CALGARY, Feb. 6, 2014 /CNW/ - GE Licensing is making GE-developed intellectual property (IP) available to entrepreneurs and small businesses to bring technologies with commercial potential to market faster.
As part of a pilot to test the approach, the first licensee of GE developed technology will be Edmonton's Vadu Inc. Vadu plans to commercialize a proprietary GE video analytics technology. Customers will be able to use Vadu's solution to customize and enhance consumer-buying experiences and improve sales effectiveness in real-world environments.
The licensing arrangement will offer Vadu access to a variety of services including GE technical resources for help with product development, product demonstration support, business advisory services, and market and competitive intelligence through GE's Customer Innovation Centre. Together, these services shorten time to market and streamline the commercialization process.
"GE's 100+ year history of world-wide technology development has generated an extensive IP portfolio," said Mike Petracci, President of GE Licensing. "The full commercial breadth of this IP is not being used by GE businesses. By making this IP available and collaborating with entrepreneurial start-ups, we are putting some terrific ideas to work and helping establish successful new businesses."
From the small business perspective, affiliation with GE is a strong advantage. "I'm excited about the opportunity to work with GE in commercializing one of its game-changing technologies," said Jason Randhawa, Chairman and Chief Executive of Vadu Inc. "This revolutionary technology gives customers the ability to rapidly acquire information on their customer experience that is far more useful and accurate than anything they currently have."
Encouraged by positive developments with Vadu, a comprehensive program providing similar opportunities for Alberta businesses and entrepreneurs is now being developed. The program will increase technology commercialization activity in Alberta and, with a powerful partner in GE, enhance smaller companies' ability to attract investment and customer interest.
GE Licensing and Alberta Innovates-Technology Futures are working together to match start-up businesses in Alberta with GE-developed IP to develop a more complete program of support for this effort.
GE has established a strong presence in Alberta particularly since signing a Memorandum of Understanding with the province in 2010. GE's Customer Innovation Centre in Calgary is seen as a continued vote of confidence in the entrepreneurial culture building in Alberta.
"Alberta and GE share an important relationship that's enhancing opportunities for local companies," said Dave Hancock, Deputy Premier and Minister of Innovation and Advanced Education. "Being home to a GE Innovation Centre is a vote of confidence in our innovation system and of Alberta's ability to work in collaboration with one of the world's technology leaders. Our team at Innovation and Advanced Education and GE and are working together to identify more opportunities to introduce new technologies with Alberta's entrepreneurs."
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and helping to cure the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
SOURCE: GE Canada
For further information: Media Contacts: Kim Warburton GE Canada,[email protected], (c) 416 561 816; Vadu Inc., Jason Randhawa, [email protected], (c) +1 780 340 1144; Other, GE Licensing, Angie Hansen, [email protected], 518-431-6802