, mentorship and IP strategy protection, MI acts as
a commercialization agent for its 16 member institutions.
The Networks of Centres of Excellence (NCE) has recognized the
increasing strength of this novel partnership by awarding MI $14.95
million in funding through the Centres of Excellence for
Commercialization and Research (CECR) program.
"Congratulations to MaRS Innovation for its successful application to
the recent competition," said the Honourable Gary Goodyear, Minister of
State (Science and Technology). "MaRS has a strong record of generating
results for small and medium-sized companies by helping them realize
the commercial potential of innovative Canadian ideas."
Member institution fees, grants from the Government of Ontario and the
MI-Global Industry framework fund will provide matching funding." In
total, four centres were extended for a total of $48.1 million through the recent CECR competition.
"MaRS Innovation's application was a team effort in the truest sense,
involving our staff, our Board of Directors and our colleagues within
the members' technology transfer offices," said Dr. Raphael Hofstein,
president & CEO. "Our team presented a rigorous strategic business plan
and case for financial sustainability, based on detailed analysis and
forecasts of our portfolio assets. We are confident that we will
achieve that sustainability in three years.
"On behalf of our members, MI thanks our colleagues at the NCE for their
continued support of our mandate."
To date, CECRs have helped launch 94 companies and leverage almost $270
million in partner contributions, or $1.85 for every dollar of CECR
funding spent by the centres. Companies served by CECRs have created
more than 3,600 jobs in the program's first four years.
"The CECR program has been extremely effective in bridging the
challenging gap between innovation and commercialization," said Nancy
Hughes Anthony, Chair of the NCE's Private Sector Advisory Board. "It
occupies a unique place along the innovation continuum, leveraging the
expertise and resources of the private and public sectors to translate
promising research into tangible benefits for Canada."
About MaRS Innovation
MaRS Innovation (MI) is the commercialization agent for the exceptional discovery
pipeline from 16 leading Ontario academic institutions, and has raised
over $65 million to commercialize their technologies. As a single-entry
point to total member research activity of $1 billion in annual
research and development, MI provides a gateway for investors and
licensees who wish to access technology assets in Ontario. Supported by
the Government of Canada through the Networks of Centres of Excellence, by the Government of Ontario through the Ontario Centres of Excellence, and by its member institutions, MI is a transformational partnership that turns research strengths
into real commercial opportunities. MI's portfolio includes the most promising assets and advances commercialization into
global markets through industry partnerships, licensing and company
About the Centres of Excellence for Commercialization and Research
The CECR program is managed by the Networks of Centres of Excellence
Secretariat on behalf of the three federal granting agencies—the
Natural Sciences and Engineering Research Council (NSERC), the Canadian
Institutes of Health Research (CIHR), and the Social Sciences and
Humanities Research Council (SSHRC)—in partnership with Industry Canada
and Health Canada. It was created in 2007 with a $285 million
investment over five years. The program's budget was $31.2 million in
2011-12, and it currently supports 22 active centres based across the
The NCE operates a suite of national funding programs that mobilize
Canada's best research, development and entrepreneurial talent and
focus it on specific issues and strategic areas. By supporting large
scale collaborations between universities, industry, government and
not-for-profit organizations, NCE programs focus research capacity on
economic and social challenges, help commercialize and apply research
breakthroughs, increase private-sector R&D, and train highly qualified
Image with caption: "MaRS Innovation corporate logo (CNW Group/MaRS Innovation)". Image available at: http://photos.newswire.ca/images/download/20130206_C3621_PHOTO_EN_23381.jpg
SOURCE: MaRS Innovation
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