Feds helping Genesis hatch more tech companiesMore new technology companies will benefit from Memorial’s Genesis Centre thanks in part to an investment from the Government of Canada.
Peter MacKay, minister of National Defence and minister of the Atlantic Canada Opportunities Agency (ACOA), announced May 3 that ACOA will provide more than $423,000 for the Genesis Centre to carry out business development and mentoring activities with new and emerging Newfoundland and Labrador technology firms.
With the announcement, since January 2006 the Government of Canada has invested almost $1.1 million in Memorial’s Genesis Centre.
“The Genesis Centre is a highly-regarded organization with a proven track record of helping young technology companies make a strong entry into the marketplace,” said Minister MacKay. “Through this investment, our government is building upon its past support for the Genesis Centre to help ensure it continues its important work in mentoring up- and-coming technology companies in the province.”
Joining the minister at Memorial’s Inco Innovation Centre for the announcement was Dr. ChristopherLoomis, vice-president of research for MUN, and David King, president and CEO of the Genesis Group.
“We are proud of the work that Genesis does to help boost the success of Newfoundland and Labrador technology-focused businesses. Because of the centre’s expertise and tremendous support, entrepreneurs have been able to realize their dreams, and in turn helped build a more prosperous Newfoundland and Labrador,” said Dr. Loomis. “The Genesis Centre also helps fulfill a role that we at Memorial take very seriously and that is our focus on community.
Sharing our expertise and resources to build a stronger, healthier province is a critically important and vital part of our identity. We thank ACOA and the federal government for their generous support.”
Located at MUN’s St. John’s campus, the Genesis Centre is a support network for technology-based ventures seeking business guidance and capital. Admission to the Genesis Centre is competitive and restricted to entrepreneurs and businesses pursuing technology-based opportunities with high growth potential. Admission is based on an assessment of the entrepreneur, the technology and the growth potential of the business opportunity.
At the centre, businesses are provided with advice and expertise from mentors and advisory boards; helped with business plan development; given access to MUN’s technical and scientific resources; and provided office space and equipment. These supports help increase the likelihood, rate, and degree of success of the companies. The centre is operated by the Genesis Group Inc., the commercialization arm of Memorial University.
Many well-known, successful Newfoundland and Labrador companies have graduated from the Genesis Centre including Rutter Technologies Inc., Genoa Design International Ltd, Verafin Inc., and MedicLINK Systems Ltd.
ACOA’s investment of $423,891 is being provided through the Business Development Program (BDP), which provides funding to commercial, non-commercial and not-for-profit organizations that provide a service to business in areas such as entrepreneurship development, marketing, training or technology transfer. Additional funding of $164,250 is provided by MUN, and $74,540 is provided by clients.